You do not save $95 because the first year fee has already been paid and is a "sunken cost", i.e. non-recoupable. On the next renewal you have 30 days between the AF is billed and the date to cancel with full refund. All you get now is the 50K Marriott pts, at the cost of any future AMEX sign up bonus.

As several have mentioned, the 50K Marriott pts is a very poor trade off value - especially hotels have tons of alternatives or rather, substitutes for the nights the 50K Marriott pts could "buy".

Unless you are very very sure that you will NOT want any AMEX cards of Any Kind in the future, regardless the genre or sign up bonus, you dont want to cancel an AMEX card within the first 12 months especially not only this is written in the T&Cs but AMEX also has the system to detect the abuse with appropriate action.