Earth Platinum Amex cancelled, free upgrade to Altitude Black

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It’s no surprise that Westpac has cancelled the Amex associated with its legacy Earth Platinum Plus product. I’ve just received a letter notifying me about this today, and offering a free “upgrade” to Altitude Black (i.e. the new Altitude Black will be at the same $250 annual fee as I’ve been paying for the Earth Platinum Plus). I haven’t compared all the details yet — is this actually an upgrade, and should I be happy?
 
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