5/24 policy limits churnability (5 credit cards across all banks in the past 24 months means they'll not approve new Ultimate Rewards cards) (milenomics.com)
But then he's still missing out on the churnability of the card, as evident by the above offer. (milenomics.com)
If you consider applying, Chuck at DoC has a good post on its churnability. (lazytravelers.net)