I recently cancelled my Euro Amex "International Currency Card" as I couldn't really justify the annual fee for it. While Amex didn't make life difficult for me on cancelling (they never do), they did phone me back to offer me free membership to Membership Rewards (normally €36 pa) and a €50 credit. It certainly made the difference between me staying on.
Yep - Amex offered me exactly the same when I cancelled in August. Of course, nothing to stop you renewing, getting the €50 credit then cancelling again (with pro-rata fee refund).
