I also have the Continental Chase CC and called to cancel this week. The annual fee was $85 and I've had no charges since Aug 2007 after the initial charge to get the 20,000 bonus miles. The card was cancelled, but they offered to enroll me in the business card for another 15,000 miles and no annual fee the first year, so I guess I will repeat the cycle...one charge and then cancel next year. I probably could have gotten more miles, but since they waived the annual fee, I didn't want to look too greedy. Not worried about the FICO score impact, since these are new CCs in my portfolio.

I also have had the AA MC a long time and every year when the annual fee comes around I call to get something. Usually the CSR balks at giving anything, but when I'm transferred to the next agent to close the account, they usally give me a couple of choices, either miles or $50 back. I've done this every year for at least 5 years. However I am prepared to close the account, if I am offered nothing.

-outoftown