The first card needs to be open to get the bonus the second time. The terms state that you cannot receive a bonus if you have opened or closed a thank you product in the last 24 months. I probably could close the first Prestige now and maybe get a pro rated annual fee return, but there's no reason for me to do so -- I get a new $250 statement credit next year and I got a retention offer that gives me $50 statement credits over the next few months, which easily pays for my $350 annual fee.