I last applied for it in September and got the points. I was only gold at the time and they didn't downgrade my status. If they do, simply call the diamond desk and I am sure they can instantly reinstate it.

Something nice about the VISA is you can get the bonus points if you previously had a card. A while back they used to charge for the card but it was free the first year. I got the bonus miles and then cancelled the next year when the fee was charged (I refused to pay a fee when the AM EX was free and gave better benefits). In September I heard they were no longer charging and got a new card and got ALL the bonus points With Am Ex if you have received points or miles on an incentive card with a previous account, they will only give you the difference with the new card if the current offer is better. If you received 20K points on an old card and the new offer is for 30K points, am ex will only give you the 10,000 difference. Citi gave me the entire thing.

The Am Ex is still a lot better deal. But the citi card is a good back up for places that don't take Am Ex if you don't have any other incentive card.