Edit - received code this morning and successfully redeemed.
Easy 1000 points.
The first 10,000 new members to sign-up for the Xbox Community Game Club by February 21, 2021 will score 1,000 Microsoft Rewards Points, which you can redeem for gift cards, sweepstakes entries, nonprofit donations, and more!
You will typically receive an email with instructions on how to redeem your code and how to redeem your Microsoft Rewards Points by the end of the week in which you signed up, though please give it up to 2 weeks to show up.
Credit to Slickdeals