Had an interesting call with a CSR yesterday related to this. I called in and asked about cancelling my new card and applying again because my upgrade offer was so bad. She stated, based on her experiences, that offers like this tend to last 3-5 months, but no guarantees. It's up to the marketing department. Also, the 60 day thing is related to the amount of time it could take for the closure of the first card to hit your credit report. I'm not sure why that would matter if the chase people are looking up if I have an active card or not. My anniversary for the current card is June 9, so my current plan is to cancel the card on the 16th and probably apply again around 7/4. I don't want to lose the 15 elite nights and the cat 5 cert is still useful to me. With the 50 night threshold for the suite night awards, I want to make sure I get them the first year (I'm lifetime plat).