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 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 $450 annual fee, 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? $450 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?