Nah, it doesnt work like that. I made a purchase on an SPG card and cancelled it, but since I still had other AMEX cards open, it wasn't an issue. I discussed this with AMEX at the time of the loss and they said it's not a major issue, but it might be if you had a Plat card and cancelled that since it has higher limits than other cards, then there might be some issues, but they weren't sure. Just my experience but you may want to call and ask anyway.