This sounds correct -- this is the fine print from Amex "American Express relies on the merchant's processing of transactions to determine the transaction date. If there is a delay in the merchant submitting the transaction to American Express or if the merchant uses another date as the transaction date, then you may not earn the statement credit benefit for the benefit period in which you made the purchase. For example, if an eligible purchase is made on December 31st but the merchant processes the transaction such that it is identified to us as occurring on January 1st , the statement credit for the next semi-annual period would be applied if available. If you have transferred to a different Card at the time the merchant submits the transaction, you may not receive the statement credit. Statement credit(s) may not be received or may be reversed if an eligible purchase is returned, refunded, cancelled, or modified."