At present, this is the bonus points offer from this card.
1 Free Night Stay Upon Approval - Upon approval of this card, you will get 1 free night's stay at any category 1 to 5 hotels. This is actually not part of the sign up bonus but rather the anniversary bonus. So Chase has appeared to front load it. Since it requires 25,000 points to redeem a category 5 room, this alone is worth that amount of points (ie 25,000 points). In fact, using this bonus to redeem for any room that is less than Cat 5 would be wasteful!
50,000 Bonus Points After Spending $1,000 Within 3 Months - Furthermore, you can get 50,000 bonus points when you spend $1,000 within three months of your account opening.
If you choose to use the 50,000 points on a category one hotel room (which requires 7,500 points), you can get 6 nights stay using only 45,000 points. And if you add in the free nights stay bonus, you can get a total of 7 nights stay at a category one hotel.
If you choose to use the 50,000 points on a category 2 hotel, you can redeem for five nights (10,000 points per night). Add the additional one night stay bonus and that means that the sign up bonuses can get you six nights in a category two room.
Obviously, you do not have to use them at a category one or two room. But since the one night stay bonus is worth potentially 25,000 points (if you redeem it for a Cat 5 room), your total initial bonus is actually worth 75,000 points.