Just tried to downgrade this card to an Amex Green Card after my 1st engagement bonus posted and was denied by Amex. There are no downgrade options available for the MS Plat card-- and since it has been more than 30 days since the AF posted, the fee isn't refundable. This is definitely a bit of a catch-22 since the engagement bonus posts after the 2nd AF, so you're always stuck paying an annual fee in the last year of having the card. Darn.