Read a lot about canceling the One Pass card before it may or may not get converted to the new Explorer card come 2012. I would hate to miss out on another mileage opportunity, so to be on the safe side, I am considering canceling my One Pass card I got in May 2011. However, I am wondering if downgrading the card to a fee-free card with Chase would be a better option. I don't want to upset Chase by continually canceling cards I just got. So I'm thinking canceling or downgrading the card would be equal, in effect, right?

It seems to me that either way I would hopefully still be eligible for the bonus miles on the Explorer card as long as it's no longer a "One Pass" card and I got it before July 2011. Am I on the right track here? Is there any reason to cancel it as opposed to just downgrading it? Any thoughts on this are appreciated!