I've been an IHG credit card holder for years--back when the card and program were called Priority Club. My primary use of it was the anniversary free nights, staying at InterContinental properties costing 50K points or more. Since the cap for free night certs is now 40K/nt (and limits properties you can stay at), I see no reason to keep paying the annual fee; at least on my old card. Enjoyed free stays at great ICs in Paris, Rome, London, etc, but that perk is over.

I'd like to cancel the old card and apply for the new. Presumably it's still not a 5/24 card (I'm working toward 5/24 but have some time to go). Are there any gotchas? Can I cancel the card one day, then apply for the new one the second day and receive the sign-up bonus. I may or may not hold the card going forward since as I've said, my primary use of it was for both me and my wife taking advantage of the anniversary free night certs at ICs.