Online Travel Booking and Bidding Agencies - Amex low fare guarantee - do they really honor it?

I'm holding 4 tickets on iberia that need to be ticketed soon or I will lose them. I want to use my membership miles to pay for the tickets, but when I book the exact same tickets on the amex site, they are $200+ more per ticket. I called and asked about the low price guarantee. The rep said I needed to book the tickets, pay for them and then file for the low price guarantee. I said I had the print out for the reservation I was holding with Iberia, wouldn't they honor that. He said they needed to review it and then they would get back to me in 7-10 days. I don't want to pay $1000 extra for tickets. Does anyone have any experience with Amex's low fare guarantee?

Welcome to FT!
It's been my experience that most (if not all)low fare guarantees are after-the-fact. That is, you book it and then go back with your proof. If all things are equal, I'm sure AmEX will make it good,but read the small print.

I've only done it once with AMEX, but it worked ^ Found a hotel site that I wasn't familiar with, but they had a lower rate for a hotel in Mexico. Printed the screens. Went to AMEX's site, booked their higher price and immediately submitted the claim form. They honored the lower rate and I was happy because then I had the reservation via AMEX, not the unknown site. Good luck :)