Churning the Barclaycard Arrival Plus MasterCard

Update:
I applied for the 50,000 point signup offer back in November.  I've completed the minimum spend requirement and received the 50,000 points in my account.  So that makes 3 signup bonuses in ~3 years.

Barclaycard offers the Arrival Plus World Elite MasterCard in the US with a 50,000 point signup bonus.  This card is a great "cash replacement" for travel expenses as you'll get 2x miles on all purchases which can then be redeemed against travel purchases.  You also get 5% of the miles back in the form of a rebate on all redemptions.  The minimum redemption is a $100 purchase (used to be $25 and the rebate used to be 10%).

Effectively, this is a 2.10% cash back card on travel purchases with a $525 signup bonus.  The $89 annual fee is also waived for the first year.  Like the Alaska credit cards issued by Bank of America, Barclays will generally provide the signup bonus more than once.  Here's my experience:

• January 2014 approved and received 40,000 mile bonus (cancelled prior to 12 months)
• March 2015 approved and received 40,000 mile bonus (canceled prior to 12 months)
• November 2016 approved and received 50,000 mile bonus