This is an interesting twist on the May 18 only 25th Anniversery offer which was for 25K bonus after $250 spend with annual fee waived. Thanks to OP for posting this.

Looks like the idea is to push you to pay the annual fee after the waiver runs out rather than dumping the card when fee time comes around.

Personally, I would likely go for another offer such as 20K bonus, first year fee waiver and cancel after 7-9 months to reapply and get another bonus. Indeed, if you are annual fee adverse (a good thing in these days of fee waivers, IMHO) this offer is really the same as the 20K bonus offer. For one 20K bonus, fee waived offer see:
http://www.aa.com/apps/netSAAver/Vie...omepage_Bottom

Perhaps the most interesting part here is that Citi is advertsing the offer to the general public. You have to wonder if the annual fee isn't dead or dying when they do this.