Funny, this happened to me on Friday.
Bought my 7-day from Hudson News in GCT on Thursday, used it several times, rode the M104 to Columbus Circle on Saturday morning. When we went into the subway later, it would not swipe. After I tried it on the 2nd turnstile, I had a bad feeling. The agent at the booth could see that it was a 7 day and that I started using it on Thursday, but could not do anything to fix it. Said the M104 probably demagnetized it because they do not clean the readers on the buses. I mailed it in with the form and we'll see what happens.
What is interesting is that later in the day on the new 1-day pass I had purchased, it would not swipe at Lafayette St. Tried 3 different turnstiles. I was a tad angry and since we were at an unmanned station, I had my boyfriend push the emergency exit open. When we got off the train, I went to a manned booth to see what was wrong, but then the card started working again.
Now I am wondering if I should have been more persistent with the 7 day card. It will be interesting to see what kind of 'refund' I get back.
BillJ