In the past I have had good results requesting a credit line increase at the time of activation. If you have already activated your card you can always call customer service and request an increase.
I personally would not close the card since it has a 0% on purchases and balance transfers until 2010. I certainly would take advantage of the free ride.
thanks cobra, but i guess my real question is, if i cancel it, will it not re-age my accounts or is it going to still re-age my accounts because i was giving the credit card? I have not received it in the mail yet.