That would only work if your two Step-Ups are ready at the exact same time, it is likely that one card would be ready for the Step-Up exchange first. If you have only received the Step-Up email to proceed to the next step on one card, then do not send both as the second card is likely not ready yet. We do recommend sending each card one at a time so that there is no confusion when reaching the warehouse. Sending multiple Step-Ups in one box can delay the return of the new cards.
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