$200 Gift Card from Citi PremierPass Elite MasterCard

Right now when you sign up for a Citi PremierPass Elite MasterCard and make $600 in purchases in the first 3 months, you can get 20,000 Thank You rewards points. You can convert those 20,000 points into a $200 gift card for various merchants on the Citi Thank You Network.
The Citi PremierPass card is a rewards card that has the following rewards payout schedule:

2 points for every $1 spent at supermarkets, gas stations, drugstores, commuter transportation and parking merchants
1 point for every $1 spent on other purchases — including purchasing airline tickets for yourself and others
1 point for each and every mile flown by you and others on tickets you buy on any airline — no other card gives you this!
Complimentary companion ticket for friends and family

One thing to note, this card does come with a $75 annual feee, so if you get the $200 gift card this effectively makes the bonus only $125, but that is still pretty good for a credit card these days. The Complimentary companion ticket also makes this deal much more attractive.
To get the $200 gift card you need to sign up for the Citi PremierPass Elite MasterCard and make $600 in purchases within the first 3 months. This should be easy since you can charge groceries and gas to the card.
Once you have completed the $600 in purchases, you will be awarded with 20,000 Thank You rewards points in your Citi Thank You Rewards account. You can then redeem those points for a gift card valued at $200. You can also redeem this points for miles or any other of the rewards that the Citi Thank You network offers.