My Amex Gold to Platinum upgrade: How I almost missed out on 100k points

I screwed up. Last month, I got an incredible offer to upgrade my American Express® Gold Card to The Platinum Card® from American Express for 100,000 points. All I had to do was spend $6,000 in six months – cakewalk.

I’ve had the Amex Platinum Card before and didn’t qualify for another welcome bonus under the once-per-lifetime rule, so I was thrilled to earn another 100,000 Membership Rewards points via an Amex Gold to Platinum upgrade.

I got busy and kept meaning to upgrade, but I didn’t get around to it until late July. By then, the Amex Platinum upgrade offer had dropped to just 50,000, and the new spending requirement had decreased to $2,000 within six months. Terms apply.

Needless to say, I was annoyed at myself for missing out on such a great bonus, but I had a few options for getting around this timing error.

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Is 50,000 points worth an Amex Gold to Platinum upgrade?

After I missed out on the 100,000-point offer, I was left with a tough question: Was upgrading my Amex Gold to Platinum worth just 50,000 points?

I posted this question on Twitter and Instagram: about 75% of respondents said upgrading for 50,000 points wasn’t worth it.

For any other card, the answer might have been, “Sure, why not?” But we’re talking about the Amex Platinum, which has a $695 annual fee. Granted, it offers over $1,000 in statement credits, but I wasn’t planning on using them all.

While 50,000 Amex Membership Rewards points are undoubtedly worth more than $695, I don’t really need them. I already have 380,000 Membership Rewards points and no redemption in mind. Did I really need to shell out $695 for another 50,000 points? No.

Furthermore, I was eligible for The Business Platinum Card® from American Express, which is currently offering 200,000 bonus points after spending $20,000 in the first three months. Why pay $695 for 50,000 points if I could instead earn 150,000?

What I ended up doing

In the end, I agreed with the social media poll and decided 50,000 points wasn’t worth upgrading from an Amex Gold to Platinum. However, I did reach out to Amex customer service via chat and asked them if they’d consider extending the 100,000-point upgrade offer again.

Amex customer service is usually helpful via chat, so I figured it was worth a try. After sending them screenshots of the previous offer, my request was escalated to another department and I was told I would hear back within 7-10 business days. I didn’t hear back or follow up, but by then, I had accepted the fact that I’d missed out on an excellent upgrade offer.

Imagine my surprise when I logged into my Amex account two days ago and saw the 100,000-point Amex Platinum bonus was back!

I immediately clicked on the link, picked the contentious Julie Mehretu scratchy paint design, and submitted my request. I was instantly approved. Was it because of my outreach to Amex or did the algorithm recognize I might need one final push to go through with the upgrade? I don’t know, but I’m glad it happened.

Why I upgraded my Amex Gold to Platinum

The timing of my card upgrade was perfect because the Amex Gold recently underwent some major changes. I’ve had my Amex Gold Card for a couple of years, and it’s served me well, but the card updates made me realize it was time to let it go. Upgrading to the Amex Platinum Card was the perfect solution. Here’s why:

My Citi Prestige earns more points on dining and groceries

I love earning 4X points on dining worldwide and on U.S supermarket spending (even though it’s limited to $25,000, after which it earns just 1X). Terms apply.

The problem is that my Citi Prestige has consistently targeted me for a 5X bonus on grocery spending. Since the Citi Prestige also earns 5X points on dining, I’ve been using it for my grocery and dining purchases instead of the Amex Gold.

I earn more points and Citi has several transfer partners in common with Amex. Using the Citi Prestige made more sense.

The new Amex Gold dining credits don’t work for me

In addition to a $75 annual fee increase (see Rates & Fees), Amex Gold cardholders get some (contentious) new perks. While I personally like Dunkin Donuts, I only ever go there when I’m transiting an airport. So the $7 monthly Dunking Donuts credit doesn’t really excite me or justify the fee increase. I also don’t use Resy, so the $100 credit is wasted on me.

