I called today to switch Sapphire Preferred to Sapphire WMC. it is not preferred. also we will lose foriegn transaction fee for free, it is now 3%, we will lose 7% annual bonus. Card number will get changed, so need to change things on line where it is direct monthly charging. Also we will lose benefit of transferring any points to any airlines, so if you have points accumulated, then transfer to continental or united or any other airline you wish, before to switch to WMC. you benefit on this one is, there is no annual fee. you can reapply for Sapphire preferred visa are 2 most important benefits. it is not a preferred version. needed to get thru 2 reps to find this one who will do it, as first one replied in negative for conversion. final one told me to call in 2 days again to request them to overnight the card, as new number was not generated, they could not overnight today. hence she asked me to call after 2 days then request overnight. otherwise normal process to get it is 7-10 business days, so basically, it can take 2 weeks. I suggest just call them and ask them to overnight it. they will do it at no extra charge. I now assume, that once we get WMC, we can re-apply for Sapphire Preferred VISA and take advantage of 50000 bonus points.