If you plan to use your extended warranty on a product, make sure you keep the following:
1. The bank statement with the item you purchased on there (note that if you close this account, the statement will no longer be accessible online. So keep a hard copy)
2. The card number (even if you close the account, write down the card number somewhere. This is usually not shown full on your statement)
3. The original receipt.
4. Keep the item, even it is not functioning. The Card Benefit Services might ask you to ship it back.
If you miss any of the 4 item above, the extended warranty will make you go through tons of trouble and by the end you might not even want to claim the warranty.

The extended warranty is a great program. However I think they purposely made the claim process difficult so some people might give up halfway.
I have successfully claimed an $299 iPhone replacement. And now I am trying to claim a Fitbit.
The process for iPhone was painful, even with all the documents. Now the process with Fitbit is worse.
If you are the person with great patient, I would say that this program will be right for you. For example, they said they will reach back to you, but this is not happening after a month, after you reaching to them over and over again. Good side is you do save $$ from stuff like AppleCare and store offered extended warranty.
And just a side tip of being more aggressive, you can record your phone conversations with the Card Benefit Services Rep. Sometimes they tell you stuff that is not true and will make your whole claiming process 5X difficult.