Plan to trigger Platinum bonus, then downgrade – thoughts?

[LHRDEL300]

Hi all,

First post — looking for a sense check on my thinking.

I’ve just hit my first anniversary on Amex Gold and been charged the £195 fee. I’ve also been offered the option to upgrade to Platinum, with a 75k MR bonus if I meet the spend target within 6 months.

My plan is to:

1. Upgrade to Platinum now, trigger the 75k bonus

2. Cancel Amex Gold to recover the £195 fee

3. After 6 months, cancel Platinum and either re-apply for or downgrade back to Gold

This way, I effectively pay half the Platinum fee (£325), instead of £195 for Gold — so just £130 more — and gain 75k MR points.

It seems like a no-brainer, but is there anything I’m missing? Will Amex allow me to cancel Platinum after 6 months and return to Gold without issue?

Thanks in advance.

Upgrade link for reference: https://www.americanexpress.com/en-gb/benefits/upgrade/platinum/

[slysniper]

If you upgrade to Platinum you don’t need to cancel the Gold card – they will issue you the difference in cost.