I received this offer a year ago and did the conversion for the 7500 miles. They charge $50 annual fee for the first card plus $25 for each additional card, up to 25 cards, with each card having a separate number and separate accounting on the master statement. It has worked well, and I haven't found any places that won't accept it if they accept Visa. However, it is run by a separate department of Citibank and its web site isn't always available to view your account. They prorated a credit for the unused portion of the annual fee for the Visa year.