Update 2: I got my $50 gift card yesterday and already redeemed it to my Amazon account. For those who got the deal, don't forget to cancel after you get the electronic gift card! Unfortunately, the deal is no longer available.
Update 1: I signed up and got an email from the Wall Street Journal that confirms that I will be electronically getting my $50 Amazon Gift card after 45 days! Your subscription needs to be active at 45 days, but it seems like you would be free to cancel after that.
Your recent subscription order includes a $50 Amazon.com Gift Card. With an active paid subscription, your gift card will be delivered electronically 45 days from the date of purchase.You can now get a 3 Month Digital Subscription to the Wall Street Journal for $21.99. In addition, you will get a $50 gift card to Amazon.
I consider Amazon gift cards to be the equivalent of cash so basically I am spending $22 for a $50 gift card or 56% off.
After the 3 months, you will be charged the full $21.99 every month so make sure to cancel right before the 90 days (June 6th if you sign up today).
It doesn't say how long it will take for the gift card to be sent, but I have seen reports for 150 days - see the comments and others have said 7-10 business days so who knows
Only for first time Digital Subscribers
Here are some of the terms and conditions for cancellations
4. Cancellation and Renewal. Your subscription will renew automatically, unless it is cancelled in accordance with this Section. For annual subscriptions, we will notify you of the pending renewal of your subscription at least 30 days prior to the date your subscription renews, except as otherwise required by law. For all subscriptions, you must cancel your subscription before it renews in order to avoid billing of subscription fees for the renewal term to your credit card. We may cancel your subscription at any time by notifying you. You may cancel your subscription by calling Customer Service at (800) 975-3913. We do not accept cancellations by mail or email or by any other means other than calling Customer Service.
Thank you YP for the tip!