Can I Downgrade The Platinum CardÂ^® to Gold?

The Platinum Card^®, from our partner American Express, is known to be the elite travel rewards card. With a large-scale rewards program and unmatched perks, this card is the ultimate card for a frequent flyer. This card is ideal for a seasoned credit cardholder seeking to reap the benefits of their spending on dining, shopping, and travel.

This card allows cardholders to earn up to 10x points at restaurants worldwide and when you shop small in the U.S. You can also earn 100,000 Membership Rewards^® points on this card in your first 6 months of Card Membership if you spend $6,000. Additionally, you will recieve tremendous everyday value with perks such as a $240 Digital Entertainment credit, an $300 Equinox credit, and $200 in Uber credit.

You can earn 5x Membership Rewards^® points on flights booked directly with airlines or with American Express Travel, as well as 5x the points on prepaid hotels booked on AmexTravel.com, including The Hotel Collection. Although the annual fee of this card is not cheap, the rewards that come with it more than make up for it. You can easily exceed what you pay the annual fee for if you play your benefits to your advantage.

While it might be expensive, the plethora of benefits that accompany this card, along with the large initial bonus, will make up for the money you have to pay on the card annually. This card works for people who want premium travel rewards and are not put off by high annual fees. With no foreign transaction fee, this card becomes even more attractive for frequent flyers.

Although the Platinum card is a great choice for more sophisticated credit card users who want a card that does it all, some users may find that the costs no longer exceed the benefits and decide to downgrade to the Gold Card by American Express^®. Here is everything that you need to know.

Gold vs. Platinum

Downgrading to the American Express Platinum card comes with a decrease in potential benefits and rewards, but also a lower annual fee. A quick comparison of both cards should help you decide whether this downgrade is right for you.

Eligibility Requirements and Downgrade Process

If you do decide that the Platinum card is no longer suited for your needs, the process to downgrade is not so straightforward. Among major card issuers, American Express has some of the strictest requirements for upgrading. Users may only upgrade or downgrade to specific cards, and they must meet specific account standings and opening eligibility benchmarks. For example, you cannot make an upgrade or a downgrade until your account has been open for at least a year, and Amex will look at your credit history, payment history and spending habits when making the decision on your upgrade request. 

There is no option to downgrade online or through the mail. To downgrade your Amex Platinum, call customer service at 1 (800) 528-4800, and ask to speak to a representative. After the downgrade from Platinum to Gold is approved, you will be able to keep your card number, but your new card will have a different expiration date and 3-digit security code. You will also receive a prorated refund on your Platinum card annual fee based on the number of months in the year you’ve had the card, and then be charged a prorated annual fee on the downgraded card. Your credit score will not be affected during this procedure, as American Express uses a soft pull for downgrades.

Downgrading vs. Applying

Downgrading from Platinum to Gold is not the same as simply applying for a Gold card. You will not be eligible for the initial bonus of up to 60,000 bonus points if you request the downgrade, rather than apply. We suggest that you open a new Gold card account and either cancel or keep the Platinum Card depending on your financial situation. You can apply for the American Express Gold Card by clicking 'APPLY NOW' in the sidebar under Featured Offers.

Conclusion

The Platinum Card by American Express is a great premium travel rewards card. You are able to earn access to tons of different perks and benefits related to travel, including 5x points on hotels and flights booked through American Express travel services - albiet with a high annual fee of $695. This card is not for everyone, and if you feel that the American Express gold card is more suited for you, while you can downgrade, instead, you should apply for a Gold card and cancel the Platinum card, in order to take advantage of the large initial bonus.