Cancelling CreditOne

I just got my CreditOne card two days ago and had a transaction when I went to the grocery store. I just noticed this has a $95 initial annual fee. Can I cancel and just waive the $95 after paying for my grocery transaction? How will cancelling this card affect my credit score? Im still trying to build my credit score. Last score was 724. The annual fee is too steep and I wont even use the card much since I always use discover.