Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Links in this post may provide us with a commission.
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.
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:
- Convert the card, get the bonus and $200 credit for 2016 and cancel before December 30.
- 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.
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!
Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.