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ddemari is correct. If you're trying to PC a no-fee card to one with a fee, you have to wait 13 months. Same thing if you're trying to convert an AF card to one with a higher AF (example: Amex Gold to Platinum). I believe it was part of the CARD act.
I've never heard anyone who was able to PC to the Venture (from anything). Whenever I've been offered the PC opportunity, it was for the 1.25 miles. Can anyone confirm ever truly changing to the 2 miles on purchases?