OP, yes you will get the 50,000 points after first use of the card. It will post about 6 weeks after, but could be sooner....check your statement online, they may post on/after your closing date. You can also earn up to an additional 10,000 points (1point/dollar) in balance transfers, though there is a 3% transfer fee.
Nicole, when you booked your flights with points, do you get one reservation for all members of your party, same as if you were booking using cash. I was reading on the transportation board, people saying that they had a confirmation number for each person in their party and it was a pain to check in online and get boarding numbers together. Now that may have been using the old RR system, I couldn't tell from the discussion.
Thanks,