Can you downgrade Amex platinum to a no annual fee card?

As an American Express Platinum cardholder, you can only downgrade to the American Express® Gold Card or the American Express® Green Card.

Is there a way to waive the Amex Platinum annual fee?

Most people will need to pay the $695 annual fee on The Platinum Card® from American Express in full each year. However, there are a few ways to waive the Amex Platinum annual fee if you're eligible. One way to have the fee waived in full is to qualify under the Military Lending Act or Servicemembers' Civil Relief Act.

How do I downgrade my credit card to avoid annual fees?

Downgrading a card is typically an easy process. Simply call your card issuer's customer service department before your card's annual fee renews and tell the representative that you'd like to downgrade. They may try to offer you a points bonus to keep your existing card, but will downgrade if you ask.

Does downgrading Amex hurt credit?

When you downgrade a credit card, however, your credit is not affected. Card issuers only let you downgrade to credit cards in the same product line.

Can I downgrade from Amex Platinum to Amex Gold?

Yes, you can downgrade your Amex Platinum card to the Amex Gold card. But just like with upgrades, you'll want to make sure that you've had the card open for at least 1 year or more. This is a great way to save yourself some money if you no longer find the benefits of the Amex Platinum card to be worth the fee.

American Express Downgrade Options and Rules

Is Amex platinum worth it anymore?

The bottom line

The Amex Platinum Card is only worth the annual fee if you'll use enough benefits to recoup the fee. You could easily offset the fee with the statement credits alone, but this card also offers the chance to earn boosted rewards on travel purchases, too.

Does closing an Amex Platinum card hurt your credit?

Open card accounts can help your credit score in two different ways: credit utilization and length of credit history. Closing a credit card account can negatively affect both of those components of your credit score.

How can I lower my Amex Platinum fee?

Call the retention line: You can ask Amex to waive the annual fee by calling (800) 452-3945. However, it's important to understand that this approach may not be successful. American Express typically does not waive annual fees entirely, but it may offer a side benefit to offset the Platinum card's $695 annual fee.

What is the Amex 2 90 rule?

Amex is likely to limit approving you for two credit cards every 90 days. If you apply for two credit cards on the same day, data points suggest one of your applications will be put on hold as an automatic fraud prevention mechanism. There are conflicting reports on how charge cards are counted in this two card limit.

Is it better to cancel a card or downgrade?

Another reason downgrading can save your credit score is because it shouldn't affect your average account age, which makes up 15 percent of your credit score. If you cancel an older credit card, your average account age decreases and negatively impacts your credit score.

How do I get my annual card fee waived?

Call your issuer

Call the customer service number on your statement or the back of your card, and provide identifying information like your name and account number. Then, ask if you can have a waiver for your annual fee. If this is successful, you're done.

Does Cancelling a credit card with an annual fee hurt your credit?

A credit card can be canceled without harming your credit score⁠. To avoid damage to your credit score, paying down credit card balances first (not just the one you're canceling) is key. Closing a charge card won't affect your credit history (history is a factor in your overall credit score).

Can I switch from one Amex card to another?

If you have an American Express credit card that no longer meets your spending needs, you might be asking if you can switch your Amex card through an upgrade or downgrade. The short answer is yes.

How much do you need to spend to make Amex Platinum worth it?

If you've decided that the card is worth its annual fee, here's the official application link: The Platinum Card® from American Express with 80,000 Membership Rewards Points after you spend $6,000 on purchases within the first six months of card membership.

Can I get my annual fee back from Amex?

American Express will refund the annual fee on a card if you cancel it within 30 days of the closing date of the billing statement on which the fee appears. Beyond that period, a refund is not possible.

What happens if I don't pay off my Amex Platinum?

If you don't pay Amex Platinum in full, you will be charged interest on any purchases added to a Pay Over Time balance. With Pay Over Time, you can add eligible charges to a Pay Over Time balance, up to a limit.

What is the hardest American Express card to get?

The hardest Amex card to get is the Centurion® Card from American Express. Also known as the “Black Card,” this Amex card is hard to get because it is available by invitation only, and potential candidates are rumored to need an annual income of at least $1 million.

Does Amex have a 524 rule?

While American Express doesn't have a "5/24" rule like Chase does, the issuer does limit welcome offer eligibility based on your card history — nominally, you're eligible for one welcome offer per credit card “per lifetime,” but it's not necessarily as simple as that.

What is the 1 in 5 Amex rule?

The 1-in-5 rule limits card approvals to one every five days. If you are applying for multiple Amex cards, simply wait at least six days to ensure you don't get rejected for that second card. You can apply for two Amex cards in one day—as long as one is a charge card and the other a revolving credit card.

What can Amex Platinum be downgraded to?

You can downgrade from the American Express Platinum card to either the American Express® Gold Card or the American Express® Green Card. After the downgrade is approved, your existing American Express Platinum card will temporarily have all the features and benefits of the card you downgraded to.

How many credit cards are too many?

It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.

Do you lose points if you cancel Amex Platinum?

If you don't have another Amex Membership Rewards earning card and you cancel, you'll lose all your points for good. However, you may be eligible for a 30-day grace period to use your Amex points after you cancel if you have other Amex cards open.

What is the average income for Amex Platinum?

Salary Needed for Amex Platinum Credit Card

If you make near $100,000 a year and have good credit, you should have no issue getting approved. But, applicants with annual incomes as low as $40,000 have also been approved if they have a low debt-to-income ratio and pay their other credit cards in full every month.

Why is Amex Platinum annual fee so high?

The main reason why Amex cards are so expensive is that many American Express credit cards offer generous rewards rates and high-end perks, which warrant steep annual fees. Amex cards are targeted toward people with good credit and high incomes who are likely to charge large amounts to their cards every month.

Is Amex platinum a luxury card?

Our quick take: The Platinum Card® from American Express is the king of luxury rewards travel cards, perfect for demanding travelers who place a high degree of value on perks like lounge access and complimentary elite status.