[Update 3/20/12] The old link has expired but I have updated the new landing page and application link that is currently working.
[Original Post 7/8/11] This is currently the best signup deal for Chase Sapphire Preferred. With the 50K points, you can convert them to cash ($500), redeem them for travel through Chase Ultimate Rewards (up to $625), or transfer them into miles/points of several partners including British Airways, Continental Airlines, Korean Air, Hyatt etc. to get get even better value. Please see our review on Chase Sapphire Preferred for detailed analysis.
The landing page is here.
The application page is here.