I can't find anything wrong with it. From a business perspective, I do wonder how they can finance giving away the value of $37 to everyone that joins as a member. It could be they will collect enough contact data to make their database valuable for statistical purposes (selling, leasing data). Couldn't find any information about their history of business, or affiliations.
That may not matter at all to most quilters. Free websites are not free to the owners! Someone has to pay the bills, guaranteed! It's most likely the potential advertising revenue. I wish them luck.