Just wanna throw this out there that if you apply for the Club card and are accepted under the annual fee waived, they won't be able to switch you to the 50k bonus miles as is normal with Chase - they'll usually be able to "up" your offer to a better one so long as the better one isn't targeted. Not sure why they can't given that it's an "upgrade" from a targeted offer to a public one, but for whatever reason Chase refuses to upgrade from the annual fee waived to the 50k bonus miles offer.

Bottom line - really consider what's worth it - $450 for 50k miles bonus, or $0 for no bonus. For me, if I'd known about the 50k bonus miles offer ahead of time, I would've gone with that over the annual fee waiver. Hindsight is 20/20 I guess.