Just got this in my inbox today. Is this a good deal?

Earn up to 20,000 Bonus Miles!

Earn 20,000 Bonus Miles when you apply and are approved for a new WorldPerks® Visa® Signature Card and 15,000 Bonus Miles for the WorldPerks Visa Platinum or Business Card. The WorldPerks Visa Signature and Platinum Cards are designed to meet your personal needs while earning miles on all of your everyday purchases. The WorldPerks Visa Business Card earns miles while helping you manage your business spending.

Hurry, offer ends November 30, 2005!

Apply for the WorldPerks Visa Signature or Platinum Card or call 1-800-360-2900 ext. 851.

Apply for the WorldPerks Visa Business Card or call 1-800-796-4650 ext. 8314.

Terms and Conditions
One-time Enrollment Bonus Miles will be awarded when you are approved for a new WorldPerks Visa Personal (Signature or Platinum) or Business Card and pay your annual fee or use the Card for purchases, whichever occurs first. You are eligible to receive one-time Enrollment Bonus Miles for each new WorldPerks Visa Signature, Platinum or Business Card account type. Existing and previous WorldPerks Visa Signature, Platinum or Business accounts do not qualify for Enrollment Bonus Miles for a similar account type. One-time Enrollment Bonus Miles do not apply toward account upgrades. Please allow 6-8 weeks for your Enrollment Bonus Miles to be credited to your account. Applicants for a WorldPerks Visa Signature Card who only qualify for and receive a WorldPerks Visa Platinum Card earn a 15,000-mile Enrollment Bonus. The creditor and issuer of the WorldPerks Visa Card is U.S. Bank National Association ND, and the Card is available to legal United States residents only. Use of the WorldPerks Visa Card is subject to terms and conditions of the WorldPerks Visa Cardmember Agreement, which may be amended from time to time. Participation in WorldPerks is subject to the terms and conditions of the WorldPerks program.

EDITED to remove "No annual fee" from the title. Sorry, my mistake.