With most cards when the annual fee comes around you pay it. Maybe if you cancel the card immediately you might be able to get it refunded. But with American Express I think they will prorate the fee if you keep the card only part of the next year. Also in play is the offer I got for an additional $200 in AA/US Air fees after 3/22 (about when my annual fee of $475 for this MB Platinum hits). So I could cancel in January or early February after getting my annual $200 in gift cards out. Pay no additional annual fee. Or I could cancel in April/May after getting yet another $200 out, presumably in gift cards though we don't know for sure what will work of course. But I'll pay some pro-rated portion of the $475 annual fee. If I keep the card for say 2 months, do I pay only $79? Anybody know? Yes I have other Amex personal cards (Green, SPG). I have a Business Amex Platinum I'll be keeping, and in the long run this card prevents me from getting the bonus on the Amex PRG if another one comes around, so I want to close it before too long regardless. Seems like the easiest thing to do is close it regardless but unsure how the math works out.