Amex Platinum downgrade possibilities

[SuperKirby]

Are my only two choices to downgrade from the Amex Plat are either Gold or Green only? No other options? 

I'd hate to cancel it and lose a 7 year TL.

[FinStar]

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@SuperKirby wrote:

Are my only two choices to downgrade from the Amex Plat are either Gold or Green only? No other options? 

I'd hate to cancel it and lose a 7 year TL.

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Is this for the standard, non-partner AmEx Platinum?   What other options were you thinking?

[SuperKirby]

Yes, the standard, personal, non-partnered amex plat.

I just wanted to get rid of the card period since I don't use it's benefits anymore (since I use Sapphire Reserve's benies now).

However the Amex Plat has the 7 year TL that i'd hate to lose.  I was hoping to downgrade the amex plat to a $0 AF card if possible. 

[Shadowfactor]

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@SuperKirby wrote:

Are my only two choices to downgrade from the Amex Plat are either Gold or Green only? No other options? 

I'd hate to cancel it and lose a 7 year TL.

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For the core amex Plat yes those are your only downgrade options.

It's a charge card so it must stay within the family of charge cards.

The co-branded amex Platinums sometimes have a different downgrade path but it's basically the same thing still. Co-branded Gold charge.

There is no $0 AF options for downgrade. The cheapest option is $95 for the green card. Not really the best option though as it's a very pointless card IMO unless the refresh happens

[Anonymous]

Before you close it, it's worthwhile to wait for the green refresh if you are an Amazon prime member anyway. The rumored credit for Amazon prime would likely make this the easiest charge card to justify if you don't want to keep the Platinum.

[FinStar]

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@Anonymous wrote:
Before you close it, it's worthwhile to wait for the green refresh if you are an Amazon prime member anyway. The rumored credit for Amazon prime would likely make this the easiest charge card to justify if you don't want to keep the Platinum.

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While that would seem ideal depending on when the OP's AF is coming due, there's still nothing official or solid on the Green "refresh", other than a rumor.

[red259]

Tradeline will stay on your credit report for another 7 years. I see no reason to pay an AF on a card if it does not hold value for you. 

[Anonymous]

Right, but like you said it really depends on his renewal date. If the refresh happens this month or next month as rumored, might as well wait unless his renewal is like tomorrow...even then you have 30 days to cancel.

[red259]

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@Anonymous wrote:
Right, but like you said it really depends on his renewal date. If the refresh happens this month or next month as rumored, might as well wait unless his renewal is like tomorrow...even then you have 30 days to cancel.

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Yea as long as he has time to cancel there is no harm in waiting to see if card benefits change to make the AF worthwhile. 

[longtimelurker]

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@red259 wrote:

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@Anonymous wrote:
Right, but like you said it really depends on his renewal date. If the refresh happens this month or next month as rumored, might as well wait unless his renewal is like tomorrow...even then you have 30 days to cancel.

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Yea as long as he has time to cancel there is no harm in waiting to see if card benefits change to make the AF worthwhile. 

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And if the refresh doesn't happen (or it does but isn't useful for the OP) consider cancelling anyway.  Depending how the age fits into the rest of your portfolio, it's quite possible that the benefit of keeping it is outweighed by a $95 AF for several years.