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Getting money back on a cancelled card

Does anyone know whether I can get money back via Section 75 if the original credit card is no longer active?  I paid for flights going in October using my credit card, and there is a possibility that the carrier might go under.  But I am planning on not renewing the credit card in July because I can’t afford the large annual fee any more.  So I’m in a dilemma. Do I pay the fee to keep the card in case I need it for a refund? Or do I cancel the card and hope that I don’t need to claim back for the lost flight money? Any advice would be welcome!

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