Upgrader,
I had a Preferred Rewards card and applied for a new Premier Rewards card on the American Express link that stated I would receive 15,000 points once I charged $1,000 on the new card within 90 days and the 1st year annual fee waived. This was a new application (not an upgrade from my Preferred Rewards card), so a new credit inquiry was made. It worked out well. Charged the $1,000 on the new Premier Rewards card in the first month of receipt and received the 15,000 points within a few weeks thereafter. No annual fee for the 1st year, and my membership rewards points transferred to my new Premier Rewards Card without a hitch. I kept my Preferred Rewards card open for another 6 weeks after I received my Premier Rewards card to ensure my old charges transferred to my membership rewards account. I then closed my Preferred Rewards card and received a $30 credit for my pro-rata unused annual fee. Despite the new credit inquiry it was a great deal. I don't see why you couldn't do this as well. My understanding is that if you upgrade your Preferred Rewards Card to a Premier Rewards Card the annual fee is not waived. I believe the secret is to apply for a new card like I did and, once the new card account is established, cancel the old card.