Archive · 8 Jan 2026
AmEx Cardholders Rush to Spend Saks Credits Amid Bankruptcy Fears
People who have a special American Express card that costs $895 a year get $50 to spend at Saks Fifth Avenue twice a year.
Now, they are rushing to use this money and their gift cards because they are worried that Saks might go bankrupt.
If Saks goes bankrupt, it might not have to honor the gift cards, and people could lose their money.
Some people are even advising others to spend their gift cards now to avoid losing them.
Experts say that Saks might try to honor the gift cards, but it's not guaranteed.
In the past, some stores have stopped accepting gift cards after going bankrupt.
American Express Platinum cardholders are rushing to spend their Saks credits and gift cards due to fears of Saks Fifth Avenue's potential bankruptcy.
The Platinum card offers a $50 Saks credit twice a year, and some customers also have additional gift cards.
If Saks files for bankruptcy, it may not be required to honor gift cards, leaving customers at risk of losing their money.
Experts suggest that while Saks may try to honor the gift cards, the courts ultimately decide if they must be honored in a Chapter 11 bankruptcy.
Previous retail bankruptcies have shown varying approaches to handling gift cards, with some stores stopping acceptances or imposing restrictions.
- Who
- American Express Platinum cardholders and Saks Fifth Avenue customers
- What
- Rush to spend Saks credits and gift cards due to potential bankruptcy
- When
- Ongoing
- Where
- Saks Fifth Avenue stores
- Why
- Fear that Saks may not honor gift cards if it files for bankruptcy
- Card
- American Express Platinum
- Annual Fee
- $895
- Saks Credit
- $50 twice a year
- Gift Cards
- $300 (Julia Portela's example)
- Bankruptcy Type
- Chapter 11