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You can exchange 50,000 bonus points for a $500 statement credit. You can exchange 50000 points for a $500 statement credit via Ultimate Rewards. There is no annual fee during the first year, $95 after that. Chase also runs a $250 bonus promo (25,000 points) for another similar card that does not have an annual fee at all.


Terms:

OFFER DETAILS

START WITH 50,000 BONUS POINTS AFTER YOU SPEND $3,000 IN THE FIRST 3 MONTHS
To qualify and receive your bonus, you must make qualifying transactions totaling $3,000 or more during the first 3 months from account opening. Qualifying transactions include purchases, balance transfers, and any checks that are used to access your account, and exclude cash advances. After qualifying, please allow 6 to 8 weeks for bonus points to post to your account. To be eligible for this bonus offer, account must be open and not in default at the time of fulfillment. This one-time bonus offer is valid only for first-time cardmembers with new accounts. Previous and existing cardmembers/accounts are not eligible for this bonus offer.

FREE FLIGHT
Two free flights offer assumes that there are flights available for $312.50 each.  The number of points required to redeem for free flights is dependent on fare availability, destination, time, and day of travel, which are subject to change.

EARNING POINTS
You will earn 1 point for each $1 of net purchases. You will earn an additional 1 point for each $1 of eligible airfare net purchases made online through the program booking tool. You will receive a yearly bonus of 7% of all points you earned in the previous Year. ("Year" means, for your first year as a cardmember, the period beginning with your enrollment date through your December statement date of that same year. For each year thereafter, "Year" means the twelve month period beginning the day after your December statement date through your December statement date of the next year). Your bonus will appear on your January or February billing statement. You do not earn points on balance transfers, cash advances, cash-like charges such as travelers checks, foreign currency, and money orders, any checks that are used to access your account, overdraft advances, interest, unauthorized or fraudulent charges, or fees of any kind, including fees for products that protect or insure the balances of your account. There is no maximum number of points that you can accumulate in the program. A service fee of up to $20 per ticket may be charged for the use of our toll-free number to book or change airline itineraries. Redemptions made online do not have a service fee. See Rewards Program Rules and Regulations which will be mailed after your account is established.