Beginning June 1, the Business Platinum card from Amex will lower their 50% rebate on travel booking redemptions down to 35%. New card applicants who applied/apply for the card between October 5, 2016 and May 31, 2017 will receive one full year of the 50% benefit after which time it’ll go down to 35% like everyone else.
Many people wondered what would happen if you upgrade a card to become a business Platinum card before June 1. Will it get one year of the 50% rebate benefit?
@AskAmex was asked on Twitter about upgraded cards a few days ago, but they weren’t sure. They got back today with a clarification that upgraded cards WILL also get the one-year benefit from the date of the upgrade. I suspected this would be the case, but it’s certainly important to hear it from the horse’s mouth.
If you have a business Green card or Gold Rewards card, consider upgrading it to the Platinum card to lock in the benefit. Even if you currently hold the Business Platinum, it could make sense to this; downgrade the Platinum to Green/BGR (Green has a $95 annual fee, BGR has a $175 annual fee) and upgrade the Green/BGR to Platinum.
Even if you don’t have any Green/BGR, it might be possible to downgrade the Platinum card now and subsequently upgrade the card before the end of the month. (FYI: Downgrades get a prorated annual fee.) There’s a bit of a risk that something could go wrong, but as far as I know there isn’t any rule against downgrading – even within the first year – and upgrading soon after. (Don’t downgrade to BGR if you plan on applying for that card in the future since it could negate your signup bonus eligibility.)
If you are considering this route, I’d give at least one day, and preferably a few days, before the deadline to make sure it all works out properly.
For those considering downgrading / upgrading an existing Platinum – will this generate two “new accounts” on your credit report?
From what I can tell you’d end up with a new account for the downgraded card and another second new account for the replacement upgraded platinum? If this is the case this could damage your AAoA (average age of accounts) and hurt you chances of staying under 5/24 for Chase apps.
I currently have the Business Platinum and was told by AMEX that if I downgraded and upgraded back to Platinum, I wouldn’t get the 50% rebate as a “previous” Platinum cardholder who had the card prior to October 1st.
I received an email inviting me to upgrade from Gold to Platinum (and will receive 50,000 bonus points for $10k spend in 5 months). The email advertises the $200 airline fee credit, 1.5 points on purchases of $5k and up, as well as the 50% airline bonus. The fine print says I have until 6/1/2018 (yes that’s 2018, not 2017) to request the upgrade so if I hadn’t read any of the blogs and I would decide to upgrade let’s say in August 2017 would I not get the 50% airline bonus even if the email explicitly says I would? Wouldn’t that be false advertising?
Good point, who knows what will happen automatically, but you have a good case if you want to try.
I would want to ask via Twitter because I’m not ready to upgrade now (I know I will have charges later in the year to help meet the $10k spend), but the question is too long. Maybe I will call.
sorry i just read the other article and it looks like if i want the plat now and i want a bonus i need to app for new card.
Yup, you only get a signup bonus for new applications, not upgrades.
I have the business gold. If i upgrade to the business plat will i still be able to apply for the plat in the future and get the signup bonus?
Likely NOT https://www.doctorofcredit.com/getting-signup-bonus-second-previously-no-bonus/#Amex
For downgrading do they still do pro-rated annual fees? I know they abolished for canceling
Would like to know this as well. Anyone?
Yes, they prorate for downgrades. I’ll add to the post.