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Note: You can convert Delta Miles to NWA miles (see details here). According to this site, you can redeem 5000 miles for $50 in air fare, which translates 50,000 bonus miles into $500 in air fare. You can also exchange 48000 miles to $300 in Sky Mall gift certificates (GCs of other stores cost more, see more details here). Please note that you get only 25000 miles after the first purchase. You get the second portion of 25000 miles when you use "Pay with Miles feature on Delta.com to redeem for any Delta or Northwest flight by 8/24/09".



Terms from the credit card website:

You can earn up to 50,000 bonus miles - more than enough for two round trip Award Tickets. You can earn 25,000 bonus miles with your first purchase. Use the Pay with Miles feature on Delta.com to redeem for any Delta or Northwest flight by 8/24/09 and we’ll refill your account with the miles you used - up to 25,000 miles! Plus, pay no annual fee for the first year - a savings of $95.

25,000 bonus miles will be awarded after your first purchase on the Gold Delta SkyMiles Credit Card in the increments of 10,000 as a Welcome Bonus and 15,000 for this special offer. Please allow 8 to 12 weeks after your first purchase for the bonus miles to appear in your Delta SkyMiles account. This offer is valid for first-time Delta SkyMiles Cardmembers only. If you already have or had any other Delta SkyMiles Credit Card from American Express Account(s), you are eligible to receive only the incremental difference between the Welcome Bonus miles offered herein and the amount offered with such other Account(s). You may be permitted to have more than one Delta SkyMiles Credit Card account; however, you are eligible to receive bonus miles for only one Card account. Additional Cardmembers are not eligible.

Please allow 8-10 weeks after your first Pay with Miles transaction for the bonus miles to appear in your Delta SkyMiles account. To qualify for this special offer you must book a Pay with Miles ticket in accordance with the Pay with Miles terms and conditions within the four month promotion window. The promotion window is defined as April 21, 2009 to August 24, 2009. The number of bonus miles that will be posted to your account will equal to the amount of your first Pay with Miles transaction within the promotion window, up to 25,000 miles. This offer is valid for first-time Delta SkyMiles Cardmembers only who acquired the card through this online promotion. You may be permitted to have more than one Delta SkyMiles Credit Card account; however, you are eligible to receive bonus miles for only one Card account. Additional Cardmembers are not eligible. For Pay with Miles terms, conditions, and restrictions, visit delta.com/paywithmiles. All SkyMiles program rules apply. To review the rules, visit delta.com/skymiles. Please refer Delta customer service representative to 973615.

The annual fee for the Gold Delta SkyMiles Credit Card will be waived for the first year of Cardmembership. The annual fee will be $95 thereafter. The $95 annual fee will be reduced to $40 provided you are also the Basic Cardmember of a domestic American Express Charge Card account that has an annual fee greater than or equal to $55.