Nope, that's the Blue Cash Preferred.

On Blue Sky Preferred, you get a 2x on airfare, hotels, and car rentals. To be honest, if I was OP, I would just get the regular Blue Sky if available and sock drawer that once the minimum spend has been reached.

The Blue Sky program has value in that his bonus offer is worth up to $400 for $500 of spend. The caveat is that it's a fixed value program. It works much like US Bank FlexPerks. You can redeem in 7500 point increments for $100 of TRAVEL statement credit. If you buy a $201 plane ticket, it's the same as a $300 one... Theoretically, if you get the max value of your points each time, the regular no annual fee card nets 1.33 cents per point.

Of course, you can also redeem for other things like gift cards, but the conversion is terrible.