I just got this offer in the mail and am strongly considering it. Does anyone know how long you need to keep this open and whether you can convert it to a free or lower fee account after you get the bonus? If its 6 months of $30 charges that would suck.
Also why is everyone afraid of this offer because of the possibility of a 1099? I will likely use my points for flights so at worst the 33% bonus for airfare would cancel out the 1099 tax effect and its a free $400, at best it's a free $532 for a flight.