Holders of $895-a-Year AmEx Card Are Rushing to Spend Saks Perk

Core Viewpoint - American Express cardholders and other shoppers are rushing to use store credits and gift cards at Saks Fifth Avenue due to concerns over the retailer's potential bankruptcy restructuring, which may affect the validity of gift cards [1][2]. Group 1: Consumer Behavior - Customers, including those with American Express Platinum cards, are anxious about the future of Saks and are trying to spend their gift cards quickly [2]. - A travel content creator highlighted the urgency among consumers to cash out gift cards, reflecting widespread concern within her community [3]. Group 2: Retailer Situation - Saks Fifth Avenue is facing potential bankruptcy, which raises questions about whether it will honor gift cards after filing for Chapter 11 [1][4]. - The retailer has incentives to protect its brand and may attempt to favor customers in bankruptcy court, but the final decision lies with the courts [3]. Group 3: Expert Opinions - A bankruptcy expert noted that there is a high probability Saks will honor gift cards during bankruptcy proceedings, but the uncertainty leads consumers to use their cards now [4]. - Historical examples of retail bankruptcies show varied approaches to gift card policies, indicating that consumer caution is warranted [4].