Luxury retailer Saks is renowned for its high-end offerings from top designers like Gucci, Prada, and Givenchy. However, when it comes to their co-branded credit cards, the story is quite different.
The rewards rates of these cards are tailored for the biggest spenders at Saks, but even if you qualify, redemption comes with severe restrictions that are uncommon among other credit cards. Additionally, the welcome offer is underwhelming, and there are various fees that can add up if you’re not vigilant.
Imagine having a Saks card in a Prada wallet that’s not even made of metal. Michael Kors would never!
1. Saks offers two credit cards
There are two Saks credit cards available:
-
The Saks Mastercard is “open loop,” allowing you to use it anywhere Mastercard is accepted.
-
The Saks Card is “closed loop,” only usable at Saks, including Saks OFF 5th, saks.com, and saksoff5th.com.
Neither card comes with an annual fee, and applicants can choose which version they prefer.
2. Rewards are based on spending
The rewards you earn on Saks purchases depend on your total spending at Saks since the start of the year. To reach the highest rewards rate, you’ll need to make substantial purchases.
-
Spending less than $2,500 annually at Saks earns you 2 points per $1. (Saks Mastercard holders also earn 2 points per $1 on non-Saks purchases.)
-
Spending between $2,500 and $9,999 at Saks earns 4 points per $1.
-
Spending over $10,000 at Saks earns 6 points per $1.
There’s a catch with these rewards rates: You won’t earn bonus rewards if you pay using a third-party payment account like PayPal or a digital wallet.
3. Redemption rules are strict
Earning and redeeming rewards with a Saks card can be complex due to various restrictions. Points are valued at one cent each, but to maximize their worth, you must adhere to specific redemption guidelines:
-
Points can only be redeemed for Saks gift cards.
-
You need a minimum of 2,500 points to make a redemption.
-
Saks gift cards expire at the end of the year they are issued.
-
Points expire on January 1 of the following year.
-
Points cannot be redeemed from December 15 to February 15. Any remaining points after December 15 will be converted into a gift card in early February (if you have at least 2,500 points).
For easier redemptions, you might want to consider a card like the $0-annual-fee Capital One Quicksilver Cash Rewards Credit Card. Cardholders find that there’s no minimum redemption requirement, and rewards can be redeemed at any time, unlike waiting until the end of a billing cycle.
4. Watch out for sneaky fees
While there’s no annual fee, it’s possible to incur charges with your Saks card if you’re not cautious. The terms state that you could be charged up to $35.88 annually: $2.99 per month if your balance exceeds $3.50 and you receive a paper statement.
To avoid this unnecessary expense, opt for paperless statements. Visit the Saks credit card website, go to Account > Paperless Statements > Manage Paperless to enroll.
5. Lackluster welcome bonus
Both Saks cards provide a 10% discount on specific purchases made on the first day of using the Saks credit card. Compared to other rewards cards, this sign-up bonus is minimal.
For instance, the $0-annual-fee Chase Freedom Flex® offers a welcome offer of: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. To get equivalent value from the 10% discount on a Saks credit card, you’d need to spend $2,000.