Just wanted to share a data point, and potentially get some feedback.

Last year, I got a no annual fee Hilton card, with the intent to grab the bonus, and upgrade to 3rd Aspire card in 1 year.
On Tuesday, I called Amex to confirm my one-year anniversary was May 25. After I explained my plans, I asked the rep if I needed to call back on Wednesday or Thursday to process my upgrade to the Aspire.
She didn't hesitate and told me I could upgrade immediately if I wanted to.

I asked her about the Card Act and told her, I always thought Amex required customers to keep an account for one full year before making changes.

She didn't hesitate and told me that customers can upgrade accounts whenever they want, especially when going from a no-fee card to one with a high annual fee. It is only when customers downgrade prematurely that there could be "consequences."

She read the terms, I agreed, and as of May 23, I have my 3rd Aspire.

She did tell me that the prorated annual fee would not be assessed until 45 days after the conversion, so I wonder if that's why Amex was able to upgrade me before my 1-year anniversary.

Still, part of me is still wondering if Amex may debit my Honors account 100,000 points to claw back the original signup bonus on the no-fee card for not keeping the no-fee card for a full year. Does anyone think I should worry?

In contrast, every Chase card that I've wanted to product change has always required waiting a full year.

Apparently, as Jags86 eloquently said, in a prior post, AMEX allows you 10 charge cards and 5 credit cards. They’d like you to have 15 cards. All with annual fees preferably.