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The Platinum Card® from American Express is one of the most lucrative cards in the world of points and miles. That's thanks to an outstanding welcome offer bonus, great travel perks, and a series of credits that help offset the card's otherwise large annual fee of $695 a year (see rates & fees).
But some of these credits are a bit quirky. For starters, cardholders can get a $50 credit toward Saks Fifth Avenue purchases (online or in-store) twice a year: Once from January through June, and again from July through December. It adds up to a total of $100 each year.
The Business Platinum Card® from American Express is its small business cousin that clocks in with a $595 annual fee (see rates & fees), and it has credits that go even farther. Normally, you get $200 in credits to cover U.S. purchases at Dell: $100 in the first half of the year and $100 more in the second half. But Amex essentially doubled that when it added new benefits to its suite of cards this spring.
Now, you can get up to $200 in credits when shopping with Dell from May 1 through June 30, and another $200 from July 1 through Dec. 31.
No matter which card you've got, your time is running out to put these credits to use. You've got through Tuesday, June 30 to put your eligible purchases on these cards. And they won't roll over: This is a use-it-or-lose-it benefit.
Using Your Amex Platinum Credits
Saks Fifth Avenue isn't exactly a thrift store, but there are plenty of great items to buy under $50. And of course, you could simply offset a larger purchase by $50. And as long as you are shopping in-store, you can even purchase a gift card with your credit (this won't work for online orders).
And always make sure to first click through Rakuten (formerly Ebates) on your way to the Saks website. You may be able to earn as much as 10% or more back – though Rakuten's current bonus is just 2% for Saks Fifth Avenue. And since your Amex Platinum card earns Membership Rewards points, you can choose to earn Amex points for your purchase instead of cashback.
You'll need to activate this credit before making your purchase. To do so, simply log in to your American Express Platinum account and head to the Benefits tab, where you'll be able to enroll for the Saks credit. Then just check out with your Amex Platinum card and the $50 credit should automatically apply in 1 to 3 business days.
There are two things to keep in mind with this credit: Only the personal version of the Amex Platinum (and not the Business Platinum card) is eligible. And only primary cardholders can get the Saks credit – any authorized users will not.
Of course, this isn't the only credit available to Platinum cardholders. You've also got up to $200 in credits toward Uber rides (or Uber Eats orders), doled out up to $15 monthly. You get a $100 credit to apply for Global Entry or TSA PreCheck. And most recently, Amex added up to $20 a month to cover streaming service subscriptions and another $20 monthly toward wireless cell phone service through December 2020.
Between your biannual Saks Fifth Avenue credit and these other monthly credits, be sure to use it all up! These statement credits can make it much easier to justify the cost of the card.
Using Your Business Platinum Credits
It may not cover (a slice) of your Saks shopping spree, but the credits you get with the Business Platinum card go even farther.
For starters, you've got up to $200 on the line to use by June 30 at Dell Technologies. Just as with the Saks benefit on the personal Platinum card, you'll need to register to activate this credit on your account. Simply head to the benefits tab on your account to do so.
From there, finding something useful from Dell shouldn't be a problem – they sell more than just computers. For example, you could use this credit to buy a Nest Thermostat, Bose noise-canceling headphones, or even a new TV.
Just be sure to activate this credit and make your purchase on your Business Platinum card by Tuesday, June 30. If you don't, you'll lose it!
But the Business Platinum Card has even more in store. Each month you get up to $20 towards wireless phone service and another credit of up to $20 toward U.S. shipping services. Make sure to use up these temporary benefits each month until they expire at the end of the year!
The Business Platinum Card also has a $100 credit to cover your Global Entry or TSA PreCheck application. And just having the card may be cheaper this year: Amex added a $200 credit for targeted cardholders renewing their card. That effectively lowers the annual fee from $595 to $395.
There are a ton of valuable credits expiring soon with these top-tier American Express cards, so use them or lose them! Using up these credits is an easy way to ensure you're squeezing every dime of value you can out of these cards.