I got the 1,000 + 500 offer this weekend as well. I cancelled the card.

Update to above data point. It doesn't look like a fee adjustment, I got same $40 credit to my Everyday Preferred Card as well. Both posted immediately after last statement close. Description says "CR ADJ FOR BILLING INQUIR".

No soup for me. SPG Biz, opened in Aug 2013. $30K spent on card. Called and asked about options to offset the annual fee. Told there were none and that only option was to cancel. Went ahead and cancelled, setting up for churn next year.

Are you eligible for another Biz card 1 year after approval or 1 year after you cancel the card?

SPG biz, opened in 2012, annual fee waived last year, posted again this year. Asked for offer, said no can do since I got one last year. $30k+ spend each of the last 2 years.

Did you cancel?

Did not spend much on this card this past (first) year ($5-6K). But I noticed that including spouse as AU I had made $90 in Sync givebacks from this card. And I do stay at Sheratons and other Starwood properties occasionally. So was inclined to keep. 2K SPG points on call and discussion (no threat to cancel, because at my spend past year, what kind of a threat is that?) seals the deal.

No.

Do you have to say that you want to cancel or can you simply ask for a retention offer?

I use this card a lot as well - it's my primary card for no-category-bonus spend in the US. The new AmEx EveryDay Preferred card sounds like it could be more lucrative though.

You don't have to say that you want to cancel. Not everyone feels comfortable making this threat, especially if it's empty. I know I certainly wouldn't say it unless I meant it.

You can just mention that you noticed the annual fee hit your account, and you were wondering if anything could be done about it. That's what I've done for the past two years, and it's worked. Good luck!!

^ This is exactly what one should do!

There are those who have reported telling a CSR they would like to cancel, when they did not want to cancel but were hoping for a retention bonus, and were immediately cancelled with no retention bonus offered.

Personal SPG card, opened in August 2013, so annual fee just got post.
Called today and the first rep said no bonus.
Called back and used the automatic feature to select "cancel the card". Chatted with the nice rep. She offered 3,000 Starpoints. My last year's spend was about $36k. The points will be posted in 5-8 weeks.
During the call, she commented how good of a job I was in using the card, and listed some of the different spends "utilities, grocery stores, department stores, etc." I wonder the retention is based on spend patten.

It's most definitely taken into consideration. I heard the same spiel about my card usage when I called.

30K spend on the card - was offered 3K points and called it a day. Did not intend to cancel and did not suggest that I would

Called up for my business SPG, $65 fee posted last month. They offered me a $100 loyalty credit, which I accepted (had no point offers). Yearly spend was around $15k.