50k points are worth like $650 doing that. and the annual fee is waived the first year.
$800 on aa. it's a pretty great value for aa. i mean, i know a lot of people value miles much higher than that for first class travel, etc. but i struggle finding redemptions for coach tix to places i want/need to go that are better than 1.5/mile. so 1.6 on aa with no need to look for availability, etc. that's pretty great.
if you can get a better redemption with a transfer to singapore or airfrance, or whatever, that's great. but with the aa value as a baseline, that's a fantastic offer (for me).