Personally , i probably would not keep the card for 10K points. I would feel that most of the value there is negated by having to pay the $120 AF, and $120 for 10K = 1.2 cents per point, which is a bit too high unless you had no other options to work with & really need the miles.

There are other card options out there that are around 0.5 cents per, like Platinum AMEX $300 net for 60K, AeroplanPlus Gold $120 for 26K, CIBC Aerogold $120 for 20K, or TD Aeroplan $120 for 25K. The first 2 are via referral but those are easy enough to get around here.

I'm also not a huge fan of paying $120 now, to save $150 a year later. Technically speaking, from a time value of money perspective, it probably still is a net positive, but its small enough that once you factor in risk of points depreciation, its not worth it to me.

That's why I'd pass on it unless all other options were exhausted, AND i really needed the points soon.