What the Saks Fifth Avenue Credit Card offers
The Saks Fifth Avenue credit card is a store card issued by Saks Fifth Avenue, the luxury department store chain. It works like most store cards: you use it to buy merchandise at Saks stores and on their website, and you pay interest on any balance you don't pay off each month. The card comes with rewards in the form of points that convert to store credit, plus some perks tied to your spending level.
The card is not a general-purpose card like a Visa or Mastercard. You cannot use it at other retailers. If you shop at Saks regularly, the rewards structure may make sense for you. If you shop there occasionally, the card's benefits may not outweigh the cost of carrying another account.
Key Takeaways
- The Saks card earns points on purchases at Saks, with higher earning rates for cardholders who spend above certain thresholds each year.
- Points convert to Saks gift cards at a fixed rate, so you know exactly what your rewards are worth before you redeem.
- The card charges interest on unpaid balances and may carry an annual fee depending on the version you hold.
- Opening a new store card triggers a hard inquiry on your credit report, which can temporarily lower your credit score by a few points.
- Saks offers a co-branded version through a major credit card network that works outside Saks, but it has different terms and rewards than the store card.
How points and rewards work on the Saks card
The Saks Fifth Avenue card earns points on every dollar you spend at Saks. The exact earning rate depends on which version of the card you hold and how much you have spent in the past year. Cardholders who reach higher annual spending thresholds unlock higher point-earning rates on future purchases, a structure sometimes called tiered rewards.
Points do not expire as long as your account remains open and in good standing. When you redeem, points convert to a Saks gift card at a set rate — typically one point equals one cent of store credit, though this can vary. You redeem through your online account or by asking a store associate. There is no mystery about what your points are worth: you see the conversion rate upfront.
Some versions of the card offer bonus points when you first open the account, usually tied to spending a certain amount in the first few months. Read the offer terms carefully, because these bonuses come with a spending requirement you must meet within a set timeframe to receive them.
Annual fees and interest rates
Whether the Saks card carries an annual fee depends on which version you hold. The standard store card may have no annual fee, while premium versions marketed to higher-spending customers may charge one. Check your specific card offer before you open the account, because the fee structure does not change after you are approved.
The card charges interest on any balance you carry past the due date. The interest rate (called the APR, or annual percentage rate) is set based on your credit score and credit history at the time you explore. Store cards typically carry higher APRs than general-purpose credit cards, often in the range of 18% to 25%, though your rate may differ. If you plan to pay your balance in full each month, the APR does not affect you. If you carry a balance, interest accrues daily and adds up quickly.
Saks occasionally runs promotional financing offers — for example, 0% interest for 12 months on purchases over a certain amount. These offers are time-limited and have specific terms. Read the fine print: if you do not pay off the balance before the promotion ends, you owe all the interest that accrued during the promotional period, retroactively.
How opening the card affects your credit
When you explore for the Saks card, the issuer performs a hard inquiry on your credit report. This is a formal request to see your credit history and score. A hard inquiry typically lowers your credit score by a few points — usually between 5 and 10 points — and the impact fades over time, typically within a few months.
Opening a new account also lowers your average account age, which is one factor credit scoring models use. If you have had credit for many years, this effect is usually small. If you are newer to credit, opening multiple accounts in a short time can have a larger impact on your score.
On the positive side, once the account is open and you use it responsibly — paying on time and keeping your balance low relative to your credit limit — it builds your payment history and lowers your overall credit utilization ratio, both of which help your score over time.
Saks card versus the Saks Mastercard
Saks offers two different cards, and it is straightforward to confuse them. The Saks Fifth Avenue store card is the one described above: it works only at Saks and earns points redeemable as store credit. Saks also offers a co-branded Mastercard through a major credit card issuer. This Mastercard works everywhere Mastercard is accepted, not just at Saks.
The Mastercard has a different rewards structure, typically earning cash back or points that can be used outside Saks. It also has different annual fees and interest rates. If you want a card that works at other retailers, the Mastercard is the option. If you want to maximize rewards specifically at Saks, the store card is usually the better choice. You can hold both, but they are separate accounts with separate balances and due dates.
When the Saks card makes financial sense
The Saks card is worth opening if you shop at Saks regularly — typically several times a year or more — and you pay your balance in full each month. In that scenario, you earn rewards with no interest cost, and the points add up to meaningful store credit over time.
The card is less useful if you shop at Saks only occasionally, because the rewards may not offset the hassle of managing another account. It is also not a good fit if you tend to carry a balance, because the high interest rate will cost you far more than any rewards you earn.
If you are considering the card primarily for a sign-up bonus, make sure you can meet the spending requirement without overspending. A bonus that requires you to spend $3,000 in three months is only valuable if you were planning to spend that money anyway.
How to manage your Saks card account
Once your account is open, you can manage it online through Saks' website or mobile app. You can view your balance, make payments, track your points, and redeem rewards through your account dashboard. You can also set up automatic payments so your bill is paid on the due date each month, which helps you avoid late fees and interest charges.
Keep your account active by using it at least occasionally. Store card issuers sometimes close inactive accounts, which can hurt your credit score because it reduces your available credit and may shorten your average account age. Even a small purchase every few months is enough to keep the account active.
If your circumstances change — for example, you stop shopping at Saks — you can close the account by calling the customer service number on the back of your card. Closing an account does have a small negative impact on your credit score, but it is usually temporary.
Frequently Asked Questions
Can I use the Saks store card outside of Saks stores?
No, the Saks Fifth Avenue store card works only at Saks locations and on the Saks website. If you need a card that works at other retailers, you would need the Saks Mastercard instead, which is a separate product with different rewards and terms.
What happens to my points if I close my account?
Points typically remain valid for a set period after you close the account — usually 90 days to one year, depending on Saks' current policy. Redeem your points before closing if you want to use them. Check your account terms or call customer service to confirm the timeframe for your specific card.
Do I have to pay an annual fee to keep the card open?
It depends on which version of the Saks card you hold. Some versions have no annual fee, while premium versions do. Your card offer letter or account terms will state whether an annual fee applies. If your card has an annual fee and you want to avoid it, you can close the account.
How long does it take to see my credit score recover after I open the card?
The hard inquiry typically stops affecting your score after a few months. The impact of a new account on your average age is longer-lasting but also gradually fades as the account gets older. Most people see their score return to near its pre-process level within 6 to 12 months if they use the card responsibly.
Can I transfer my Saks points to another rewards program?
Saks points are redeemable only as Saks gift cards. You cannot transfer them to airline miles, hotel points, or other rewards programs. If you want rewards that can be used outside Saks, the Saks Mastercard may be a better option.