gift cards [thankyou.com] for Thank You Preferred Card for new account approval after you spend $700 in first three months.
This card has No annual fee.

Link to $200 in GC after spending $700 in 3 months
http://creditcards.citicards.com/...011/200GC/

Looks like there is one for $500 in GC if you spend $5000 in first 6 months
http://creditcards.citicards.com/...t2011/50k/

Another one which you get $250 in GC if you spend $2000 in 3 months.
https://creditcards.citi.com/cred...rred-card/

In recent promotion, you can get $100 Amazon GC for only 9000 points
http://slickdeals.net/f/3776320-C...000-points
So 20000 ThankYou points can actually get you more than $200 in GC from time to time.

- Earn 20,000 bonus ThankYou Points after you make $700 in purchases within the first 3 months—good for $200 in gift cards!**
- Earn 1 ThankYou Point for every $1 you spend on all purchases.�_
- No expiration and no limit on the number of ThankYou Points you can earn.

Note: credit card deals of different cards are not mutually exclusive.
The last Citibank Preferred card deal is $250 GC Bonus or 25000 ThankYou Points on spending $1000 got +29 thumbs up.