Ok...having been frustrated time and time again at the lack of acceptability of american express cards, I am very close to canceling my card. I find myself using my Visa more and more, so what's the point of having a CC that one can't use.

However, I have heard (rather read on flyertalk) stories that after cancellation all the miles accumulated by using AMEX were retracted upon cancellation. Any beef to these stories?!?!?! Has someone experienced this?

PS. I have the Aeroplan Plus and at the end of every billing cycle I get aeroplan points. Can Amex tap into the already transferred points?