No, the American Express Cash Magnet® Card does not have return protection coverage. Return protection is a benefit that offers reimbursement for undamaged, working items purchased with a credit card that cannot be returned to the merchant within a certain number of days of purchase. This benefit is becoming rarer as time goes on, however, as many issuers have dropped it to cut costs.
Yes, American Express does have return protection. American Express return protection reimburses cardholders for undamaged, working items purchased with an eligible American Express card that cannot be returned to the merchant within 90 days of purchase. The American Express return protection coverage limit is $300 per claim and $1,000 per year.… read full answer
To file an American Express return protection claim, use the online claims center or call 1-800-228-6855 within 90 days of the date of purchase. You will then need to submit a claim form and provide any requested supplemental proof within 30 days of starting the claims process.
Keep in mind that not all items will qualify for American Express return protection coverage. As is the case with all card benefits, there is a list of exceptions, so it's important to read the benefits guide that came with your card to find out if an item qualifies.
The American Express Cash Magnet purchase protection benefit reimburses cardholders up to $1,000 per item and $50,000 per card for items purchased with the card that are damaged or stolen within 90 days. The coverage is only $500 per item for damages due to natural disasters.
Some purchased items do not qualify for Amex Cash Magnet purchase protection coverage. Those include animals or living plants, one-of-a-kind items, perishables, gift cards, motorized vehicles, downloaded services and more. Certain situations are also not covered, such as acts of war, confiscation by government authorities or the misplacing of an item. Be sure to read your benefits guide for the full details.… read full answer
To file an American Express Cash Magnet purchase protection claim, call 1-800-322-1277 within 30 days of the incident. The cardholder has until 60 days after the incident to submit proof of the loss, such as the original store receipt and damage estimates.
American Express no longer offers price protection on any of its cards. American Express discontinued the price protection benefit, which provided coverage up to $250 per item and $1,000 annually, in 2002. Prior to that, if a cardholder purchased an item with an eligible American Express card and any retailer advertised a lower price for the item within the next 30 days, American Express would have refunded the difference between the purchase price and the sale price.… read full answer
American Express’ lack of a price protection benefit is not uncommon these days, as more and more issuers have dropped the benefit from all of their credit cards. Recent advances in price-tracking technology have led to a dramatic increase in price protection claims, making the benefit too expensive for issuers to sustain.
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