How to Turn Your Amex Saks Credit Into 5,550 Free Points Before It's Gone Forever
American Express is discontinuing the Saks $50 benefit on July 1st. This is your last chance to use it. And instead of spending $50 on something you may not need, there's a 5-minute strategy that turns it into 5,550 Membership Rewards points at zero net cost.
Here's exactly how to do it.
First: What Is the Saks Credit?
The Amex Platinum card includes a $50 statement credit for purchases at Saks Fifth Avenue. Normally, you'd use it to buy something from the store.
You spend $50. Amex gives you $50 back. Net cost: $0.
On July 1st, this benefit disappears permanently. If you haven't used it, you're leaving $50 — or in this case, 5,550 points — on the table.
The Strategy: Rakuten + Saks + Amex
Rakuten is a cashback shopping portal. When you shop through Rakuten's link to a store, you earn cashback on your purchase. If your Rakuten account is connected to your Amex, that cashback automatically converts to Membership Rewards points instead of cash.
Here's what makes this specific combo so powerful: Saks Fifth Avenue is available on Rakuten at 10% cashback. That means a $50 Saks gift card purchase earns you $5 in cashback — which becomes 500 Amex points.
Stack that with Amex's own base earning and the new member signup bonus, and the total is 5,550 points for spending $0.
Step-by-Step: How to Do It
Step 1: Sign up for Rakuten through a referral link
If you're new to Rakuten, sign up using a referral link to unlock the 5,000-point welcome bonus (paid after your first qualifying purchase). That's the biggest piece of this.
Step 2: Connect your Amex to Rakuten
Inside your Rakuten account, go to settings and link your American Express card. This switches your cashback payouts from cash to Amex Membership Rewards points.
Step 3: Search "Saks Fifth Avenue" in the Rakuten portal
Make sure you're starting your purchase through Rakuten — not by going directly to saks.com. The portal needs to track your purchase for the cashback to count.
Step 4: Buy something at Saks for $50
Pick something you'd actually use. Saks carries a lot of luxury beauty, skincare, and accessories at accessible price points. Here are some ideas:
- Seamless sculpt from SKIMS
- Bobbi Brown Tinted SPF
- Beyond Yoga Leggings
- Clinique Highlighter
Browse my curated picks under $50 here: 👉 BROWSE LIST HERE
Step 5: Wait for your statement credit
Amex will credit you the $50 back automatically, usually within 1–2 billing cycles.
