Downgrading a Personal Amex Plat

[joeyv1985]

All,

Has anyone ever downgraded their Personal Amex Plat before? If so, what did you "Downgrade" to? I just applied and was approved for an Amex Business Plat which should arrive tomorrow. I got the personal Personal Plat about a year ago and the annual fee should be on the next statement. Based on my experience, the Annual Fee for the business Plat will be due sometime next month as well and I don't want to pay 2 AF's. I'm thinking of downgrading the personal plat to Amex's Blue Cash every day, provided the let me. No annual fee, 2% on gas and groceries....what's not to like? After I get the Business Plat, that will give me 3 Amex cards. 2 of which are business cards. Anyway, let me know what you guys think. 

[FinStar]

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@joeyv1985 wrote:

All,

Has anyone ever downgraded their Personal Amex Plat before? If so, what did you "Downgrade" to? I just applied and was approved for an Amex Business Plat which should arrive tomorrow. I got the personal Personal Plat about a year ago and the annual fee should be on the next statement. Based on my experience, the Annual Fee for the business Plat will be due sometime next month as well and I don't want to pay 2 AF's. I'm thinking of downgrading the personal plat to Amex's Blue Cash every day, provided the let me. No annual fee, 2% on gas and groceries....what's not to like? After I get the Business Plat, that will give me 3 Amex cards. 2 of which are business cards. Anyway, let me know what you guys think. 

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Unfortunately, charge cards cannot be PC'd to revolving accounts. Also, cards cannot be PC'd between personal > business and viceversa.

Your choices will be the Gold Card or the Green Card as far as downgrade options. I would also suggest not downgrading your card until it's reached the 12-month mark (or once the AF posts).

[joeyv1985]

Unfortunately, charge cards cannot be PC'd to revolving accounts. Also, cards cannot be PC'd between personal > business and viceversa.

Understood. 

Your choices will be the Gold Card or the Green Card as far as downgrade options. I would also suggest not downgrading your card until it's reached the 12-month mark (or once the AF posts).

Is there a reason why? They're not going to do a hard pull are they?

[chfenton]

I was going to downgrade to gold when my last AF hit, but when talking to rep, he offered me a $400 statement credit in exchange for $4,000 spend in the next 90 days.  Done and done. You may or may not receive the same retention offer--I have had the card since 1987 and have charged close to $2 million on it since then.

[FinStar]

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@joeyv1985 wrote:

Unfortunately, charge cards cannot be PC'd to revolving accounts. Also, cards cannot be PC'd between personal > business and viceversa.

Understood. 

Your choices will be the Gold Card or the Green Card as far as downgrade options. I would also suggest not downgrading your card until it's reached the 12-month mark (or once the AF posts).

Is there a reason why? They're not going to do a hard pull are they?

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Well, for one, AmEx frowns actions that may be perceived as churning behavior. Plus, if you ever want to apply for any other AmEx cards in the future, would you rather be excluded from getting a SUB?

As far as downgrades go, there is no SP or HP. But, you would need to do some math to determine which of the 2 (Gold/Green) makes sense with your current line up including the Biz Platinum that you just obtained.

[joeyv1985]

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@chfenton wrote:

I was going to downgrade to gold when my last AF hit, but when talking to rep, he offered me a $400 statement credit in exchange for $4,000 spend in the next 90 days.  Done and done. You may or may not receive the same retention offer--I have had the card since 1987 and have charged close to $2 million on it since then.

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Thanks Chfenton. I don't plan on closing the personal account, it's that I don't want to pay 2 Amex Plat AF's. Especially 2 so close together. 

[joeyv1985]

Well, for one, AmEx frowns actions that may be perceived as churning behavior. Plus, if you ever want to apply for any other AmEx cards in the future, would you rather be excluded from getting a SUB?

Should I wait for next statement showing the AF and then reach out to Amex to downgrade? If I do this, will they just send me a new card(Gold/Green) and redo the AF? Or do I just pay the AF and get a credit on the next statement? I never thought of the churning angle BTW. Good point. 

[FinStar]

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@joeyv1985 wrote:

Well, for one, AmEx frowns actions that may be perceived as churning behavior. Plus, if you ever want to apply for any other AmEx cards in the future, would you rather be excluded from getting a SUB?

Should I wait for next statement showing the AF and then reach out to Amex to downgrade? If I do this, will they just send me a new card(Gold/Green) and redo the AF? Or do I just pay the AF and get a credit on the next statement? I never thought of the churning angle BTW. Good point. 

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After your AF posts, you can reach out to them for the downgrade. The AF will be prorated depending on which card you decide to downgrade to. So, you'll get a portion of the credit for the Platinum AF and then your account will be subsequently billed for the AF of the card you select as the downgrade.