Great question. 1. You will not be able to get another AMEX product while this product is open. 2. You have to keep this for a minimum 1 year. You can keep it open as long as you like past the year, however it will never increase nor will you be able to get any other AMEX products. I suppose whether you decide to close in a year or not and apply will depend on your credit profile at that time (is it in shape to qualify for regular amex.....if not, keep it open until it is).
I tried numerous times to apply with it still open for scientific purposes and no inquiry and got the "because you have an active recovery product open" decline decision. In my case, once my year rolled around, my credit profile was in good shape. I called EO, made sure I had calculated the timing correct, and asked for it to be closed. The next day I got the email confirmation it was closed, and applied 
Feel free to ask any questions, as I have gone through this recently and am very familiar with the current working of the program!
Edited to add: You wont be able to keep the Oasis open, in order to have another Amex. However when you close it, it wont hurt your AAoA. And if you were a previous AMEX customer, your "member since" date should backdate and thats what reported on my reports. In fact my Oasis Optima even recorded as opened 1999 on my credit reports!
@Anonymous wrote:NEW DEVELOPMENTS..
I called led that Oasis number at least 5-6 without any help. No one ever answered and they closed the department long before their scheduled time. Therefore, I went and searched for another number and I came across the American Express Executive number. I suggest anyone who needs assistance should call them!! The guy was so helpful. At first he could not find my application so he promised to call back. He did and informed me that he located information where an application was sent to me( of course). Then he ensured me he would keep me informed.
Well, at 1:47 pm today he called indicating not only did he find my application but that the new card services wanted to verify my information for the credit card. I called the number and she approved me on the spot!!! I thanked her and the guy 1 million times over for the help. My optima card will be coming to me in 7-10 days. If I would not have called, I probably would have never been close to getting the card. I'm so excited and through all the waiting , etc it's finally over and most importantly.... IM BACK.
I am so excited to read about your success story with them and looking at the other member who just shared their experience, I'm inclined to just count my loss and pay them all for the sake of being able to get back in with them again. And the way I look at it now, I'm pretty much getting my money back in the form of a new unsecured revolving credit line. Cos the disputed balance in my case is only $620 - what was yours if u don't mind? and they offered a $500 Optima card. Hmmm I never really considered it this way, interesting. Now my only reservation to pay this is because the original tradeline and charge off has already been deleted from all 3 CR from my contesting the account. So I'm very concerned if I pay now, it's like an acknowledgment of the original debt that may trigger them to reinsert the previously deleted charge off TL. Decisions, decisions!!! I got a question for u OP and/or the other member who been through this - did the Optima application result in a new HP/inquiry? Thanks and let us know when ur new card arrives 
Congrats!
That is fantastic progress/news!
