How can I downgrade the Amex Platinum card?

You can downgrade your Amex card by calling customer service at (800) 528-4800. Then, ask a representative about available downgrade options. However, there are a few things to consider before calling.

Here’s more info about the Amex downgrade option:

• Amex users must switch to the same type of card they had originally. Switching from a charge card to a credit card or from a cash back card to a card with points is not allowed, for example. In addition, you cannot downgrade from a regular card to a co-branded card, or the other way around. These same rules apply to upgrades.… read full answer
• Your American Express account must be in good standing to downgrade a card.
• American Express uses a soft pull for downgrades, so there’s no effect on your credit score.
• Card members can also ask about downgrade options through Amex’s online chat feature. Although it’s possible to complete the downgrade process online via chat, some cardholders may still be asked to call in depending on their situation.

The best way to downgrade, even if you use the chat to find downgrade options, is to call customer service and ask the rep about your choices. Representatives frequently offer different downgrade options than what you may find online. Feel free to call back multiple times if you don’t love your selection on the first attempt. You might have better luck with a different customer service rep.

You might get your American Express Platinum card annual fee waived if you are calling the Amex retention line at (800) 452-3945, but it is not guaranteed that it will work. Alternatively, you should consider applying for the Amex financial relief program.

Here’s how to get the American Express Platinum card annual fee waived:… read full answer

• Call the retention line: You can ask Amex to waive the annual fee by calling (800) 452-3945. However, it’s important to understand that this approach may not be successful. American Express typically does not waive annual fees entirely, but it may offer a side benefit to offset the Platinum card’s $695 annual fee. Retention offers traditionally include statement credits, bonus points or spending bonuses. But make sure your account is in good standing before calling.
• Apply for the Amex financial relief program: If you’re having difficulty paying your annual fee due to unforeseen financial difficulty, apply for the financial relief program online or call Amex at (866) 703-4169. You could potentially have your annual fee waived. Or you might receive other assistance such as lower monthly payments or lower interest rates. If you decide to enroll in a financial relief program, though, your spending ability will likely be greatly reduced for the duration. Your credit score may be impacted by the reduction in credit limit. And if you don’t comply with the terms of the program, that will appear as a negative on your credit report.
• Other options: You might be able to get your American Express Platinum card annual fee waived if you’re an active member in the military. Downgrading to an American Express card with a lower annual fee is also an option.

However, if you don’t end up getting the $695 annual fee waived, you should consider keeping the card for its rewards. With the American Express Platinum card, you’ll earn 5 points per $1 on flights booked with airlines or with American Express Travel (up to $500,000 spent per year), 5 points per $1 spent on prepaid hotels booked through Amex, and 1 point per $1 on all other purchases.

If you spend a lot on these categories, the rewards you’ll get will more than make up for the cost. But if you can’t take advantage of its travel-focused perks, you’ll end up overpaying.

To cancel an American Express Platinum card, call customer service at 1-800-528-4800 and ask a customer service rep to cancel your card account. Cardholders can also cancel an account by mail.

Be aware that if there’s a balance remaining on the canceled account, you will still need to make at least the minimum payment every month until the balance is paid in full. You will also need to update the payment method for any recurring charges linked to your American Express Platinum card.… read full answer

How to Cancel an American Express Platinum card

By phone

Call customer service at 1-800-528-4800 and enter your account number and Social Security number to verify your identity.

Then, follow the prompts to speak to a customer service representative, and let them know you want to cancel. The representative may offer you a retention bonus to keep you on as a customer, but you can simply decline the offer and proceed with canceling the account.

By mail

Send your written request to cancel the card to:

American Express
P.O. Box 981535
El Paso, TX 79998-1535

It’s important to know that when you cancel an American Express Platinum card, you may see a decrease in your credit score, depending on the card’s credit limit and how long you’ve had the card. You can get an idea of how much a canceled credit card will affect your credit score by using WalletHub’s free credit score simulator.