Sorry for the confusion in my original post - here's the sequence of events:

12/3 - I Applied for a card using a link from the BA web site (that advertised the promotion I'm now denied)

12/5 - Received confirmation of application submission from Chase

12/12 - "Promotion Period" terminated by BA/Chase

12/19 - Approved for the credit card

So Chase is telling me I don't get the first 50K points because the card was approved after the promotion period ended. My interpretation is that at the end of the promotion period, the offer to NEW applicants expires. Obviously they don't see it that way as they are declining both the initial 50K promotion upon approval and the 50K when you use the card to a specified $ amount within two months.

Lots of good comments back - thanks. I still call out Chase/BA for sleaziness. An offer made that served as the basis to "bait" people into applying for the card should be honored.