My wife recently got a VISA card with 20,000 miles from BankOne. I verified that the miles have posted, as has the annual fee. My understanding is that the annual fee gets refunded if you cancel the card within 60 days of the date it posts. That was the deal the last time I did this anyway.

But here's the problem: My wife called to cancel her card, and the bank said she'd lose her 20,000 miles by doing that. If this is true, then it is definitely a new policy. First of all, how can they do this? Second, if it's legit, how long do you have to wait before you can cancel the card without losing the miles?