Average sign-up bonus
The card comes with a 25,000 sign-up bonus after spending $1,000 in the first three months. While the bonus is average, it doesn’t mean you can’t derive great value from it. You can get a round-trip flight for as few as 3,500 points. Of course, you can also spend more than 25,000 points on just one flight, which is why it’s important to choose your redemptions wisely. If you redeem for a “Wanna Get Away” fare, you can get a return on value as high as 1.7 cents per point. You can also use Rapid Rewards points during some of Southwest’s amazing sales to get an incredible value.
The card also offers a modest annual bonus of 6,000 bonus points after your card member anniversary for as long as you keep the card. While this is not as generous as some of the top airline cards, it’s still a nice perk for loyal card members.
Run-of-the-mill earning scheme
You earn two points for every dollar on Southwest purchases made directly with the airline, and two points per dollar you spend on Southwest hotel and car rental partner purchases. All other purchases earn you one point per dollar. While this is fairly typical rewards scheme for an airline loyalty card, it’s on the low side. You can find co-branded cards that offer much higher earnings and even better rewards rates with a general rewards card.
Up to 15,000 tier-qualifying points annually
Although Southwest doesn’t have premium class cabins, the elite status has some valuable benefits, such as priority boarding and security, point bonuses, and more. The Southwest Airlines Rapid Rewards Premier card lets you earn 1,500 points toward elite status for every $10,000 spent on the card up to 15,000 qualifying points every year. This is a modest boost toward reaching A-List status – which requires 25 flights or 35,000 points – but it can help.
Free companion pass
The Southwest Rapid Rewards program has a unique benefit called the companion pass that you receive after 100 one-way flights, or after earning 110,000 points in one calendar year. This is a very high threshold that most travelers will be unable to meet, but the pass itself is very valuable.
Once earned, the companion pass is valid for a year or longer. No matter when you earn it in one calendar year, it is valid until the end of the next calendar year. The pass allows you to designate a companion (you can change your companion up to three times) to accompany you for free any time you fly, even if you fly on points. This is an incredibly generous benefit, and your sign-up bonus points do count toward the companion pass.
Limited options for international flights
While Southwest is not renowned as an international airline, there are a few ways to use your points for international travel. You can book an award ticket to a number of destinations in the Caribbean, Mexico and Costa Rica. There are also plans to begin flights to Hawaii.
Up to 15,000 balance transfer bonus
You can get up to 15,000 points by transferring a balance from another credit card at one point for every dollar, but this is not a good idea. Not only will you pay a whopping 5 percent balance transfer fee, but the APR, which can range from 16.24 to 23.24 percent (there is no introductory rate offer), makes it prohibitively expensive.
Other travel perks
This is a Visa Signature card that includes many useful benefits for frequent travelers, such as car rental insurance and compensation for delayed and lost luggage. One of the most valuable benefits is the lack of a foreign-transaction fee. You can use the card abroad without having to pay the extra 2 to 3 percent that most cards charge.
Reasons to get it:
- You frequently fly Southwest.
- You want a boost in points to get the companion pass or to achieve elite status.
- You want the Visa Signature benefits.
How to use it:
- Make sure to meet the $1,000 spending requirement to get the sign-up bonus.
- Come up with a strategy of earning 110,000 points within a calendar year if you’re interested in the companion pass.
- Try to redeem your points on the Wanna Get Away rates and Southwest specials.
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