It seems to me that you are not a frequent LY flyer, otherwise you would have status, and would not have to meet the spending requirements.
Given that, I don't see why you need the fly card premium? For the occasional Y+ upgrade when you travel with LY? Just pay for it, it'll be cheaper.
If you truly want a flyer card (for better spending rates), just keep the regular one.

Also, from what I understand, they check your eligibility for the card once a year. If you fail to meet the spend/status requirement, your CC will be cancelled and you will get a new regular fly card instead.