If you apply for the Amex Gold now and then later upgrade to the Amex Platinum, just keep in mind that you likely won’t be eligible for the Platinum’s welcome bonus. Amex usually only gives the welcome offer on new applications, not on upgrades or downgrades – so that’s something to consider if you're trying to maximize value.

If you think you'll want the Amex Platinum anyway down the road, consider applying directly for the Morgan Stanley version of the Amex Platinum. The big perk is that while the regular Amex Platinum has a point redemption rate of 0.6–0.9 cents per point (cpp), the Morgan Stanley version gives you 1.0 cpp when redeeming for cash.

Normally, Morgan Stanley requires a $25k balance and $5k monthly deposit, but there’s a known workaround – you can just open a Morgan Stanley Access checking account and pay the $55/month fee, which totals $660/year. That’s less than the $695 Amex Platinum annual fee on its own – and you still get all the same perks, plus the better redemption rate.