Citi has a new offer out for its ThankYou Preferred Rewards Card, allowing you to earn up to 50,000 ThankYou points, redeemable for $500 in gift cards.

This is the most lucrative sign up bonus offered yet for the Preferred Card, though it also has the largest spending requirement. You’ll earn 25,000 bonus points when you spend at least $5,000 within the first 6 months of opening your account; you’ll earn an additional 25,000 points when you spend another $5,000 in the following 6 months.

As is standard for the card, you’ll receive 1 point for every $1 on all purchases and also earn an anniversary bonus for every year you remain a member. There is no annual fee.

Update 12/22: This offer has now expired. Please see this link for the current Citi ThankYou Preferred Card deal.
Citi ThankYou Preferred Rewards Card application – Up to $500 in gift cards