I did this last Friday. Pinniped is correct in that if you want to get the bonus you have to apply and not just convert your existing card. I applied over the phone and was escalated two levels before they would approve me. The reason was since I already had both the exec card and the platinum select card with pretty big limits they would only approve the new card with a small limit. I told them I was planning to cancel the exec card and they transferred most of that limit over to the new card. It was a pretty straightforward discussion and when I cancel the exec card I will move the rest of the limit over.