I received an offer in the mail for 10K "Bonus Flexpoints" after $500 spend, plus 5K Bonus Flexpoints after another $4500 spend, plus 5K "Earned Flexpoints" for the $5K that I have spent. The full $5K must be spent by 10/31/09.
The annual fee is waived for the first year.
The 20K FlexPoints can be used to purchase airfare "valued" at up to $400. I assume that they can be redeemed only at FlexPerks.com, and I am skeptical that that site will find the best possible fare deals...does anyone have information on this?