For a limited time, Chase and Southwest have brought this excellent offer back: Under this promo, you’ll receive 50,000 bonus points with your first purchase — enough for 2 free flights (up to $833 towards Wanna Get Away fares).

This card does carry a $99 annual fee, which is offset by a 6,000 point anniversary bonus every year, good for $100 towards a Wanna Get Away fare.

You’ll also earn 2 points per $1 spent on all Southwest purchases and 1 point per $1 spent everywhere else.

Redeem your Points towards Flights, Gift Certificates or other Travel
Points can be redeemed towards any flight, but your redemption rate will vary depending upon the fare type. 120 points are good for $1 towards Business Select fares, 100 points can be redeemed for $1 towards Anytime fares and it takes only 60 points to redeem for $1 towards a Wanna Get Away fare. This means your 50,000 point signup bonus could be applied towards $833 of Wanna Get Aware fares, $500 of Anytime fares or $416 of Business Select fares.

Alternatively, your points can be applied towards gift cards and other travel rewards at a value of roughly a penny per point.

Earn Elite Status Faster
In addition, the card can help you earn elite status. You’ll earn 1,500 Tier Qualifying Points (TQPs) for each $10,000 of net purchases on the card, with a maximum of 15,000 TQPs earned from credit card spend per year. 35,000 TQP/year earns you A-List status (with perks like priority boarding and a 25% earning bonus), 70,000 TQP/year will earn you A-List Preferred (with benefits such as priority boarding, a 100% earning bonus and free inflight wifi), while earning 110,000 TQP in a year will earn you a free companion pass, enabling you to designate one person of your choice to fly free when traveling with you, anytime for the entire year.

For more details or to apply for the card, see the link below.

Note: This offer expired August 8, 2011.