The American Express® Gold Card no longer offers price protection. American Express discontinued the price protection benefit, which provided coverage up to $250 per item and $1,000 per year, for the Amex Gold card in 2002. Prior to that, if a cardholder purchased an eligible item with the Amex Gold card and any retailer reduced the price of the item within the next 30 days, American Express would have refunded the difference between the purchase price and the sale price.
The Amex Gold card’s lack of price protection is not uncommon these days, as more and more cards have dropped the benefit. 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.
American Express purchase protection works by covering the damage or theft of eligible purchases for up to 90 days after the purchase date. Eligible American Express cardholders can get reimbursed up to $1,000 or $10,000 per item (depending on the card) and up to $50,000 per cardholder. Keep in mind that not all purchases or items are covered under American Express purchase protection.… read full answer
Coverage: Covers the damage or theft of eligible purchases for up to 90 days after the purchase date. Coverage is for the costs of repairs or replacements of eligible items.
Covered amount: Up to $1,000 or $10,000 per purchase and $50,000 per cardholder, every calendar year.
Excluded purchases/items: Excluded items include antiques, artwork, consumables, rented, leased, or borrowed items, motorized devices, land or buildings, software, medical devices or equipment and more. Damages or theft resulting from war or acts of war, military service, confiscation by any government authority, and others, are also not covered.
How to file a claim: Call the Benefit Administrator within 30 days of the incident at (800) 228-6855 or the number in your guide to benefits. If the item was stolen, file a police report within 48 hours of the incident. Submit your completed claim form within 60 days after having received it. Amex will notify you of a decision after they've processed your claim, which could take up to 30 days.
To see which American Express cards offer purchase protection and view specific coverage amounts for individual cards, check out Amex's dedicated purchase protection web page.
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.
To get an American Express refund for an overpayment, log into the card’s online account or call customer service at 1 (800) 528-4800. For online refund requests, click the “Account Services” tab from the account home page and select “Inquiry & Dispute Center,” followed by “Open a Payment Dispute” and “I have a credit balance on my account.” Click “Continue” and enter the requested refund amount.… read full answer
Next, choose to either receive a refund check by mail or transfer the credit balance to another Amex account. Refund checks typically arrive within 7 days after processing, while transfers to a different account usually take 2 to 3 days to process. If there’s no refund request, the credit will remain on the account, and will offset any new purchases up to the credited amount.
While Amex refund requests are often due to an overpayment, there are times when you would seek a refund on a purchase charged to your credit card, too. It could be an incorrect charge amount, for example, charges for defective items or items that were never delivered. In such instances, you should first contact the merchant associated with the purchase.
If the merchant refuses to refund your purchase, you can contact American Express to dispute the charge. Amex will investigate the disputed charge, and you should see a temporary credit as well as a hold on your account for the disputed amount. It may take 30 to 60 days to resolve the dispute, after which time Amex will either apply the credit permanently and remove the hold, or allow the disputed charge to stand.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.