That's exactly what many (most?) of us do.
It's odd that people fly off the handle when the topic of canceling immediately comes up but think it's 100% okay to cancel after one year's fee has posted. Obviously $59 is better than $0 to the credit card company but do you really think that $59 is a fair exchange for 32 RR credits? If the answer is no then maybe we have a case of pot calling kettle black...