This deal is nearly identical to the one previously posted about the Citi Diamond Preferred Rewards AMEX, except of course it’s for a different card. As mentioned on FW:

apply.citicards.com

Offer code: Z1E1 Expires 8/15/06

Or call: 1-800-492-2015

Offer was in May 15th US News & World reports. Page #33.

Note that there are three different flavors of this card: 1) the no annual fee version, which is the version offered here, 2) the “Elite Level” version, which offers more points per dollars spent at the cost of a $75 annual fee, and 3) the Business version, which is essentially the same as the “Elite Level” but geared towards businesses.

The rewards structure is unique in that in addition to earning points for your spending on the card, you also earn points for miles flown on tickets purchased with your card. You can find more details on the Premier Pass points program here.

If you’re extra paranoid like me, you’ll have skimmed through the terms and conditions of the online application and noticed that no mention is made of bonus Thank You points, which is what I assume you will receive to exchange for the gift card. So, I would recommend applying over the phone with the offer code to confirm that the deal exists as suggested.