First, although I guess they could do it, if you're part of the Amex ecosystem they won't do a HP in the course of their normal dealings with you. Second, if you upgrade to a Plat, you lose on groceries, dining, all those things that make the Gold hard to beat. Sure, you get 5x on tickets with the Plat, but unless you travel a lot, it doesn't have a lot of luster. Third, if you still want a Plat, as suggested upthread, get one directly for the SUB, then cancel the Gold if you wish. Don't do it before a year is up if it's a relatively new card, bad things will happen to you from an unhappy Amex computer. And definitely look at what you will give up with the gold.
- HOWEVER -
Amex now owns a reservations platform called RESY (resy.com). They have better deals on some Amex cards if you are applying, currently the Gold, the Blue Cash Everyday (just refreshed), and THE PLATINUM. When you apply starting at RESY, the SUB is 125,000 MR points, versus 100,000 through the Amex site. You also get 10x points on up to $25k dining spending for the 1st 6 months. In my case, with my eat-out habit that averages around 80 bucks a day, the incremental reward over my Gold (4x) is 6x * $560 = 3360 pts. Valuing the points very conservatively at .0125, that's $42.00 per week for 6 mos = about $1100.00. The SUB is 125,000 * .0125 = $1562.50. I get the NY Times, so the $20/mo=240/yr is good. CLEAR is a $179 goody, although maybe the Gold has that too.
Anyway, altogether, 1100+1562+240+179= $3081. That's way bigger than the 695 AF. Now, after a year things might change, but that's down the road. I might be able to get rid of my Delta Reserve ($550), because the Amex lounges are setting up, the Plat has cell phone protection (which Gold does not have btw). I'm not sure whether I'll keep the D Res, but I'm locked in until next spring anyway.
As you might have figured out by now, I'm up on all this detail because I just did it myself. The new Plat arrives on 8/2. Good luck with your decision. You might want to check to see that you're pre-approved, although if they offer you the upgrade that should be an indication that you're good to go.
