The Best Way To cancel A Credit Card

Never cancel a credit card- heres how
#1. Let's say On Jan. 1 you signup for the Starwood Preferred Guest® Credit Card from American Express.
(which gives you 10,000 free starpoints after your first purchase and no annual fee for the first year.)

#2 After you get your card, make the first purchase. Your first statement will show your sign up bonus of 10,000 Starwood points.

#3. On March 1 apply for a second card.

#4 Make your first purchase. After the statement comes you will be awarded a second sign up bonus.

#5. Then you call AMEX and tell them that you want to consolidate your cards and combine your first cards credit limit into the second card. Now you have one card with a credit limit of double what you had before.

Another bonus: No card will ever be open for a year, so you will never get charged the annual fee.

As of now there is nothing against the rules of these programs to sign up for the bonus more than once. however, I am sure this will change soon enough, so get in while the door is open.