I received my Saks First gift card in the mail today and it was MUCH lower than in previous years. One reason that it's lower is because they are distributing the cards in $25 increments. However, they are rounding DOWN. For example, if you earned 9,800 points, instead of getting a $98 gift card like in previous years, you will get $75. There are a few other issues that I have with the way that my points are being calculated and the lack of transparency about the points. I just got off the phone with a representative and that was just a frustrating experience. I guess I'll be sticking to my AmEx from now on.