I am thinking of asking Amex to down grade my Platinum Edge credit card as the travel card doesn’t seem like good value.
I make use of Amex offers, and like the extra warranties and protections provided by Amex. But, believe this is the same across both cards.
Is there any downsides I should consider before downgrading?
Does Amex do that for changing cards? I recently changed one of my ANZ credit cards and all I had to do was confirm that my financial situation hadn't changed, they then changed it over without doing a new card application, therefore no hit on my credit file.
I don't think you can 'change' between cards with AMEX in that sense. If you do need a new credit card for whatever reason you'll have to apply for that card separately regardless of what card you have now or what you want to do with your current account. A new application will trigger an enquiry on your credit file.
Might be different with other banks/credit unions, but I'm fairly sure this is the AMEX process.
I did it this year. They didn't do another check when I politely told them not to
You're right, They only do it for upgrades, not downgrades.
Essentials card has a lower income threshold than the Platinum edge, hence they told me that a credit enquiry is needed to go up
They dont do a credit check if your changing products, I did one 2 months ago.
I believe in the US they don't do a credit check when you are downgrading, thanks for letting me know about Aus.
I don't think your credit score is as important here as it is in the US. Probably more important for smaller transactions, but for big things like home loans, lenders do a whole lot more checks than just credit score.
I bet most people aren't even aware they have one.
I am thinking of asking Amex to down grade my Platinum Edge credit card as the travel card doesn’t seem like good value.
Ok then, do it
But, believe this is the same across both cards.
Did you read the PDS to compare to see if they are?
Might be best cancelling Plat Edge and waiting 12 to 18 months for a new offer with plentiful introductory bonus points.
That's what I've just done.
Make sure you use all your Member points before you close though
Downside is missing out on AMEX offers for a year.
Thinking likewise. What annual fee are people paying on this card?
Well for starters, you'll be hit with another enquiry on your credit file.