The Saks Credit Card is a store card that gives you rewards on purchases at Saks Fifth Avenue and other Saks-owned stores
The Saks Credit Card is issued by Saks Fifth Avenue and works only at Saks Fifth Avenue, Saks OFF 5TH, and Saks.com. It is not a Visa or Mastercard — you cannot use it anywhere else. The card offers rewards points on every purchase, with higher earning rates for cardholders who spend above certain thresholds. There is an annual fee, and the card carries an interest rate that applies if you carry a balance month to month.
The card is designed for people who shop at Saks regularly and want to accumulate rewards faster than they would with a general-purpose credit card. Whether it makes financial sense depends on how much you spend at Saks each year and whether you pay your balance in full each month.
Key Takeaways
- The Saks Credit Card earns points only at Saks Fifth Avenue, Saks OFF 5TH, and Saks.com, not at other retailers.
- The card charges an annual fee, which you pay whether you use the card or not.
- Points accumulate faster if you spend more than a set annual threshold, but you must reach that spending level to benefit from the higher rate.
- If you carry a balance, the card's interest rate applies, and paying interest costs more than the rewards you earn back.
- The card is most valuable for people who shop at Saks regularly and pay their full balance each month.
How rewards and points work on the Saks card
The Saks Credit Card awards points based on how much you spend at participating Saks locations. The base earning rate is typically 2 points per dollar spent. Once you reach a certain annual spending threshold — usually around $3,000 — the earning rate increases to 3 points per dollar for the rest of that calendar year.
Points can be redeemed for statement credits, meaning you use them to reduce what you owe on your card. The redemption value varies, but typically 100 points equals $1 in statement credit. This means the card's base earning rate of 2 points per dollar translates to roughly 2% cash back, and the higher tier translates to roughly 3% cash back.
The card also offers occasional bonus point promotions — for example, double points during certain sale periods or on specific product categories. These promotions are announced by Saks and change throughout the year.
Annual fee and when it makes sense to keep the card
The Saks Credit Card charges an annual fee. This fee is charged to your account once per year, regardless of whether you use the card. You pay this fee even if you make no purchases.
To determine whether the card is worth the annual fee, calculate how much you would earn in rewards over a year. If you spend $2,000 per year at Saks at the base rate of 2 points per dollar, you earn 4,000 points, or $40 in statement credit. If your annual fee is higher than $40, you lose money by keeping the card. If you spend $5,000 per year and reach the higher tier for part of the year, your rewards will be higher, and the fee becomes easier to justify.
The card makes the most financial sense if you spend at least $3,000 to $5,000 per year at Saks and pay your balance in full each month. If you carry a balance and pay interest, the interest charges will exceed any rewards you earn.
Interest rates and what happens if you carry a balance
The Saks Credit Card charges an interest rate (called an APR, or annual percentage rate) on any balance you do not pay in full by the due date. This rate is variable, meaning it can change over time based on market conditions and your creditworthiness.
If you carry a $1,000 balance for one month at a typical store card interest rate, you will pay roughly $15 to $25 in interest charges. That interest is much larger than the $20 to $30 in rewards you would earn on a $1,000 purchase. This is why the card only makes sense if you pay your full balance each month.
Store cards typically have higher interest rates than general-purpose credit cards. If you think you might carry a balance, a regular Visa or Mastercard with a lower interest rate is usually a better choice, even if it earns fewer rewards.
How the Saks card compares to other store cards and general credit cards
Store cards like the Saks card earn rewards only at one retailer, while general-purpose cards like the Chase Sapphire or American Express Blue earn rewards everywhere. This means a store card is only valuable if you shop at that store regularly.
Store cards also typically charge higher interest rates than general-purpose cards. A Saks cardholder who carries a balance pays more interest than someone with a Visa or Mastercard, even if the Visa earns fewer rewards.
A general-purpose card that earns 1.5% to 2% cash back everywhere will often be more valuable than a store card, because you earn rewards on all your spending, not just at one store. However, if you spend $5,000 or more per year at Saks and pay in full each month, the Saks card's higher earning rate may outweigh the annual fee.
| Feature | Saks Credit Card | General-Purpose Card (example) |
|---|---|---|
| Where you can use it | Saks Fifth Avenue, Saks OFF 5TH, Saks.com only | Anywhere Visa/Mastercard accepted |
| Base earning rate | 2 points per dollar (roughly 2% back) | 1.5% to 2% cash back |
| Higher earning tier | 3 points per dollar after $3,000 annual spend | Usually none |
| Annual fee | Yes | Often no |
| Typical interest rate | Higher (store card rates) | Lower (general card rates) |
What to know before opening a Saks account
Opening any credit card triggers a hard inquiry on your credit report, which can temporarily lower your credit score by a few points. This inquiry stays on your report for about two years but stops affecting your score after a few months.
The Saks Credit Card is a store card, not a general-purpose card, so it does not help you build credit history as much as a Visa or Mastercard would. Credit bureaus weight general-purpose cards more heavily when calculating your credit score.
Before opening the card, confirm the current annual fee, the current earning rates, and any current sign-up bonuses. Saks changes these terms periodically, so the information you find online may not reflect what you see when you explore. You can find current terms on the Saks website or by asking a Saks associate in-store.
Frequently Asked Questions
Can I use the Saks card at other stores?
No. The Saks Credit Card works only at Saks Fifth Avenue, Saks OFF 5TH, and Saks.com. It is not a Visa or Mastercard, so you cannot use it at other retailers. If you need a card that works everywhere, you need a different card.
What happens to my points if I close the card?
Points typically remain in your account for a set period after you close the card, usually 12 months. After that period, unused points expire. Check your cardholder agreement or contact Saks to confirm the exact policy.
Is there a sign-up bonus?
Saks occasionally offers sign-up bonuses to new cardholders, such as bonus points or a discount on your first purchase. These offers change throughout the year. Check the Saks website or ask in-store for current offers before you open an account.
What if I want to close the card but do not want to pay the annual fee?
You can close the card at any time by calling the customer service number on the back of your card. If you close the card before the annual fee posts, you may avoid paying it. If the fee has already been charged, you can ask Saks to reverse it, though they are not required to do so.
Does the Saks card help me build credit?
Yes, but less effectively than a general-purpose card. Store cards are weighted less heavily in credit score calculations than Visa or Mastercard. If building credit is your main goal, a general-purpose card is a better choice.