Amazing Amex Product Conversion Bonus: 50K for Upgrading, But is it Worth It?

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Amex Business Platinum Conversion Bonus

Amex Business Platinum Conversion Bonus

As many of you know, the hits have kept coming this year. One of those hits was the addition of a “once per lifetime” rule for bonuses on American Express business cards. Previously you could get the bonus again on a business card if you hadn’t had that same card for at least 12 months. Now, if you have ever had it before, you are out of luck. (With the exception of rare targeted offers.)

That doesn’t mean there isn’t opportunity to earn points though. For example, I have covered the many 10K “Pay Over Time” bonuses that Amex has offered me this year and now they have topped that with an incredible offer on my Business Green card. It shows up under my normal Amex Offers section.

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The offer gives 50,000 Membership Rewards points after $10K spend if I upgrade my Business Green card to a Business Platinum. Basically, that is 6X spend on $10K. Of course it looks good, but there are things to consider. For example, if I had never had this card before, then this wouldn’t be a good deal. That is because we have seen numerous 100K and even 150K offers on the Business Platinum and upgrading would prevent me from being eligible for a sign-up bonus. But I have had this card, since I got it during last year’s AHMAZING 150k offer. Win win.

Analyzing the Offer

After reading through the terms, here are some key things I learned:

  • My current annual fee would be prorated until the due date.
  • The $200 airline fee credit would apply.

The timing of this is perfect, because I also picked up a Personal Platinum exactly a year ago during a 100K offer and its annual fee just became due. That means I could cancel it and keep this Business Platinum in order to retain lounge access and other benefits. Perfect! There is one small issue as I see it.

Unfortunately the annual fee on the account I would be converting is charged on November 30, 2016. That means I would get hit with a prorated annual fee until then and a full $450 annual fee at that point. I could of course cancel within 30 days of that date and receive a credit of the $450.

Formulating a Strategy

As I see it I have two options:

  1. Convert the card, get the bonus and $200 credit for 2016 and cancel before December 30.
  2. Convert the card, get the bonus and $400 credit for 2016 & 2017 and keep the card for a year.

I do use some of the features of my Platinum card like the Centurion Lounge access, so I want to keep a Platinum card in my arsenal. I thus have to decide if I should keep this card for a year or perhaps look for another flavor of Platinum that I haven’t had before. I have three months to make that decision, but either way I’ll try to hit that $10K in spend quickly so I trigger the bonus.

Conclusion

This is one of the more generous offers I have seen from American Express in awhile and it comes at the perfect time for me. While there are still a few decisions I have to make, I am definitely going to convert my card and spend the $10K in order to get 50K Membership Rewards points.

Have you received this or a similar offer? What are your thoughts? Let us know in the comments!


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17 COMMENTS

  1. Can’t you downgrade the card to a business green after using the 2017 airline fee reimbursement and then get a prorated reimbursement as well?

  2. Just get the AmeriPrise NAF first year. Don’t even think it matters if you have had it b4. NAF for AUs too (extra spa appointments). No 50K but no fee either.

  3. My question on this has been: Do you have to downgrade your current Biz Plat to do the upgrade?

    I have the offer on my BRG and I currently have the Biz Plat as well. I have an AU on my Biz Plat and we have an Amex Offer for $100 back on $500 @ Ritz Carlton that we will be using in a couple of weeks (a few days before the terms on the upgrade offer said the offer ends). I’m hesitant to downgrade my current Biz Platinum before using that Amex Offer.

    If I could upgrade my BRG right now and have the two Platinum cards, I’d do that…..but I didn’t think you could have two of the same product. In which case, I’d have to wait and downgrade my Platinum like two days before this thing ends and then upgrade my BRG (and re-add my AU to that). I could really use the 50k, but it’s definitely more complex that it would be if I didn’t actually have to downgrade Biz Platinum #1 right now.

  4. I have the offer on my BRG and I have the personal Plat AF due right now. I was considering converting the BRG and dropping my personal Plat. However, I’ve never had the biz plat and could wait until there’s an offer. My BRG also isn’t due for AF until January. Do I lose that 6 month amount of my BRG AF? I also like the BRG for my x3 gas purchases. I’d lose that long-term on a conversion. However, I do like not getting another credit hard pull if I go for another biz card.

    Another consideration – for me and others, if not for you – is the recent MS atmosphere for Amex. I will never hit $10,000 in 5 months without significant MS. If Amex is watching for MS, I’m not sure the risk is worth it.

    • The MS thing is definitely a consideration. We haven’t seen them clawback anything other than the Platinum 100K offers, but the terms certainly seem to allow them to. If you have never had the Business Platinum card before then I would probably not do it since you won’t be able to get a bonus on it later and 100K+ offers surface from time to time.

  5. I got this offer on my Gold biz card. I’ve had this card before and have the personal Plat right now. The annual fee just posted. So, the timing is great. I plan to convert to the Biz Plat, then cancel my personal Plat.

  6. I have the PRG card. The Platinum shows up as a product upgrade without any bonus points. Does anyone know if they consider the personal charge cards Green, Gold, Preferred Rewards Gold and Platinum to be essentially the same card? I also noticed there is no bonus offer for the Green card, which I understand is normal. But there is also no bonus for the regular Gold card.

  7. I had this offer as well on my BGR. The rep took great pains to say that the card number wouldn’t change, there wouldn’t be a credit pull, etc. i.e., this isn’t like a “new account” –

    I have never had the business platinum and am wondering if this would count as my lifetime bonus for this particular card? It sounds like they are going the other way around – those who have already had this card in the past and received a signup bonus can still qualify for this additional bonus offer.

    Seems like it might be a great deal if I can still reserve the right in a year or two if I cancel to receive a bonus on a new card.

    • The rule really isn’t “one bonus per lifetime” it is “Welcome bonus offer not available to applicants who have or have had this product.” Basically if you upgrade, then you fall into the “Have had this product” group and no longer are eligible for a sign-up bonus under the current rules.

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