US Airways Premier World MasterCard 40,000 Bonus Miles

This is the best bonus offer I've seen so far from US Airways and Barclays. 40,000 Dividend Miles after your first use, in addition to 10,000 miles after the first anniversary of your account opening (and every anniversary after that). As with all US Airways promotions, you can also earn another 10,000 miles based on balance transfers within the first 30 days. This is typically not worth it though because of the fees associated with them.

Barclays rarely waives the annual fee for the first year, but this bonus offer actually does just that, saving you an additional $89. You'll earn 2 miles for every $1 spent on US Airways purchases, and 1 mile for every $1 spent elsewhere.

This card is actually quite packed with benefits, including the following:

• Earn 10,000 miles towards Dividend Miles Preferred status (after $25,000 in spend within one year of account opening)
• Up to two $99 companion tickets annually (minimum fare purchase of $250 required)
• Preferred check-in
• Preferred Zone 2 boarding
• One complimentary US Airways Club day pass annually
• Discount on annual US Airways Club membership

Primary cardmembers will also receive a 5,000 mile discount on all eligible award redemptions. So a domestic award within the U.S. will only cost 20,000 Dividend Miles instead of 25,000. Note that this is only for award flights operated by US Airways or US Airways Express.

And finally, Barclays has a bad habit of automatically approving you for a downgraded card with lesser benefits when you apply for their Premier World MasterCard. For example, you apply for the Premier World MasterCard expecting to receive a 40,000 mile bonus, but what you actually receive in the mail is their World MasterCard or Platinum MasterCard with a much lower bonus and benefits. In the terms and conditions for this offer, however, it seems they have specified that both the Premier World MasterCard and the Platinum MasterCard will receive the 40,000 mile bonus. No word on the World MasterCard, so proceed at your own risk.