Wife and I both have the US Airways card that comes with 10k bonus point anniversary bonus. Got letter saying annual fee would be charged on both on 11/29. 10k bonus posted 2 and 4 weeks prior to that (we applied a few days apart in early Nov 2012).

Called today to request annual fee waiver or cancel. Was offered downgrade to a no annual fee version of the card where I lose the anniversary pack (companion pass, club pass) moving forward, though she said it had already been shipped for this year so I could still take advantage this year. Points accrual is now 1 pt/$ for US Airways spend, 0.5 pt/$ for other spend. I accepted.

Unclear whether I lose the 5k mile discount on reward redemptions for cardholders, but when she read the legal disclaimers about benefits I would lose, I didn't hear mention of the 5k discount so i'm hopeful.