Update: This offer for The Business Gold Rewards Card from American Express has expired. Learn more about the current offers here.
When logging onto the American Express website there’s occasionally a banner at the top of the page with an offer to “upgrade” an existing card. In my case, I’ve had a banner for about a month now offering 25,000 Membership Rewards points for upgrading my The Business Gold Rewards Card from American Express OPEN to The Business Platinum® Card from American Express. For reasons I can’t quite explain I haven’t made the upgrade, and then they finally sent me an email about it today, and I’m starting to wonder why I haven’t.
I originally applied for The Business Gold Rewards Card from American Express OPEN card last September.
But even though the numbers “add up,” I’m still kind of torn as to whether I should upgrade or not. The American Express Business Platinum card comes with a hefty $595 annual fee (Rates & Fees), though offers lounge access, a $200 per year airline fee credit, plus the 25,000 points for upgrading.
Per my recent valuation of Membership Rewards points, I value them at 1.6 cents each, so I’m getting ~$400 worth of points for making the upgrade. Plus I get the $200 airline fee credit both this year and next year, which I can use to purchase American Airlines gift cards in small increments (more or less good as cash to me).
But what’s really holding me back is that I also have The Platinum Card® from American Express, so I already get lounge access. And there’s something that pains me about “paying” for two lounge memberships for no reason. I don’t want to cancel my existing Platinum Card® from American Express since it’s one of the longest account histories I have, and helps keep my credit score high.
To the best of my knowledge there’s no credit inquiry for upgrading a card, so this should be a no brainer, right? $595 for 25,000 Membership Rewards points, $200 in American Airlines gift cards now, and (hopefully) $200 in American Airlines gift cards next year? But why can’t I make up my mind and commit?
The following links will direct you to the rates and fees for mentioned American Express Cards. These include: The Business Platinum® Card from American Express (Rates & Fees).