American Express recently notified cardholders that starting on August 1, 2018, they will begin to update the extended warranty and purchase protection benefits (in a positive way!). This is great news since lately, the trend seems to be taking away benefits.
If you look at your June statement from American Express, you can find the notice at the end.
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Extended warranty is a benefit that provides up to one year of added protection to an original U.S. manufacturer's warranty of five years or less when you use your eligible card to make a purchase.
Starting on August 1, 2018, the following changes will take place:
- If the original manufacturer's warranty is less than two years, American Express will match the length of that warranty.
- If the original manufacturer's warranty is between 2-5 years, American Express will increase coverage to provide two additional years of warranty.
The fine print
The extended warranty benefit is limited to the actual amount charged to your card for the item, up to $10,000; not to exceed $50,000 per card member account per calendar year.
This means that if you have purchases that you want the extended warranty benefit on, you should place the whole purchase amount on your American Express card.
For residents of Indiana, Guam, Puerto Rico, and Northern Mariana Islands, your coverage will continue to match the original warranty period for warranties of less than one year or provide one additional year if the warranty is between 1-5 years.
Purchase protection is a benefit that helps protect purchases made on your card when they're accidentally damaged, stolen, or lost. The benefit is automatic and doesn't require enrollment. You have to place the whole purchase amount on your eligible card.
Starting on August 1, 2018, the coverage duration for purchase protection will be increased from 90 to 120 days.
The fine print
For residents of New York, Indiana, Guam, Puerto Rico, and Northern Mariana Islands, the purchase protection coverage remains at 90 days.