Need to open new account.
Need to pay first month.
Bonus is paid to Parent Account. Bonus cannot be withdrawn to parent's bank account (don't be scummy) and needs to be approved to be sent to a Child account for them to spend.
The more people use this, the higher the bonus.
20 people can use it a calendar year before the code becomes unusable for the rest of the year.
You need to use the link itself. If you already created the account yourself, you can't use it. There is no entry point past creation, and you can't use Sign In with Google if you don't use this link if you want to enter this.
As far as I can see, you can use the 500 points for whatever you want that uses 500 points or less. There is also an option to convert straight to PayPal, but it may require 1000 points, or $10, so you'll only have half the points to start.