Is the offer dead? I applied here: http://www.priceline.com/promo/priceline_rewards_card.asp received my card on June 7th.
You are likely receiving only 1% Cash Back (1 point per $1 on non-Priceline.com purchases) which is detailed on the next page after you click the "choose your card" link.
I only just bothered to look at this new card. This is now at least the fourth card version Barclay\Juniper\Priceline has started.
This version offers 5% on more than just NYOP including retail airfare (whoa!) and prepaid (non-NYOP or express) hotels also count.. I think this card is better than my AF card (please chime in if you have an opinion).
Also, if an airfare purchase is allowed to qualify as a discounted reward, then this is a major deal. The 1% is useless, I am referring to this card as a Priceline OTA travel card.