Yes, they do conversions. I inquired about converting via their online msg center and their response was positive. I chose not to convert b/c the rate was higher. Below is a snippet of their response.
"Please be advised, we can process a trade of your current account free of charge for you so you will be able to maintain your credit line and credit history with no additional application.
Our records indicate, a different account number will not be issued as a result of this trade. Therefore, you will not be required to cancel any automatic billings or payments currently set up on your account. However, it is important to note, the benefits and terms of your account are still subject to change. You will immediately forfeit any accrued points or miles.
Keep in mind that the trade request will forfeit any existing balance transfer offers on your current account. Any unused balance transfer checks will post to the new pricing terms of the new account.
The new pricing terms will be: ....................."