The annual fee of $99 is NOT waived in the first year.
I signed up for the card last year and have yet to use my points. Note that points will devalue by 4/1/2014.
We want to inform you of an upcoming change to the Rapid Rewards Program that will affect the number of points needed for reward travel. Wanna Get Away reward flight bookings made on or after March 31, 2014 will require 70 points per dollar. This is an increase from the 60 points per dollar currently required. Anytime and Business Select reward flight redemption rates, as well as the points per dollar you earn when flying, will remain the same as they are today.
Chase also added some ominous language for these applications:
This one-time bonus offer is valid only for first-time Southwest Airlines Rapid Rewards® Credit Card card members with new accounts. Previous and existing Southwest Airlines Rapid Rewards Credit Card card members/accounts are not eligible for this bonus offer. Note: the bonus may be earned on one first-time personal and one first-time business Southwest Airlines Rapid Rewards Credit Card new account.
If enforced there is a real chance that all Chase cards may only give a bonus once for the lifetime of customer. Let's hope it's only for this card…
You can apply here. (not an affiliate link)