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

The Amex Gold to Platinum upgrade offer might be tempting when you’re looking to earn more points without acquiring a new credit card. Amex is pretty generous about dishing out upgrade offers for existing cardholders, often requiring a slightly lower spending requirement to earn a substantial bonus.

But are these offers worth it? And how do the Amex Gold and Platinum cards stack up against each other? To help you decide, here’s how I handled a recent Amex Gold to Platinum upgrade offer and how you can make the best decision based on your spending habits and travel needs:

How to upgrade from Amex Gold to Platinum

Upgrading from Amex Gold to Platinum is a fairly straightforward process. Here’s how it works:

1. Find the offer: You’ll typically see an upgrade offer when you log into your Amex account. It will be a big banner that you have to click out of. Other times, you might see an Amex Platinum upgrade offer under the Amex Offers tab. Occasionally, you’ll get an email inviting you to upgrade for a bonus.
2. Accept the offer: When you’re ready to take advantage of an upgrade offer, click on it and follow the steps to finalize the upgrade. Usually this involves confirming your personal information and accepting the terms.
3. Meet the spending requirement: Your upgrade will be processed within 24 hours and you’ll get your card in a few days. But the clock on meeting the spending requirement starts upon approval. So keep this in mind so you don’t miss out on the upgrade bonus.

Lastly, you’ll want to evaluate whether you want to keep the upgraded card beyond the first year. Sure, the bonus is nice but did you maximize the various Amex Platinum statement credits? Did you earn enough points to justify the higher annual fee? These questions can help you decide whether keeping the card long-term makes sense or whether you should downgrade.

If you decide to downgrade your Amex Platinum back to Gold, keep in mind that your upgrade bonus may get clawed back if you do it less than 30 days after your 1-year anniversary. Be sure to confirm this with the customer service agent ahead of time.

My experience upgrading from Amex Gold to Platinum

Last year, 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, which was a 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 points, and the new spending requirement had decreased to $2,000 within six months.

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.

Is 50,000 points worth upgrading from Amex Gold to Platinum?

After I missed out on the 100,000-point offer, I was left with a tough question: Was upgrading from 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 Amex 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 was 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 the 50,000-point Amex Platinum upgrade offer wasn’t worth it. However, I reached 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 they told me I would hear back within 7-10 business days. I didn’t hear back or follow up, but by then I had accepted that I’d missed out on an incredible offer. Better luck next time!

Imagine my surprise when I logged into my Amex account a few weeks later and saw the 100,000-point Amex Platinum upgrade offer was back!

This time, I didn’t hesitate. I clicked on the link immediately, 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 Card 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. The problem is that my Citi Prestige has consistently targeted me for 5X bonus points 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 ThankYou rewards has several transfer partners in common with Amex Membership Rewards. Using the Citi Prestige made more sense.

The new Amex Gold dining credits aren’t great

In addition to a $75 annual fee increase, Amex Gold cardholders got some new perks. While I personally like Dunkin’ Donuts, I only ever go there when I’m transiting through an airport. So the $7 monthly Dunkin’ Donuts credit didn’t really justify the fee increase for me. I also don’t use Resy, so I had no use for the $100 credit.

If given the choice between Dunkin’ Donuts and coffee at a Centurion Lounge, I would choose the latter in a heartbeat.

When I travel to New York, I occasionally used the monthly $10 dining credits at Shake Shack and Milkbar, but those restaurants have been replaced with Five Guys. 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 wasn’t working for me.

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 less crowded and nicer.

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, giving 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 annual $200 Uber Cash (disbursed monthly), $200 airline fee credit, $200 Amex FHR hotel credit, and $20 monthly entertainment credits.

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. They were enough to justify upgrading my Amex Gold to Platinum.

Should you upgrade from Amex Gold to Platinum?

Upgrading my Amex Gold Card to Platinum was a no-brainer in my situation, but yours may differ.

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 you spend a lot on travel

If most of your spending is on dining and U.S. 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.

Plus, you might be able to save on these travel expenses with the numerous annual travel credits.

If you don’t qualify for a new welcome bonus

Upgrading to the Amex Platinum Card is a good choice if you’re not eligible 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.

Here’s how the new member welcome bonus stacks up against the Amex Platinum upgrade offer:

• 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.

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, fewer 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 was a much better fit. More importantly, trading the Dunkin’ Donuts credit for access to the Centurion Lounge seemed like a better trade for me.

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 earn the most rewards and suit my travel 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. Either way, I hope my experience and advice helps you decide between upgrading or keeping your existing card.

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

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