My annual fee is coming due and I am not using the card enough to justify keeping it. My options are (1) cancel the card outright or (2) downgrade the card to a no-annual-fee Blue, Blue Sky, or Blue Cash Everyday card.

This is my only AmEx account and I would sort of like to keep it open, however, I do not want to miss out on a possible future bonus opportunity due to already having the card.

Right now I am leaning towards downgrading to the Blue Cash Everyday card. As far as I can tell, the signup bonus for this card is only $100-$150, so I probably would not waste a hard pull on applying for this card in the future anyway. Is there any other downside to downgrading rather than canceling outright?