@Flyer: It didn't work with me and Chase. I had just gotten the 30K United card approved when I got an offer for 50K. Chase wouldn't swap the bonus and told me to apply again for a second card/bonus, which I was then denied since I already had the card.
My question: If you've used the bonus miles and cancel, will it effect the tickets that were booked? On my AA card, I used bonus miles just for an upcoming trip.

I _just_ cancelled a CITI card. It was actually a "Quicken" The nice agent warned me that all points would be forfeited when the card was cancelled. Working with the agent, I cashed the points for a Strarbucks gift card and closed the card during that call. I have received the gift card, so all went well.

[Originally Posted by Roka
Does any one know if Amex (Delta or Starwood) take away your points if you cancel your cards early?}

Can anyone else confirm this? I have never heard of Amex taking away your points for canceling the card if the points have already been transfered to the partner.
I know that in Membership Rewards you forfeit any points remaining in your MR acct if you cancel, but that is a different animal altogether from the Starwood card.