No careful setup is required to obtain the 2 anniversary credits. They post on the last day of the twelfth billing cycle. You can cancel the card after receiving the statement that bills the year two annual fee. I think the window has been stated to be 30 days from receipt of the statement, so if you are careful you can even earn credits for billing cycle #13 and avoid paying year two's annual fee. Also, there is no requirement to zero the balance prior to asking Chase to cancel the card and credit the fee.