So I’ve been reading the credit card guide and have decided on either the American express explorer ($400p.a) to then downgrade to the american express platinum edge (195p.a)
The explorer is currently doing 100,000 free amex points. According to their rewards program this equates to between [$500-1000 in coles vouchers] (http://catalogue.membershiprewards.com.au/viewAwardDetail.mt…)
This easily pays the annual fee not even taking into consideration their $400 a year travel voucher
Am I missing something or is this awesome?
Can you guys please help me understand how to change down to the platinum edge once i’ve spent my explorer points and how long to wait etc?
You may be able to downgrade to the Edge from Explorer, but I don’t know anyone who has tried it. Another approach could be to apply for one, wait a bit and then apply for the other, then cancel the first. Not recommending that, just saying it is possible, as Amex let you hold two credit cards from their range.
You would likely need to have an empty balance from your Explorer Membership Rewards balance as the Explorer and Edge have slightly different rewards programs with different conversion rates.
Finally, you’ll usually get much better value than what you can get out of gift vouchers from redeeming for flights, even at Amex Travel where you’ll get 1c per point, or by transferring out to frequent flyer programs partners. You can also redeem for statement credit against transaction you make on the card rather than gift vouchers too.
We can’t give personal advice when it comes to credit cards, so hopefully those general tips help.