American Express Membership Rewards - AMEX *wood. Cancel/Reapply/Earn 12k points?

I am currently a *wood AMEX card holder. I noticed there is an offer to join *wood AMEX and earn upto 12,000 points.

http://www.americanexpress.com/12000starpointsforyou


If I cancel current card, reapply say months later for new offer, what are the chances I will get the bonus points?

You won't get the bonus. American Express strictly enforces their policy of only bonus per card type and if you have ever held the card before even if you cancelled it 20 years ago you are still considered an existing cardmember for this product. However, lets say you held the starwood card 10 years ago and earned 4000 bonus points for signing up and the new offer is 6,000 points for signing up plus the 6000 points for X stays at starwood you would earn the difference between 6,000 points and 4,000 points = 2000 points and possibly the bonus for each stay if you had not earned them before. Hope this helps.

Do I need to cancel and then re-apply?
I don't think I got any bonus points when I joined about 4 years ago,
but I use it all the time and would hate to be without it.

I just barely (3 days ago) applied and was approved for this card. The link I followed only gives me 4000 starpoints with my first purchase. I haven't recieved my card yet. Do you think that when I call to activate it, I tell them about this offer for 6000 starpoints and they will give them to me?

I recently reapplied, though I called to verify. My first card didn't come with the first purchase bonus (due to the fact that I was late to join this community), the second one, I got fully credit. 6K first time and still working on the stay bonus. ^