There’s a new offer out for the Alaska Airlines Visa Signature card that promises a more lucrative than usual sign-up bonus. Up from the usual 25,000 mile bonus, there’s currently a promo available that offers up to 50,000 bonus miles. Under this new offer, you’ll earn 25,000 bonus miles upon approval and another 25,000 bonus miles when you spend at least $1,000 in the first 90 days of cardmembership.

50,000 miles is enough for a non-refundable first class round-trip ticket within the continental US on Alaska Airlines. Alternatively, it’s enough for 2 round trip tickets within the continental US and Canada on American Airlines. (For a full redemption schedule, see this link.)

In addition to the generous sign-up bonus, other features of the card include:

• Coach companion fare every year from $118(USD) ($99, plus taxes and fees from $19)
• Earn 3 miles for every qualifying dollar in purchases of Alaska Airlines tickets, Vacation packages and Cargo purchases
• No mileage cap. There’s no limit to the number of miles you can earn with the Alaska Airlines Visa Signature card

There is an annual fee of $75 for the Visa Signature card, which is not waived.

Perhaps the most compelling feature of the card is the coach companion fare benefit. Cardmembers receive a single Companion Fare Discount Code each year that allows them to purchase one round-trip coach Companion fare from $118 (USD) ($99 base fare plus applicable taxes and fees from $19) that is valid on any wholly operated Alaska Airlines flight, provided that they are traveling with another passenger on a paid published coach airfare on the same itinerary, booked at the same time. Both travelers earn full mileage credit on their Mileage Plan accounts.

Essentially, the companion ticket allows cardholders to buy two tickets for virtually the price of one (plus, about a hundred bucks), without restrictions. One of the more popular uses of this benefit is to purchase travel to Hawaii–when your second ticket costs less than $150, that’s an extremely nice value that more than offsets the card’s annual fee.

One potential caveat is that this offer does appear to be targeted, as the application landing page states that it is an “exclusive invitation only offer.”

Update 12/27/13: This offer has expired.

For more info or to apply, see this link.