Sorry but the conversion rate is 10,000 pts to 2,500 miles. So 5,000 pts equals 1,250 miles not 5,000 miles.
I signed up when Priority Club visa was introduced. It offered 7,500 pts for signing up which is good for a free night stay at HI Express. I cancelled the card after I got the bonus; it's not an attractive affinity card.
Anyway, for the trouble, I used the pts for a free night stay in LA.
Dan.