Can I upgrade my Amex Magnet Card?

The short answer is yes, you can upgrade your Amex Magnet Card. However American Express is specifically strict about who can upgrade, what you can upgrade to and why you are upgrading. American Express sends out targeted offers to upgrade a card on user accounts or by mail. However, you can usually request an upgrade by calling customer service and see if you qualify. Requesting an upgrade will not trigger a hard pull on your credit so as long as you qualify you can complete your product change on the phone. 

Who is Eligible?

American Express has strict requirements for product changes. You must stay within the same family of credit cards and you can not switch from a charge card to a credit card. If you are trying to upgrade a Hilton Honors card for example, then you can only upgrade to another Hilton Honors credit card. If you want to change your product in a way that does not abide by these rules you will have to cancel your current card and fill out a new application. 

American Express usually only lets you upgrade cards after at least a year of your initial opening. Since credit card issuers cannot increase your annual fee for the first year, upgrades before this are nearly impossible. It is a good rule of thumb to request an upgrade after a year and once you have established a good credit score and standing with your bank.

Your account also must be in good standing; therefore, it is crucial to make sure that you make all of your payments on time and that you do not have a lot of outstanding debt. American Express also imposes a once-per-lifetime rule on its welcome bonuses. If you upgrade to another American Express card you will no longer be eligible for either card’s intro offer in the future since you have had both cards. If you are looking to chase signup bonuses then this method is not for you. 

How does your Card Change?

There are many aspects that change when you switch to a new card. There will be a new rewards rate, potentially a new annual fee, or other new benefits you qualify for. However, your account number will stay the same when you upgrade to your new card. Also, your credit limit, APR, and Rewards will transfer over to your new card.

Furthermore, you will not qualify fora new introductory offer unless you are specifically informed about it by American Express. You will still have to pay the rest of the year’s annual fee on the new card, and so you can not avoid paying your annual fee. 

Takeaways

You can upgrade your Amex Magnet Card through their upgrade program. You usually qualify for an upgrade after the first year of being a cardholder. You can call customer service to start the card upgrade process if you are eligible. If you upgrade your card you can enjoy new benefits with the same account number while still keeping your old rewards. If you need a new card that caters more to your needs, then this is definitely an option you should consider.