Hi, all! Last year I did my first AOR and received the CitiAA, and two SPG Amex (one for my hubby and one for me.) My annual fee will be due in August for all three and I'm torn as to what to do with them. I will NOT pay the AF for any of these cards. A retention bonus is not appealing to me, unless the AF could be waived. So, cancel or downgrade (if possible)? Here are my questions: 1) Will I lose my points if I cancel? (my thought is no, as long as there is earning/spending activity in my rewards accounts). 2) Are there cards I can downgrade to? 3) If I downgrade, doesn't this mean I will not be able to churn these cards in a couple of years? I would definitely like to churn the CitiAA card, not so much the SPG Amex.