If given the choice between Dunkin Donuts and coffee at a Centurion Lounge, I’lll pick the latter.

I occasionally used the monthly $10 dining credits at Shake Shack and Milkbar (when I was in New York) but those restaurants have been replaced with a Five Guys credit. I’ve never been to a Five Guys and am not a burger person unless it’s In-N-Out. So the new monthly dining credit was a downgrade for me.

Terms apply.

The Amex Platinum Card is a better fit (for now)

Over the past year, I’ve found myself at airports with Centurion lounges and no way to get in. Don’t get me wrong: I love a Priority Pass lounge (or restaurant credit), but Centurion lounges are often a better option. 

I already have a Priority Pass membership with dining credits from my Citi Prestige. Adding an Amex Platinum Card to my wallet expands my lounge options significantly, allowing me access to Centurion, Lufthansa, and Delta SkyClub lounges (with stipulations).

While I don’t love the Amex Platinum’s $695 annual fee, I know I can partially offset it by taking advantage of the monthly Uber Cash ($200 annually), $200 airline fee credit, $200 hotel credit via Amex FHR, and $20 monthly entertainment credits. Terms apply.

In the past, Amex FHR has offered me tremendous savings and perks on hotel bookings. I’ve received the third night free, valuable room upgrades, complimentary breakfast, activity credits, and more.

Those extra perks really improved my experience at hotels where I didn’t have hotel elite status and justified upgrading from my Amex Gold to Platinum.

Should you upgrade from Amex Gold to Platinum?

The Amex Platinum card is glamorous but comes with a hefty $695 annual fee. While it includes over $1,000 in travel and entertainment credits, it’s not for everyone. If you’re deciding whether to upgrade to an Amex Platinum or keep your Amex Gold, consider your spending habits.

If most of your spending is on dining and supermarkets, the Amex Gold Card’s 4X rewards can be immensely valuable. However, if you have substantial travel expenses, the Amex Platinum Card might be a better choice with its 5X rewards on direct airline purchases, prepaid hotels, and Amex Travel bookings. Terms apply.

If you don’t qualify for a new welcome bonus

Upgrading to the Amex Platinum is a good option if you’re ineligible for the new welcome bonus because you’ve received it in the past. The 100,000-point upgrade offer is less than the new member welcome bonus, but it also has a slightly lower spending requirement:

• Amex Platinum new member welcome bonus: 150,000 Membership Rewards® points after you spend $8,000 in your first six months of card membership.
• Amex Platinum upgrade offer: 100,000 Membership Rewards® Points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership.

Terms apply.

Sometimes Amex sends out targeted welcome bonuses excluding the once-per-lifetime language. It’s worth keeping an eye out for these offers in the mail or email. If you receive one and it’s higher than the Amex Platinum upgrade offer, then applying can make more sense than upgrading.

Bottom line

My Amex Gold card was a rewarding addition to my wallet, but the recent updates changed that. The higher annual fee, less useful dining credits, and bonus categories no longer fit my spending habits. While I would’ve normally downgraded to a card with a lower annual fee, the Amex Platinum upgrade made the most sense.

Between the 100,000-point upgrade bonus, reasonable spending requirement, useful perks, and my upcoming travel plans, it’s a much better fit. More importantly, trading the Dunking Donut credit for access to the Centurion Lounge seemed like a better choice.

It was only last year that I downgraded my Amex Platinum to Gold because I knew I wouldn’t be able to maximize the card’s travel benefits fully. I don’t like wasting money on credit card annual fees for the sake of having a pretty card in my wallet. I review my spending habits critically and try to choose cards that best suit my needs.

I might decide next year that the Amex Platinum is too costly and I’m better off with a different card. When that happens, I’ll likely downgrade again or opt for a different card altogether.

Have you recently upgraded your Amex Gold to Platinum? Why or why not?

Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.