The offer is available for both, the $399 base model, which comes with 4GB of memory and 64GB of storage, and the $549 variant that includes 8GB of memory and 128GB SSD storage. Although you’ll still be paying full price, you can put the $50 gift card toward the purchase of a Signature Type Cover, or anything else you may want from the store.
If you want to get this deal (via BetaNews), you must act quickly, as it’s not clear for how long this promotion will be available.