Saks Card...Is it Good?

[ForumPheen]

I will apply for the Saks WEMC in 6 months. Knowing that WEMC cards are typically harder to get, I applied in store for the store card 2 years ago, starting limit was $2k. Within 6 months, they auto CLI'd to $5k. At that same time, I received a 30 day late payment for that card.  Of course, no auto CLIs ever since, and I actively use the card between seasons (currently back at $0 now).   They pull EQ primarily, but they pulled with all 3 bureaus when I applied. I did not know they were Capital One backed either until I applied.

For contrast, the same day, I applied for the Neiman Marcus card in store, also Cap one backed. All 3 bureaus were pulled, with EQ as primary. Starting limit was $2,500.  No auto CLIs, no lates.  Last holiday season I asked for an increase, no set amount, and was given $8,000.  Hard pull on all 3 reports. Convenience of NM card is that you can use it at any NM, NM Last Call, Bergdorf Goodman and Horchow store. 

With the WEMC, I can utilize it anywhere, unlike Saks store card that is only good for Saks Fifth Avenue and Saks Off 5th.

[NegotiatorRogerSmith]

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@Repairman wrote:

I'm thinking about the possibility of apping for a Saks card, and am just curious from those who have it, whether you think it's a good card to have. Are the benefits good enough for a shopper of the store or am I just as good jsut using something like my Quicksilver when shopping at Saks? Are there any real advantages to having the Saks card?

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admittedly late to chime in, but maybe this will help the next person looking at the Saks card.

things to consider:

1. how often do you shop at Saks itself (not outside spending)?
   
   If it's not much, it won't do you any good because there are other, better FREE WEMCs out there -- main one that comes to mind is Citi Double Cash WEMC. What made the Saks WEMC amazing back in the day was--as another poster mentioned--the fact it was the ONLY "free" WEMC (albeit the standards were ridiculously high), and the Saks WEMC perks included airport lounge access, better point structure, and truly exclusive private invitations to locally hosted trunk shows, cocktail events, and the like... this was all pre-2008. Even the free shipping and returns isn't anything special anymore. Last I checked, all orders shipped free at saks.com.
   
   
   
2. are you trying to get in with CapOne, or do you actually want to capitalize on the Saks "perks" (which is almost entirely store bonus oriented)? 
   
   If you're trying to get in with CapOne, their reputation has gotten slightly better recently in approving with decent limits, and giving decent auto-CLIs, and of course SP CLIs when initiated by the cardholder. If so, go with a fully-branded CapOne card -- their underwriting standards are lower than Saks co-branded, the CLIs are more generous and frequent, and online access/luv button is at your fingertips.
   
   Saks web portal is a joke, no luv button, you get bounced around when you call in, and attempting a CLI for the Saks card is a very manual process.
   
   This doesn't sound so bad, but if/when something goes wrong (it could be anything) that requires you to call in, at some point between talking to someone who is utterly clueless and being given the runaround, you'll contemplate dark and morbid thoughts. If you're okay with that, you'll eventually learn that if you want anything taken seriously and done right, you'll become chummy with ole Dick Fairbank because you'll be emailing him often to get issues resolved.
   
   
   
   
3. do you live a pampered lifestyle?
   
   If so, this is a great card, because you get 3x Saks reward points when used at spas, salons, etc. This is the main use of mine. I spend a lot in this category, so to get a few suits, dresses, whatever from Saks at the end of the year for purchases that would otherwise yield 1x points with any other card, assuming you were going to shop at Saks anyways, this is best (remaining) perk left.
   
   
   
4. do you like the design?
   
   I agree, it's a great design... or at least it was. Now, black cards are a dime a dozen. If they somehow enhance it with a redesign for the EMV re-issue, who knows. I doubt it. But the point is, you shouldn't be getting a card based on a design, especially one that is as big of a headache to maintain as this.

Silver lining... they claim to be getting the Saks retail portfolio act together with a face-lifted website (TBD), an EMV-enabled card (TBD), and a dedicated customer service team (TBD)... of course they've been claiming this for years now...

... so maybe not so much of a silver lining.

If they do end up tackling these administrative enhancements, it would alleviate a lot of pain as a cardholder. But like these pending enhancements, you'll have to accept that as a cardholder, you are probably the lowest priority to CapOne. They are focusing on their branded product first and foremost. On top of that, retail is shrinking, and Saks isn't as prestigious as it once was ever since its acquisition by Hudson's Bay Company.

Saying you shopped at Saks meant something in a bygone era… it’s all about flash sales and discount now.

Good luck in however you end up pursuing this.

[Anonymous]

Thanks for this review.  I was thinking about applying for this card today.  I think I'll pass.

[Anonymous]

The Saks card is the very best dept store card you can get in terms of rewards, IF you shop at Saks frequently and spend over $10,000 a year with them. The reason is because their membership levels start paying off up to 18% cash back with purchases made with a Saks card when you are at Platinum level ($10k annual spend). Base earning at Platinum is 6 points per dollar, and they do frequent triple points events which bring you up to 18 points per dollar spent. Every 2,500 points gives you $25 in gift cards.
This program blows NM InCircle and even Nordstrom Notes out of the water in this respect.
Regarding interest rates, there is a secondary cardless credit account you can open with Saks called MPA (major purchase account). It's also with CapOne and it's another account opened with no hard card product they just give you an account number and a line of credit. With the MPA you get 6 to 12 months no interest on purchases over $2,000. And you can still earn the points mentioned above.

[Anonymous]

For a discount at Saks, my mom applied in store and was denied for the credit card (via mail ~1 week later). She has a really high credit score (823 per Amex Experian score and 5yr AAoA) and if I remember correctly she was denied for too much debt to income and recent account openings (she didn't want to be approved so she put only her income not household income 😂).

Capital one pulled Equifax (not Transunion, unsure about Experian) for her application. Inquiry showed up as "CAP1/SAKS 5TH AVE"