Update 3/17/07: Deal may be over. Chase.com seems to no longer list the $250 bonus link.
Chase is offering a $250 bonus after your first purchase when you sign up for the Chase Freedom Credit Card. Here's the promotional page link. The link to this deal is occasionally listed at Chase's home page. There's a small banner on the bottom. If you see a banner for a home equity rates or a $50 bonus, keep refreshing the page. The $250 ad should eventually appear.
Here is some of the important small print that's listed in the promo page:
You will receive $200 in bonus rebates which can be redeemed for a $250 check. Please allow 6 to 8 weeks after your first purchase for bonus rebates to post to your account. First purchase includes purchases, balance transfers, or any checks that are used to access your account. ... The bonus offer is valid only for first-time cardmembers with new accounts. Only one bonus per account. Existing cardmembers/accounts are not eligible for the bonus offer.
Note that it states existing cardmembers are not eligible so it seems that if you have any Chase credit cards, you may not be eligible.
This Freedom Credit Card has a nice 3% cash back feature for purchases at grocery stores, gas stations and quick service restaurants. The cash back is 1% for all other purchases. A 3% cash back use to be low, but with Citi and others cancelling the 5% cash back, it's not too bad.
Credit for this find goes to FW member tommyliu who posted about it on this FW thread. Also, thanks to the reader who emailed me info on this. It's mentioned in this thread that if you can't see the $250 bonus, try removing your browser cookies or closing your browser and then try again. Those who have applied have reported a hard credit pull by Experian.