Originally Posted by
cblaisd
Thinking about some of the advice received above, if instead I were to close the account and then apply for the Explorer (or other Chase Card, like the IHG) would I be eligible for the sign-up bonuses?
There's really no need to "close the account and then apply" in that order. I would apply for Explorer
first just to make sure you are approved (strange things can happen). This takes all the guesswork of "should I straight cancel or downgrade" out of the equation. If at that point you've already been approved for Explorer, you can downgrade to a card with no annual fee. Bottom line, I can't see any good reason to take any action until May.