Mypoints seem to be easily converted to cash equivalent at a little less than 1 cent per point, so the $50 bonus is probably a better deal.

Mypoints can also be converted into airline tickets at around 30,000 points for a ticket. At that rate, they could be valued at almost 2 cents per point, but you'd have to accumulate 30,000 before you could trade them in. Considering the shaky financial health of the company, that's a risky bet.