Reset Amex Platinum and Amex Business Platinum shopping credits — why you should use them now
Editor’s Note: This post has been updated with new information.
Part of maximizing the credit card you carry is making the most of the travel credits and other statement credits they can offer. It’s not uncommon to think, “I’ll use that credit later,” thus delaying your credit.
However, if you have Platinum Card® from American Express or Business Platinum® Card from American Expressyou only have about a month to make eligible purchases before your statement credit resets on January 1st and you will lose hundreds of dollars worth of credit that could help make up annual fee for your card.
Here’s how these credits work and how to use them before they expire this year.
Platinum Card: Saks Fifth Avenue Credit
With many other benefitsAmex Platinum Card — with an annual fee of $695 (see rates and fees) — offer up to $100 statement credit for purchases at Saks Fifth Avenue or Saks.com each year. Pre-registration is required to use this benefit and credits are available up to $50 from January 1 to June 30 each year and then up to $50 credits again from July 1 to June 31 twelfth.
We are approaching the last days to use these credits; If you haven’t made any qualifying purchases yet, you should do it now.
The first step is to apply for statement credit — or make sure you’re signed up for — use this direct registration link. Do this before making your purchase. Then make a purchase with your Amex Platinum.
There are plenty of options that cost less than $50; here are some gift ideas to begin. Previously, I bought a new shirt with a $50 credit.
Related: 10 Gifts You Can Buy With A $50 Saks Fifth Avenue Amex Platinum Credit
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As we get closer to the holidays, another great use of your credit is to buy gifts for others. These can cost you nothing, thanks to the credits available from American Express.
Business Platinum Card: Dell Credit
The Amex Business Platinum card has no credit for Saks purchases; instead, it offers a statement credit of up to $400 per year on Dell purchases. This is available for up to $200 from January to June and up to $200 in additional credits from July to December. Again, enrollment is required in advance.
The Business Platinum card comes with a statement credit of up to $200 from January to June and another $200 of statement credit from July to December for purchases made in the US by Dell on your card. Since we’re approaching the end of the year, make sure to take advantage before re-establishing credits.
Related: 10 items you can get for free with Amex Business Platinum Dell statement credit
Like the Saks statement credit for the Personal Platinum Card, you’ll need to apply for a Dell statement credit (or make sure you’re signed up) use this direct registration link. Remember to register before making a purchase and you can earn some cashback or points by spending a online shopping portal.
Surprisingly, yes More items under $200 are available on Dell’s website — so you don’t have to buy a new computer to benefit from this statement credit.
Related: More than just a computer: I used my Dell Amex Business Platinum credit to buy a laptop bag
Tips for using your credits
first sign up
As mentioned above, you must pre-register before using these shopping credits on Amex Platinum and Amex Business Platinum. If you do not pre-register before making a purchase, you will not be eligible for the credit statement your card provides.
Factors in shipping delays
Another way you can lose your credit is to wait until the last minute and then experience shipping delays. Typically, Dell and Saks Fifth Avenue will not charge your card until your items have been shipped. That can cause problems if your items aren’t delivered before the credit reset.
Here’s an example: Imagine you buy an item from Dell on December 29. Due to the busy holidays and then the weekend, your item doesn’t actually ship until Monday, January 2. If that happens, you may be charged for the item in January 2023 and will use the credit between January and June 2023 — meaning you won’t receive any credit available for the second half of 2022. That could happen even if you actually place your order in December 2022.
Waiting until the last minute to try to use your credit can backfire if the purchase isn’t processed quickly or if you’re not charged until the delivery date for your item(s).
Understand how credit comes in
Since these benefits with Dell and Saks are available as statement credits, you won’t see the discount reflected on your purchase. Instead, you’ll make the purchase at the regular price and then receive a statement credit from American Express a few days later, assuming your purchase qualifies.
Related: How long does it take to get statement credit from Amex, Capital One and Chase?
Maximize your purchases
To fully maximize your purchase, check out a online shopping portal or one portal aggregator like Cashback Monitor to find the highest payout. You can also check bonus earnings from Ratuken Gate.
bottom line
Many credit card benefits reset at the end of each calendar year. That list includes use-or-lose benefits like the Saks Fifth Avenue credit on the Amex Platinum Card and the Dell credit on the Amex Business Platinum Card.
If you haven’t used these credits, you could be sitting on hundreds of dollars worth of statement credits. These can greatly help offset the $695 annual fee for Business Platinum and Platinum Cards. If you still have credits and want to use them, it’s time to start.
Immediately, Business Platinum is offering 150,000 bonus points exclusively for TPG after you spend $15,000 on qualifying purchases within the first three months of your card membership.
For Amex Platinum rates and fees, click here.
For Business Platinum rates and fees, click here.
Additional reporting by Stella Shon and Ryan Smith.
