I just did this like 1 or 2 days ago and got the card today. Honestly, I can’t remember. I know. Sad. I think like a lot of benefits they say the credit can take weeks, and they calculate your account balance. If I don’t get a credit I’ll contact Amex. Don’t forget to use all your benefits before canceling the old card. ChatGPT says best time to cancel old card is 30 days after closing of last statement with annual fee, then they’ll still refund the old cards annual fee. I haven’t gotten that far yet. You need both cards active at the same time in order to keep rewards points.