He mentioned using the spg so you're not getting the 5X for that. If it wasn't savings would you ever pay that much for extended warranty?
I'd use a different Amex card if I wanted to go that route.
I've taken advantage of extended warranties often enough that I'd actually consider choosing the cashback over the extended warranty. Imagine getting your entire purchase price back in 1.5 years when the item you purchased crashes on you, that's something to consider.
You should also consider taking the UR and buying a
Squaretrade warranty, they are hassle free and I'm onfident they have a decent Black Friday coupon.