I'm curious where you're seeing the 50,000 mile sign up bonus? Or is it just something they offered by phone?

I signed up for the Southwest Premier card spring 2011 because I knew I'd be spending an unusual amount of money on my card last summer and with the 30,000 point sign up bonus they were offering at the time, I was able to successfully get to the 110,000 threshold to get companion pass thanks to the 5000 bonuses that kick in at certain spending intervals. They only seem to be offering 25,000 sign up points now though, which hopefully are still companion pass points for those trying to get there.

Companion pass has really been awesome; I've used it several times since last fall. I think their points are great too from a value perspective. I calculated it out that on the flights I typically book, I'm getting about 1.5% equivalent cash back using the card, and that's not factoring in the $800 or so I've already saved from companion passes.

Unfortunately for me, I began having to fly a lot for work last fall and that's all Delta, and without the sign-up bonus, I would have no chance of making the 110,000 companion pass threshold this year, so that's going away whether I use my Southwest card or not.

I started running the numbers and with the Delta Reserve Amex and the flights I'm already going to have to take for work, I can make Delta diamond by fall. So now several personal flights with my wife that I would have taken on Southwest this year, I'm considering paying for on Delta to make sure I get to diamond. I really wish Southwest had first class, I'd rather be loyal to them since I feel like they have better prices.