The points got posted on the first billing cycle, which was about a month out from sign up. I've already booked my first flight to Dallas, but it's expensive flying back to Cali this summer. I'm really hoping to avoid San Fran, but it's half the cost at the moment.
I'm trying to stretch the points further, since I make two trips a year. So I'm cringing at the 12,000 points for a flight. It's usually 6-8,000 points. Although you get almost a free flight every year with the annual fees. $99 fee gets you 6,000 bonus points.
Point prices are looking good for a summer trip if you fly into Orange County.