Note: You can exchange 40,000 bonus points for a $400 statement credit. You will need to spend $3000 within 3 months to get the bonus. In addition to the bonus points, you will also earn 6000 regular points (=~$50 credit statement) if you spend those $3000 on travel or dining OR 3000 regular points if you spend $3000 on anything else. There is no annual fee during the first year.
Terms copied from card application page on 1/2/13, they may or may not be different now:
Earn 40,000 bonus points after you spend $3,000 in the first 3 months:
To qualify and receive your bonus, you must make purchases totaling $3,000 or more during the first 3 months from account opening. Purchases do not include using your account for balance transfers or cash advances, or using any checks that access your account. 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.
Credit card highlights:
Earn 40,000 bonus points after you spend $3,000 in the first 3 months - that's $500 toward travel rewards!
2 points per dollar spent on travel and dining at restaurants & 1 point per dollar spent on all other purchases
Get 20% off airfare, hotels, car rentals and cruises when you redeem through Ultimate Rewards℠
No foreign transaction fees
Receive a 7% Annual Points Dividend on all new points earned on purchases - even on points already redeemed
1:1 point transfer to participating frequent travel programs
Direct access to expert service advisors anytime
Introductory Annual Fee of $0 the first year, then $95
You will earn 1 point for each $1 of net purchases. You will earn an additional 1 point for each $1 of net purchases made in any of the following categories: travel; dining – when you use your card at restaurants. Merchants who accept Visa/MasterCard credit cards are assigned a merchant code based on the kinds of products and services they sell. Chase groups similar merchant codes into categories for purposes of making rewards offers to you. Chase makes every effort to include all relevant merchant codes in its listed categories. However, even though a merchant or the items that it sells may appear to fit within a listed category, the merchant may not have a merchant code that falls within that category. Therefore, purchases with that merchant will not qualify for the stated rewards offer on category purchases. You will also earn an additional 1 point for each $1 of airfare and hotel accommodation net purchases when you book at ultimaterewards.com (for a total of 3 points). 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. Bonus/Promotional offers may have a maximum accumulation. 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.