I called the Worldperks Visa folks today to cancel my card (high interest rate, high annual fee, high foreign exchange rate) and to my surprise they 'offered' me a lower rate and no annual fee. Aparently there is a scaled down version of the card with a 13.25% APR and no yearly fee and the catch is it's 1 mile for every $2 spent.

I had not every heard of this - is it the last ditch offer to try to keep a departing card member?