American Express is quietly creating a two-tier Platinum Card system. Apply after March 26, 2026, and your new card arrives without the $100 annual Saks Fifth Avenue credit that existing cardholders keep through at least June 30.
The cut takes full effect July 1, 2026. Both cohorts can still use the benefit — up to $50 every six months at Saks stores or saks.com, enrollment required, no minimum spend — until then. After that, new cardholders wave goodbye to it entirely.[[1]](https://frequentmiler.com/amex-removes-saks-benefit-for-new-platinum-cardholders-cardholders-prior-to-3-26-unaffected/)[[2]](https://www.doctorofcredit.com/source-american-express-removes-100-saks-benefit-for-new-platinum-cardholders/)
The Platinum still carries an $895 annual fee. New applicants get the full suite of replacements and additions: $400 Resy dining credit, $300 Equinox, $300 lululemon (quartered), $200 Oura, $209 CLEAR+, $200 Uber Cash, and the usual airport lounge access, Global Entry credit, and hotel elite status. But that $100 shopping credit is simply gone from the math.[[3]](https://www.americanexpress.com/us/credit-cards/card/platinum/)
The New Reality for Luxury Shoppers
Saks Fifth Avenue has been struggling, filing for bankruptcy and closing stores left and right. The credit was never the most flexible — you had to remember to enroll, time your two $50 windows, and actually want something from Saks. Plenty of holders treated it like a participation trophy, buying random stuff they didn't need just to avoid leaving money on the table.
Still, $100 is $100. For people who fly business class and treat points optimization like a contact sport, losing even a mediocre benefit shifts the equation.
Enter the Chase Sapphire Reserve at $795 annual fee. Its $300 annual travel credit remains gloriously flexible. The revamped hotel credits through Chase Travel (including $250 for select luxury properties through the end of 2026) feel more useful than a semi-annual Saks reminder. And if you're already in the Chase ecosystem, the points transfer well enough.[[4]](https://creditcards.chase.com/rewards-credit-cards/sapphire/reserve)
How the Math Actually Changed
Existing Platinum holders: keep milking that Saks credit while you can. Use both $50 periods before July 1 if you're on the older card.
New applicants: you're looking at effectively $100 less in easy value unless Amex's promised new retailer Amex Offers land perfectly. The card's other credits still clear the fee for heavy users — especially those who actually go to Equinox or burn through Resy reservations — but the proposition feels a bit less generous.
Competitors haven't stood still. The Sapphire Reserve's mix of travel credits, Priority Pass lounges, and simpler earning structure looks cleaner for many luxury travelers who don't live and die by Amex's boutique credits.
Don't get me wrong. The Platinum's Centurion Lounges, Fine Hotels + Resorts, and transfer partners remain class-leading. But this move signals Amex is willing to differentiate between loyalists and fresh applicants. That's the kind of tiered treatment that makes churners and new sign-ups reconsider their religion.
Bottom line: If you're thinking about a new Platinum primarily for the lifestyle credits, run the exact numbers against the Sapphire Reserve first. The $100 gap matters more than Amex marketing wants to admit.
For those still set on the Platinum, apply before the cutoff if possible, or wait to see what those replacement Amex Offers actually deliver on July 1. Otherwise, the Reserve might just be the less annoying choice for your next premium card.
Action item: Pull up your upcoming renewal date and current credits. If you're due for a new premium card soon, model both the post-Saks Platinum and the Sapphire Reserve against your actual 2026 spending. Then apply for whichever one still clears the fee with room to spare.