Handling a Premium Credit card and paying its fees and other charges can be difficult for many people and sometimes you make the decision of getting a credit card without the proper knowledge of financial burden it will put on you and hence the only option you are left with is cancelling the card or downgrading the card.
While Cancelling may not be a very good option because it will affect your credit score and you still might need the card for your day to day life, downgrading and getting rid of that hefty fees can be a good option for many people.
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AMEX Platinum has a fees of $550 and in this article we will show how you can reduce this fees by downgrading your card.
Alternative to Downgrading AMEX Platinum
Before we tell you how to downgrade your card, there are other options as well you might need to consider which can waive your annual fees or give you relief from it.
The first option being if you are from military or your spouse is from military then you can take advantage of Service members’ Civil Relief Act (SCRA) and Military Lending Act (MLA) provided by AMEX in which they can waive your fees completely and give you other benefits as well.
You can check out more details about SCRA by calling them or chatting with them.
The second option is getting a retention, in which the bank will basically give you some rewards to relieve you from the fees, but there is no guarantee that you will be get retention from bank, but you can certainly ask them for it.
Also Read: Transfer money from AMEX Bluebird to Paypal
Some things you need to know before Downgrading
Although every bank allows downgrading your credit card to whatever level you wish but there are some rules which apply when you try to downgrade the card and some of the AMEX rules in case Of Platinum Card are mentioned below-:
Platinum Cards are known as Charge Cards
- You cannot Downgrade a Charge card to a Credit Card
- You can only Change between Cards that earn the same kind of rewards.
- You can only change between the same product line i.e. You cannot downgrade the card from Delta to Marriott
- You cannot change between personal and Business Card
So, by above rules you can only Downgrade your Platinum Card to Either Gold or Green Card which is in the same Card family.
How to Downgrade the AMEX Platinum Card
You can downgrade the AMEX Platinum Card by calling the bank on the number 18004928468 and explaining your situation and ask them to downgrade it.
Note: American Express credit cards’ annual fees are pro-rated monthly, for example if you have The Platinum card with a $550 annual fee and you downgrade six months after paying an annual fee you’ll get a $275 refund.
Also read: How to transfer money to someone without Bank account
I hope that we were able to solve your doubt and if you have any other issue, you can directly contact the bank and let them know about your situation.