Originally Posted by brasov02

I think the general rule around here is to, if at all possible, never close a Chase card without using it as leverage to get another card. Actually I'm in the same situation as you with an open BA card that I intend to cancel here pretty quick and also getting ready to apply for the SW card within the next month or so. I will apply for the SW card first and if I get any guff from Chase about giving me another one of their cards (I've got 4 open right now) I will just offer up my BA card in exchange. If I cancel the BA before I apply, I won't have much to bargain with since my other Chase cards probably don't have enough credit line to spread around to a new card.
Short story: if you think you'll need to talk them into giving you a card, always try to have something available to bargain with.