When you apply by July 25, 2012 for the Ritz-Carlton Rewards Credit Card under this offer, you’ll receive 70,000 Ritz-Carlton Rewards points after your first card use and have the annual fee of $395 waived for the first year. Compared to the standard offer of 50,000 points without the annual fee waiver, this is an excellent deal.

How much are 70,000 Ritz-Carlton Rewards points worth?
Cardmembers can redeem points for hotel stays at both Ritz-Carlton and Marriott hotels, or use them to transfer to airline frequent flyer programs. When you use your points for hotel stays, a standard hotel award costs between 30,000 and 70,000 points for a one night stay, depending on the hotel tier. For PointsSavers awards, you’ll get more bang for your buck with hotel nights costing between 20,000 and 60,000 points, depending on hotel tier.

In addition to the nice sign up bonus, the Ritz-Carlton Rewards Card offers a generous set of benefits for the luxury traveler. For an overview, see this previous review.

Caution: This deal may be YMMV
While this is an excellent promo, there is an important caveat–this offer is intended for new owners at The Ritz-Carlton Residences. Whether Chase would actually verify your ownership is unclear, so if you are not an owner, apply at your own risk.

Link (via FW)