It rules you out of any future "join now and get a free XXX or $YY credit" offers. I've seen $50 cash credit, annual magazine subscriptions and I think even up to $100 brokerage credits upon joining in the past, so 5000 points for $50 = 1c/point... or equiv to $300 for a PER-East flight... OK, but not outstanding and if you can get a $100 credit for joining then it's pretty poor. But I guess an offer in the hand is worth a few in the bush.