As of now, this card is having a 50,000 sign up bonus promotion. Here is how it works: After your first purchaseor balance transfer, you will get 20,000 bonus miles. If you spend $5,000 within 3 months, you will get an additional 30,000 bonus miles (making it a total of 50,000 miles).
For those of you who fly Lufthansa often (and in particular if you are a SENATOR or HON member), this is a great time to get this card if you can meet the spend requirements for the sign up bonus.
The question that everyone is asking is what is the best way to make use of Miles and More Points? In fact, there are many great ways to make use of them though you do have to be more savvy. The reason is that the MM program is not easy to "game" and you will have to pay fuel surcharges and taxes when using miles to get award tickets. But there are a few get arounds which we will explain below.
Use of their 3 Region Awards - You can get award flights to "3 regions" with Star Alliance partners. The requirements are 100,000 points. The sign up bonus will give you a head start (and perhaps your spouse can apply too!). But because you can get creative in the airlines you pick (those without fuel surcharges), you might be able to get real value for MM points this way.
A380 First Class Seats - MM has good availability of first class seats on their A380 planes 11 months out. For those who like to use miles for first class seats or upgrades, I would say it is a great use of your miles.
You can book one way flights - Another great feature of the program is that you can book one way awards (you only need half the number of listed miles).
So if you do get this card (during the time of a great sign up bonus), then the above tips should help you to get the best bang for the buck.