The
Saks Fifth Avenue Store Card is a good credit card to apply for if you have a credit score of
640 or higher, you shop at Saks on a regular basis, and you have another credit card for everyday purchases. This card has a
$0 annual fee and can save you a lot of money at Saks, but it won’t work elsewhere. You could get approved for the
Mastercard version of the
Saks Fifth Avenue Credit Card, but you need a higher credit score (
700+).
If you decide to apply, just be prepared to pay your bill in full every month. Neither the Saks Store Card nor the Saks Mastercard has a low APR, but you can avoid expensive interest charges by always paying your full statement balance by the monthly due date.
4 Key Things to Know About Saks Fifth Avenue Credit Cards
10% discount on your first purchase.
You will get a
10% discount on your first purchase at Saks (online and in stores) with a Saks Fifth Avenue credit card. That’s not the biggest initial discount available from a store card, but it has the potential to save you just as much money as any other offer in absolute terms given the relatively high prices at Saks.
Lucrative, somewhat-complicated rewards.
You will earn at least 2 points for every $1 that you charge to your Saks credit card, which works out to 2% “cash” back, considering that 2,500 points gets you a $25 Saks gift card.
Now, here’s where things aren’t so straightforward. That 2% earning rate applies to your first $2,499 in purchases each year. If you cross that threshold, you’ll then get 4% back on your next $7,500 in purchases for the year, followed by 6% back on subsequent spending before year-end.
You can get at least
2% back from dozens of rewards cards, and the average cash back credit card offers
1.18% across all purchases, according to
WalletHub data. So it’s clear a Saks Fifth card is a decent option for infrequent shoppers that gets better and better the more you spend.
No annual fee, but a high APR.
The Saks Store Card is like the vast majority of store credit cards in the sense that it does not charge an annual fee. It’s also
$28.25 per year cheaper than the average credit card, market-wide, according to WalletHub’s latest Credit Card Landscape Report.
However, the Saks Card’s regular APR is
higher than the averages among both store cards (
33.13%) and credit cards for people with fair credit (
26.65%) – the minimum credit standing required for approval. That means you should only get the Saks Store Card if you plan to always pay your monthly bill in full.
Available to shoppers with fair credit.
The Saks Fifth Avenue Store Credit Card is generally available to people with fair credit or better. That means most people can get it. But you should still
check your credit score for free on WalletHub before applying to confirm that you’re likely to be accepted.
If you have a good or excellent credit score of
700+, you may be approved for the
Mastercard version of this offer. The main difference is that you can use the
Mastercard pretty much anywhere credit cards are accepted and earn Saks Fifth Avenue rewards in the process.
