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The $500 ED card is unlikely to come with any SUBs. When you're in Amex's version of "credit steps" you don't get the sign up bonus.
@Anonymous wrote:
If you can meet the sign up bonus for each card you should keep both of them for now. Unless you call them and they cancel and don’t report one of the cards, I have no idea how likely that is. Assuming your offer is 10,000 points for $1,000 in 90 days and Amex gives it to you, you could end up with 20,000 points which would be nice. You will only be able to change to the EveryDay Preferred card which has a fee, at least that is what I was told. I wanted to change my bce to EveryDay and they said I could only change to Bce preferred.
A few important things to consider: