Not understanding what you're saying about the gold. You can always downgrade, it's just recommended to wait until the 13th month, when the second AF hits. At its current 35k sub, at worst redemption, which is for cash, you'll still get the equivalent of $210. Transferring it to most partners will equal $310. That's not including taking advantage of the $120 dining and the $100 airline credits. Getting an upgraded sub of 45k ups it to $270 and $450, respectively. It's not hard to offset the AF the first year, which is why many will take the gold for the sub and downgrade to the green the second year.
I'm personally not worried about HPs, so if I saw a pre-approval for the PR, I'd go for it. It's one of my favorite cards and will be my go-to when I qualify for preferred rewards.
I don't know if your relationship with BoA includes a wealth management adviser, but if it does, you could talk to him/her about applying as well. Mine asked me about it once and I informed him I already had it. I like to believe they can help "push" a decision if it wasn't going the right way for you. This is how I got my very first credit card at PNC. I was denied for it back around 2006 and when I got a car loan the same year, the person at the bank asked if I wanted to get a credit card. I said I was denied previously and he went away and then came back and said he got me approved. YMMV.
As for what to suggest if you don't go with the PR, I'm sure others have/will chime in.
@Anonymous wrote:I could definitely get positive EV from the Gold Card. But if I get it right now then I'm stuck paying the AF forever - since even if I downgrade to a Green there's still an AF. I don’t know if i want a forced AF card as my 5th card because I don't ever want to have to cancel my first cards. I also would rather apply for the Platinum to get higher offer and then downgrade to gold year after for better SUB but I wouldn't be able to get that right now imo.
Not getting your logic. The CSP has an annual fee as well. Nobody offers a downgrade sub and unlike chase, amex will offer you upgrade and retention offers fairly consistently which is why churners will downgrade and upgrade every year to take advantage of it.
