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Q: Is the American Express Premium Return Protection worth the money? What does it include?
A: Whether or not a person determines if any credit card benefit is worth it is a personal one. One person may say yes, it is worth the $49.99 annual fee that is charged for the Premium Return Protection while another says no, it isn’t, and it’s just another way American Express is trying to get more money.
If you opt for the Premium Return Protection, you do have up to 180 days in which to return merchandise as opposed to the usual 30-day deadline. This can save you money in the long run, as the coverage amount is $600 per return incident and up to $2500 per year. The normal return protection policy on American Express credit cards is $300 per incident/$1,000 per year.
In addition to allowing you more than 30 days to return merchandise and the amounts allowed under the Premium Return Protection policy, the plan also pays for restocking and other return fees that stores sometimes charge, especially when electronics are concerned.
There are some procedures you must follow carefully, however. These include ensuring that a photocopy of your receipt is enclosed with the return request form, original tags must be on clothing, and electronics items must be in the original packaging.