I'm curious to learn if people keep these cards long term or cancel shortly after receiving points? I'm assuming this doesn't jeopordize your points if you do cancel say 6 months after opening the card.
Your annual fee covers 12 months, so you might as well leave it open for at least a year.
My wife and I each got one last fall. We will probably cancel one and keep one open. I dont like paying an annual fee on a CC, but might do it just to keep one of the accounts earning some points. After we use our two cards for 4 flights next year...we should have points left over for us to each be able to get one extra flight (at least) out of the remaining pts.
My reward card of choice is the Hilton Honors AMEX card. We don't fly often on vacation, but are always in need of a hotel room to stay in.

The $1,000 is accumulated "eligible" purchases, so as soon as they add up to $1,000 (within 3 months of course), you have earned the 50,000 points! "Eligible" simply means vendors who are authorized to do business with Visa, so if a business takes your Visa card for payment, they're authorized!