I have just done something similar recently. I rang up Amex and asked to cancel my Qantas Amex Premium card as I already now hold an Earth Card. And as I had an existing Amex Gold credit card with no annual fee that I hardly use, I also asked that the credit limit be transferred to the Gold card.
They did that with no problem.
It was a rather painless process and did not even get the hard sell from them to keep the Qantas Premium card. The GFC is really biting, I would say.
cheers


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