Why even risk it. Do you have a solid reason you need to cancel before your first year is up?

Yes some banks, primarily AMEX will clawback signup bonuses when they can, if you cancel within a year of the bonus/retention offer signup. Now typically its when they paid out in MR points, its much harder for them to claw back points that have already been sent to a travel partner. But again why risk it? Just keep it until the next annual fee is due, then cancel.