AWS offers more flexibility for Convertible Reserved Instances

Amazon Web Services (AWS), this week announced additional options for its Convertible Reservation Instances. This was a cost-saving option that it launched last year as an alternative to its regular Reserved Instances.
Convertible Reserved Incstances allow customers to switch between instance types over the course of their contracts. They were initially available in three-year terms. AWS added a one-year term option on Monday.
“This will give your more options and more flexibility; now you can purchase a mixture of 1-year and 3 year Convertible Reserved Incstances (CRIs), in accordance with your needs,” stated Jeff Barr, AWS evangelist in a blog post announcing this change. Barr pointed out that startups who don’t have the financial capital to purchase a three-year instance contract should find the one-year term option attractive.
AWS now allows users to exchange or merge their Convertible Resident Instances. A user can exchange their current Convertible Reserved Instances to get another Convertible Reserved Instance of equal or greater value.
This is how the AWS document summarizes the exchange options:
Convertible Reserved Incidents can be exchanged for instances that have the same or greater value as the target Convertible Resident Instance. Amazon EC2 calculates how many Reserved Instances you can receive from the exchange.
Users can also combine multiple Convertible Reserved Incstances and then start an exchange based upon the merged instances.