I have had this card for a few weeks and my first statement just closed. I used the link in the OP's first post (thanks!), and the card is earning points as described. I got a $12K limit. Tried to increase the limit and was told to check back in 6 mos. There is no limit to the number of points you can earn. The redemption process allows for 4% back as a statement credit when you use the card to purchase flights and/or hotels on Travelocity.com, according to this redemption scheme:
http://svc.travelocity.com/info/info...LEVELS,00.html
Best part is you choose how many points you want to redeem, and get the corresponding statement credit. You can redeem in $400 increments to get the best value.^^
Of note, the website and some of the papers that accompany the card are very confusing, describing the 3/2/1% earnings feature of the other Travelocity card. I emailed CS to make sure my acct was set up properly and got a statement in writing that it was, and I have been receiving the number of points I expected.