I just signed up for the Disney Premier Chase Visa last week (waiting for it in the mail) because they'd upped the sign-on bonus to $200 and I figured it was worth paying $49 to get $200. In the long term it is not going to make sense for me to have the card with the annual fee, as I don't plan to charge much to it after finishing the sign-on bonus apart from using it on Disney vacations (I have other cards with better cash/points back). My plan was to downgrade (or failing that, cancel and reapply) to the no-fee Disney Rewards Visa within a year, but I'm not clear on when they're going to charge me the $49. Does it happen when I activate the card? Are they going to wait and charge me at the one year mark? How does this work? I'm not planning to churn the card in the sense that I would cancel before paying the fee. Like I said, in this instance it makes sense for me to pay the fee for one year. I'm just confused about whether I need to set the fee aside in my budget now or if I'm paying it a year from now. Can people who have the card weigh in?