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Update 2/13/2026: A further court ruling requires that closing stores must accept gift cards “for the first 15 days following the initiation of the Store Closing Sales.” After that, closing stores are no longer required to accept gift cards.
For the past few weeks, rumors have circulated that Saks Fifth Avenue was on the verge of bankruptcy. On Wednesday, Saks Global — the parent company of luxury retailers Saks Fifth Avenue and Neiman Marcus — filed for Chapter 11 bankruptcy protection.
While we're not typically in the business of covering the financials of retailers, this is an important development for American Express Platinum Card® cardmembers. That's because cardmembers can enroll to receive up to $100 in annual statement credits at Saks Fifth Avenue — one $50 credit in January-June and one $50 credit in July-December.
One popular way to use this credit is to buy Saks Fifth Avenue gift cards. And if you're sitting on a stash of Saks gift cards, you might be worried that they have suddenly lost their value.
Here's what we know about the gift cards moving forward.
Existing Gift Cards Will Be Honored, For Now
Saks currently has an outstanding balance of about $320 million in issued gift cards. Because having gift cards makes customers creditors, the company needs permission to pay them. Saks' other creditors would be happy for that $320 million to no longer be valid — or at least put on hold while the bankruptcy proceedings continue.
The good news — at least for gift card holders — is that the bankruptcy court judge ruled Friday that Saks has permission to continue to honor its gift card program without violating bankruptcy law. That means Saks gift card holders can redeem their card balances at both Saks and Saks OFF 5TH locations as normal.
The company even said in court documents that honoring gift cards “is essential for maintaining customer goodwill” and the “negative impact of refusing to honor the gift card programs” would jeopardize relationships with its customers.
In fact, there's a Q&A section on Saks' website that reaffirms that point as well, stating:
Are there any changes to payment processes or gift cards?
No. We continue to accept payments as usual, including credit cards and gift cards, with no changes to how customers transact with us.
Related: All You Need to Know About the Platinum Card® Saks Credit
What About New Saks Gift Card Purchases?
If you haven't yet used your $50 Saks credit in 2026, you're not out of the woods (yet). This is where it gets tricky. While Saks' gift card program will continue — for now — there's still a risk that the gift cards lose their value later.
We reached out to Kara Bruce — a law professor and bankruptcy expert at The University of North Carolina at Chapel Hill — about what cardmembers should do:
“People who have gift cards with a company in bankruptcy shouldn't hold on to them,” Bruce said. “If I were a Platinum cardholder, I'd keep that in mind and possibly buy some shoes instead of a gift card.”
Moreover, if Saks were to terminate their gift card program, Friday's order notes that the company would have to file a two-week notice, at a minimum, with the court.
Will Amex Replace The Existing Saks Credit?
This we don't know, so we reached out to Amex for comment. An American Express spokesperson simply confirmed:
Eligible American Express Card Members can enroll and continue to use their Saks Fifth Avenue benefit at this time.
As it stands currently, to take advantage of this benefit, you need to enroll in the offer first. Once enrolled, you can earn up to $100 back annually at Saks, dished out in two pieces:
- Up to $50 from January 1 through June 30
- Up to $50 from July 1 through December 31
To receive the statement credit, you must use your Platinum Card® to make your purchase at a Saks store in the U.S. or U.S. territories or at saksfifthavenue.com. There is no minimum spending requirement to trigger the credit.
(Terms apply)
- You may be eligible for as high as 175,000 Membership Rewards® points after you spend $12,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you're approved and find out your exact welcome offer amount - all with no credit score impact. If you're approved and choose to accept the Card, your score may be impacted.
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- $600 Hotel Credit: Get up to $300 in statement credits semi-annually on prepaid Fine Hotels + Resorts® or The Hotel Collection* bookings through American Express Travel® using the Platinum Card®. *The Hotel Collection requires a minimum two-night stay.
- $400 Resy Credit + Platinum Nights by Resy: Get up to $100 in statement credits each quarter when you use the Platinum Card® to make eligible purchases with Resy, including dining purchases at U.S. Resy restaurants. Enrollment required. Plus, with Platinum Nights by Resy, you can get special access to reservations on select nights at participating in demand Resy restaurants with the Platinum Card®. Simply add your eligible Card to your Resy profile to book and discover Platinum Nights reservations near you.
- $209 CLEAR+ Credit: CLEAR+ helps get you to your gate faster by using your face to verify you are you at 55+ airports nationwide. You can cover the cost of a CLEAR+ Membership* with up to $209 in statement credits per calendar year after you pay for CLEAR+ with your Platinum Card®. *Excluding any applicable taxes and fees. Subject to auto-renewal.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to the Platinum Card® Account. American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. See terms & conditions for more details.
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- $300 lululemon Credit: Enjoy up to $75 in statement credits each quarter when you use the Platinum Card® for eligible purchases at U.S. lululemon retail stores (excluding outlets) and lululemon.com. That's up to $300 in statement credits each calendar year. Enrollment required.
- $155 Walmart+ Credit: Receive a statement credit* for one monthly Walmart+ membership (subject to auto-renewal) after you pay for Walmart+ each month with the Platinum Card®. *Up to $12.95 plus applicable local sales tax. Plus Ups not eligible.
- Whenever you need us, we're here. Our Member Services team will ensure you are taken care of. From lost Card replacement to statement questions, we are available to help 24/7.
- $895 annual fee.
- Terms Apply.
- Earn 5X points for flights booked directly with airlines or with American Express Travel® (up to $500,000 in purchases per calendar year).
- Earn 5X points on prepaid hotels booked with American Express Travel®.
- Earn 5X points on Fine Hotels + Resorts® and The Hotel Collection bookings.
Bottom Line
As with anything in the award travel space, we recommend using it before you lose it! That rings true with Saks' latest financial outlook.
Yes, your Saks gift cards are safe for now, but there is no guarantee that they won't lose value in the future. A final court hearing is scheduled for February 13, so we'll bring you any updates as necessary.
What are you looking to purchase with your Saks credits?
For rates and fees of the cards mentioned in this post, please visit the following links: American Express Platinum Card® (Rates & Fees)
