Medal final results as of 2/23:
9 gold, 7 silver, 12 bronze = 7450 points + 20k guaranteed = 27,450 points

This promotion is similar to a very successful offer during the 2012 Olympics --
See this historic thread: [EXPIRED] U.S. Bank CC with 33,150 FlexPerks [~640 USD] travel sign up bonus, no fee

Sign up link: http://www.flexperks.com/credit/offe...motion&lang=en
NOTE: This offer is officially expired. Even though the application page still loads, it is likely that you will only receive the 20k point portion of the offer if you apply now.

The offer expires March 7, 2014, and includes:
Deadline extended - must be approved by March 14, 2014... offer includes:

• Guaranteed 20,000 FlexPerks points after $3500 spend within first four months
• An additional bonus depending on how many medals USA teams win during the Olympics [Gold = 500, Silver = 250, Bronze = 100; actual total = 7450 points]
  
• First purchase must be made by March 31 to be awarded the 7450 point medals bonus
• For reference, based on results at the last winter Olympics, the total bonus would have been 29,550, worth almost $600
• $0 fee first year, then $49 subsequent years
• 3 pts/$ on donations to charity
• 2 pts/$ for gas, grocery, and airline purchases
• 1 pt/$ elsewhere
  

More about bonus earning categories:

2pts/$ in whichever ONE of the following you had your highest spend for the statement month:

• Grocery stores
• Gas Stations
• Airline Travel

And always 2pts/$ for cellphone bill payments

Each point is worth up to 2 cents when redeemed for airline tickets, according to this tiered redemption system:



No partial redemptions are allowed. In other words, a ticket priced at $395 costs 20k points while a ticket priced at $405 costs 30k points. No option to combine points+cash. Each redemption includes a reimbursement for up to $25 of incidentals charged directly by the airline.

For general questions on FlexPerks points, see this long-running thread: U.S. Bank FlexPerks [Master Thread]