Credit cards - cancelling and applying for new

RickyZalman

I currently have a British Airways American Express® Premium Plus Card, with a hefty annual fee of £300, due to be renewed in January 2026.

Having shopped around, the American Express® Preferred Rewards Gold Credit Card is more aligned to my spending habits, so my question is this:

Should I cancel and close down my current card, and then apply for the new one?

Or…

Apply for the new one, and then cancel the current card (if) approved?

I want to take whatever action is less likely to negatively impact my credit rating, so any advice from this community is greatly appreciated.

Tony5896

I would say apply then cancel.

On-the-coast

If you’re sticking with Amex probably best to phone them and ask them to transfer you to the new card. I’ve done that a couple of times.  Much less faffing around if they say that’s acceptable. The only condition they gave me was that I couldn’t switch back to the old card for a while. 

TeaBee72

On-the-coast said:

If you’re sticking with Amex probably best to phone them and ask them to transfer you to the new card. I’ve done that a couple of times.  Much less faffing around if they say that’s acceptable. The only condition they gave me was that I couldn’t switch back to the old card for a while. 

They speak the truth. Call them or chat on the app they are very helpful. 
I fear as the BA cards and the Gold Rewards cards are different families of Amex there isn’t means to switch I’m afraid. You can often downgrade or switch between types (I.e BA premium to BA free) but not sure you can do what you proposing. Gold card is a great card for free for first year.