You have several options at the one year point. If you feel that the card benefits far exceed the 95$ fee, then simply keep the card. You only need to keep one UR earning card open to have full access to the UR program, so another option is to get an Ink Bold or Plus prior to one year anniversary on Sapphire preferred, for example, then downgrading the preferred to the regular Sapphire, which has no annual fee. I always prefer to downgrade instead of cancel for a couple of reasons. One, it obviously helps with your average age of accounts, which affects your FICO score. Also, with Chase, it always helps to keep the credit line open so you can swap it to a new product on a recon call, if necessary.