Gina Marte, WalletHub Advisor
@ginamarte
You can downgrade the American Express Platinum card by calling customer service at (800) 528-4800. As an American Express Platinum cardholder, you can only downgrade to the American Express® Gold Card or the American Express® Green Card.
Here’s more info about the American Express Platinum card downgrade:
- To downgrade the American Express Platinum card, call customer service at (800) 528-4800 or the number on the back of your card. There is no option to downgrade online or via mail.
- You can downgrade from the American Express Platinum card to either the American Express® Gold Card or the American Express® Green Card.
- After the downgrade is approved, your existing American Express Platinum card will temporarily have all the features and benefits of the card you downgraded to. So you can use it until the new card arrives, usually in about 7-10 business days.
- You will be able to keep your card number after you downgrade, but the new card will come with a different expiration date and 3-digit security code.
- If you’ve kept the card open for at least 12 months, any unused rewards will transfer to the new card.
- Regardless of how long you’ve had the card open, all APRs will stay the same.
- You’ll receive a pro-rated refund on your American Express Platinum card annual fee, based on the number of months in the year you’ve had the card. You will then be charged a pro-rated annual fee on the downgraded card.
- You won’t be eligible for an initial bonus for either the Amex Gold card or Amex Green card.
- American Express uses a soft pull for downgrades, so there’s no effect on your credit score.
Downgrading the American Express Platinum card is a great way to save some money if you no longer find the benefits to be worth the $695 annual fee. However, if you’re a frequent traveler and a high spender, you might want to reconsider. The American Express Platinum card perks and benefits will more than make up for the cost.

The Platinum Card® from American Express
Anthony Bredren, Member
@tobredren
If you’re looking to downgrade then cancel the Platinum and open a brand new Gold card. You’ll get the Gold welcome bonus. If you downgrade you won’t get the Gold card welcome bonus.
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Don't downgrade. Cancel the Platinum and open a new Gold. That way you'll receive the Gold Welcome bonus points. Downgrading you won't get the bonus.