While we sit back and wait for the news to break bearing the details of the American Airlines and US Airways merger, now is the perfect time to apply for the US Airways Dividend Miles Premier World Mastercard.

Update: As expected, the 50,000 point deal expired after this mornings official announcement of the merger with American Airlines and US Airways. There are reports of some links still working for a lower offer.

If you haven’t had this card before this is a good chance to get it and bank these miles before the offer disappears. It’s also a strategic time to grab some US Airways Dividend Miles with the possibility of combining them with your AAdvantage account once the two airlines and their frequent flyer programs eventually merge.

This is the best US Airways Mastercard offer available and there are several reasons why getting this card could be a good idea. The first is that it might not be around for long. Another benefit is that the card is offered through Barclay’s, so if you are maxed out with your applications with Amex, Chase, and Citi for a while, this card could still be available to you.

Here are the key details:

  • Earn up to 60,000 bonus miles – 40,000 after the first purchase, 10,000 after the first year and 10,000 each subsequent account anniversary, and 10,000 miles when making a balance transfer within 90 days of account opening (you earn 1 mile per $1 transferred).
  • Earn up to 10,000 miles toward Preferred status when spending $25,000 within a calendar year
  • Exclusive: Redeem flights for 5,000 fewer miles.
  • Enjoy 2 miles per $1 on US Airways purchases, earn 1 mile per $1 spent everywhere else.
  • Two round trip companion tickets each year
  • Preferred check in, Zone 2 priority boarding on every flight.
  • One complimentary US Airways Club day pass every year.
  • Discount on US Airways Club membership
  • $89 annual fee waived the first year.

Some people have pointed out that the offer states it is exclusively for Chairman’s Preferred elite members. There are reports all over that people are being approved for the offer without US Airways Preferred status, so I would not be too concerned about this. The gamble is up to you, but it is definitely worth a shot and may be your last chance at it.

This looks like it will play out similar to the Southwest and AirTran merger–the Airtran card shifted from Barclay’s to Chase without any warning. After the merger, this card and most likely all US Airways credit card products will be moved over to Citi, so if you are on the fence or plan to get in on the US Airways Mastercard in the near future, it would be a good idea to put this offer on your radar and keep an eye on it.