Ironically, I called to cancel mine a couple days ago (without knowing about the retention offer) and the CSR asked why. I said that the reduced benefits and increased annual fee made it no longer worth it for me and I was then offered the $250 statement credit. I accepted since that drops the annual fee to a reasonable level. I don't know if I'll stay next year without an additional offer, though. At the previous annual fee of $450, before COVID when I traveled a fair bit for work, and with easily-transferable points for personal air travel, the benefits easily paid for the annual fee. Now work travel is all canceled, the annual fee is up to $550, and their points can't be redeemed for travel on several of the airlines that I flew most frequently. Ah well, first-world problems.