Published on September 12th, 2016 | by William Charles38
Everything You Want To Know About American Express Upgrade Offers
American Express frequently send out offers to upgrade your credit/charge card to another card with a higher annual fee. These targeted offers are typically an upgrade to American Express’ highest tier card (e.g Platinum) and show up on both personal and business cards. People always have a lot of questions about these offers, so I thought I’d answer those common questions in this post.
- 1 Is A Hard Pull/Credit Check Done?
- 2 Am I Eligible For The Bonus If I’ve Already Received The Bonus On The Card I’m Upgrading To?
- 3 If I Receive A Bonus From An Upgrade Offer, But Haven’t Had That Card Before – Can I Get The Sign Up Bonus Again?
- 4 What Happens To The Annual Fee On The Card I Currently Hold?
- 5 Can I Cancel The Card I Am Upgrading To And Get A Prorated Annual Fee Refund?
- 6 Can I Downgrade The Card I Upgrade To & Receive A Prorated Annual Fee Refund?
- 7 Our Verdict
Is A Hard Pull/Credit Check Done?
No, the offers specifically state no hard pull is done.
Am I Eligible For The Bonus If I’ve Already Received The Bonus On The Card I’m Upgrading To?
Yes, if you’ve received a sign up bonus for a card previously and receive an upgrade offer to that same card you’re still eligible for that upgrade offer. For example, let’s say I received an upgrade offer of 50,000 points when I spend $10,000 within three months if I upgrade to the Business Platinum card – I can still get that bonus even if I’ve previously received a sign up bonus on the Business Platinum Card.
If I Receive A Bonus From An Upgrade Offer, But Haven’t Had That Card Before – Can I Get The Sign Up Bonus Again?
According to the fine print, this wouldn’t be allowed (Welcome bonus offer not available to applicants who have or have had this product). But according to the following data points you can actually get the sign up bonus again:
These datapoints suggest otherwise:
What Happens To The Annual Fee On The Card I Currently Hold?
You’ll receive a prorated annual fee refund on the card you currently hold and be charged the new annual fee on the card you upgrade to.
Can I Cancel The Card I Am Upgrading To And Get A Prorated Annual Fee Refund?
Once you’ve upgraded to the new card, the normal rules apply to prorated annual fees for that card. That means you have 30 days to cancel the card to receive a refund. I wouldn’t recommend doing this as it’s a good way to get a financial review or your posts frozen with American Express.
Can I Downgrade The Card I Upgrade To & Receive A Prorated Annual Fee Refund?
As mentioned above, normal rules apply to the card after you’ve completed the upgrade meaning this is possible. More information here.
Upgrade offers are fantastic if you’ve received the sign up bonus on the card you’re upgrading to before, if you haven’t then you’re usually better waiting for a higher sign up bonus on those cards as you won’t be able to get that bonus again and American Express Platinum cards frequently have targeted offers of 100,000-150,000 points, this is much better than the standard 50,000 upgrade offer.
If you have any additional questions then please ask them in the comments.