Chase Southwest Credit Card signup offer: 1 free R/T flight and up to $500 in southwest gift cards

Offer same as below but 1st year annual fee waived:
link


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I've heard of this offer as targeted before - but now this seems to be open to all. It's through a special offer page for Denver Southwest customers, but I don't see anywhere in the rules where it restricts it to Denver or Colorado residents.

The deal:
Signup for the Southwest Credit Card and get 1 free roundtrip southwest flight (16RR credits) upon first purchase

AND

Earn up to $500 in gift cards with qualifying spending in the first three months:

$100 SWA gift card when you spend spend $1000 total
additional $150 SWA card when you hit $2500 total
additional $250 SWA card when you hit $5000 total


The link:
http://www.mychasecreditcards.com...ecialOffer

Some other considerations:
You will get charged the $59 dollar annual fee. No way around that. You also have to keep the card open for a certain time period - probably 6 months. I wouldn't even think of canceling before then.

Flyertalk.com has a bunch of discussion on credit card churning. I have no idea what Chase's policy on churning is these days as it changes. If you've had the SWA card before, YMMV.

There has also been a targeted (meaning only the recipient qualifies for it) offer for 2 free tickets on southwest [flyertalk.com], but the standard offer is 1 free ticket. If you can spend $5k in three, this offer is far superior since SWA gift cards can be used anytime w/o blackouts.