There are threads in this forum called "retention bonuses" . That's what it's called when a bank tries to retain your business by offering up something in exchange for you keeping the card.

Last year I got a 20,000 point retention bonus on my most active card, a Citi AA. This year, same card, same usage patterns... only got the annual fee waived. But, still, free is free. No sense in cancelling the card when it pads my average age of accounts (a big factor in your FICO score that really takes a beating when you start to apply for lots of credit cards).