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When, in the AMEX offers, there is an offer to upgrade a card, does that equate, to a hard pull? My wife has an offer to upgrade her blue cash card to the preferred and receive a pretty generous bonus, which I wouldn't think applies to upgrades, but it does in this case. I just want to make sure I'm not dinging her credit report, but we have thought about upgrading with the amount of groceries we tend to buy. I think we could make an $80-100 per year at 6% versus 3% counting the annual fee.
No, the upgrade will not result in a HP and she will keep her tradeline so she'll have better earnings with her BCP card. I'm curious as to what the upgrade offer was if you don't mind sharing.
No hard pull at all and the only things that will change are the name of the card and the bonus structure. If it makes sense for your spend, by all means go for it! Bonuses for upgrades are common (especially on charge cards), but they're usually not as generous as applying for an entirely new account with the same card. An upgrade bonus would also prevent you (you actually meaning DW in this case) from getting a new cardmember bonus for that card in the future.
Nope to the HP. I just got my BCP a few weeks ago via the upgrade option
Just did it! Hope it all works the way it was advertised. Can't believe they would give a $250 sign-up bonus for an upgrade.
@Anonymous wrote:Just did it! Hope it all works the way it was advertised. Can't believe they would give a $250 sign-up bonus for an upgrade.
They're gambling on you keeping the card. You'll be paying the AF and at least spending enough to earn the bonus, but likely much more.