Chase periodically runs an increased sign up bonus of 60,000 points, up from the usual 50,000. The last one was about 10 months ago. (Update: this offer is now expired)
These points are the same as the ones you earn from your Chase Sapphire Preferred card and are extremely valuable if you know how to make use of transfer partners properly. I get the most use out of transferring to United, British Airways, and Hyatt, though other programs are useful for specific redemptions.
To earn all 60,000 points, you must spend $5,000 within the first 3 months after approval. The card has an annual fee of $95 that is not waived the first year, but in my opinion it is well worth keeping this card for the manufactured spending possibilities anyway (5x at office stores is still very useful). My Bluebird/Chase Ink award cost chart post is one of my most-read posts ever. It’s slightly outdated, but you’ll get a solid idea of the value of this card.