Orange Key for Tangerine Banking

Hey guys, I have a small idea and a bit of an inquiry for those who do offline marketing, especially street level promotion work. I live in Canada and there's a bank here called Tangerine with a referral program that pays you $50 every time you refer someone with your secret code called an "Orange key" and they sign up for a savings account. An idea that I had was to print flyers or have stickers made that promoted my orange key and to distribute them in a busy area to people who would then go and sign up for the account, earning my $50. Flyers would hopefully cost less than $0.50 each, so if 1/100 flyers resulted in a sign-up then I would get some return.

My question is whether anyone on here has had experience with promoting a code for a referral program like this, what the method used to do it was, what amount of promotion was done and what the end result was. I'm thinking that if the posters are cheap enough then it could definitely be worth it so I'm planning to go tomorrow and find out what the price would be for printing quantities of flyers. Another factor is how long they take to distribute.

If anyone has any insight here, that would be greatly appreciated. Could this be profitable?