Are there any rules of thumbs or guides to follow for when to cancel a card vs. when to downgrade it to a no-annual-fee card (when possible)? I've read a ton about what cards to get and just completed my first app spree (Amex SPG, Citi ThankYou Premier Vsa and Amex). However, I'm not entirely sure how to figure out when to cancel. Obviously, in most cases I don't want to keep paying a yearly fee unless it's worth it. I've read about cancelling in month 11 (or downgrading to a no-fee card), but nothing really about when to do which

My specific example is the US Airways Mastercard. I've had that for a while (several years - which makes the credit history even more of an incentive to keep). I downgraded it last year to the free card. Should I just close it instead so that someday I'll be able to take advantage of the sign-up bonus again?