Originally Posted by
JonNYC
...That salesperson explicitly and directly told me that I could "downgrade back down to a lesser Amex card once the annual fee hit.
Technically that part is true. Did the rep read you a full terms disclosure stating what would happen to the upgrade bonus if the deal is cancelled or reversed shortly thereafter? They often try to go through the disclosure very quickly, but it's a required part of the process. That would be a good time to restate the deal the way you understood it, and have the sales rep confirm or correct you.