1) Yes, I believe you can cancel the card and reapply. 2) Credit score has many other factors that contribute to your overall score, I'm not too sure how drastic the score will be affected but I won't worry too much as long as I pay my bills regularly. 3) It depends on how you value your miles. $193 for 10000miles is valuing it at 2cents per mile. If you value it at 2cents, then you are buying it for your percieved value. Depending on how you redeem your miles, it can be worth more than 2cents, YMMV, so do some research first. But anyways, I guess your concern is, can I keep this card after 1 year without much cost? You can always call it for a credit card waiver, no harm trying right?