Southwest Rapid Rewards^® Premier Credit Card Review

The Southwest Rapid Rewards^® Premier Credit Card can be worth the $99 annual fee if you’re an occasional Southwest Airlines flyer and want to fast-track your path to A-List or A-List Preferred elite status.

You can earn a high number of points with the sign-up bonus alone, plus additional anniversary bonus points valued at $84 per year. If you spend $10,000 a year, that’s around $150 in rewards. For those who manage to score the Southwest Companion Pass, which allows one person to fly with you for free (only paying taxes and fees starting at $5.60), this card more than pays for itself.

However, if you’re looking for luxury perks like airport lounge access, travel credits or the ability to transfer points to travel partners, you won’t find that with the Southwest Rapid Rewards^® Premier Credit Card. In the end, if you enjoy flying Southwest and want elite status and the Companion Pass, this could be a good card to add to your wallet.

• Annual fee: $99
• Foreign transaction fee: $0
• Regular purchase APR: 20.99% - 27.99% Variable
• Sign-up bonus: Earn 50,000 bonus points after spending $1,000 on purchases in the first 3 months from account opening.
• Rewards: Receive 6,000 anniversary points each year. Enjoy benefits including 3X points on Southwest® purchases, 2X points on local transit and commuting, including rideshare, 2X points on internet, cable, and phone services; select streaming, 2 EarlyBird Check-In® each year, 10,000 Companion Pass® qualifying points boost each year, and more.
• Other benefits:
  • 6,000 anniversary points every year
  • 10,000 Companion Pass qualifying points boost
  • Two Early Bird Check-Ins
  • 1,500 TQPs toward A-List status for every $5,000 spent in purchases annually
  • 25% back on in-flight purchases
  • Purchase protection
  • Baggage insurance
  • Extended warranty protection
• Credit needed: Excellent

• ABILITY TO EARN COMPANION PASS

  The coveted Companion Pass lets you choose one person to fly with you for free (you only need to pay taxes and fees from $5.60 one-way) whenever you purchase or redeem points for a flight. The pass is valid for the remainder of the year you earned it, plus the following full calendar year.

  To earn the Southwest Companion Pass, you must either fly 100 qualifying one-way flights or earn 135,000 qualifying points in a calendar year.

  The points you receive as a sign-up bonus count toward the Companion Pass. In addition, Rapid Rewards Credit Cardmembers will receive 10,000 bonus points toward their Companion Pass every year.

• LARGE SIGN-UP BONUS

  New cardmembers can earn 50,000 bonus points after spending $1,000 on purchases in the first 3 months from account opening. The minimum spend requirement is relatively low compared to other credit card sign-up bonuses, which typically require you to spend anywhere from $2,000 to $4,000 or more.

  Note that you can’t earn this sign-up bonus if you have a current Southwest Rapid Rewards Credit Card or received a new cardmember bonus within the last 24 months (business card and employee credit card products don’t apply).

  Should you apply now?: The sign-up bonus on the Southwest Rapid Rewards^® Premier Credit Card is decent at the moment, but you may want to wait to apply if you’re hoping to get the biggest bonus possible.

  Recent offers for the Southwest Rapid Rewards^® Premier Credit Card

  Date	Number of points
  February 2024	Companion Pass + 30,000 points
  December 2023	50,000
  October 2023	75,000
  March 2023	50,000

  → See the best credit card sign-up bonuses

• NO CAP ON EARNING POTENTIAL

  While some credit cards limit how much you can earn per calendar year, the Southwest Rapid Rewards^® Premier Credit Card offers unlimited rewards across all categories. And the best part: Your points never expire.

  Here’s what you can earn with your Southwest Rapid Rewards^® Premier Credit Card:

  • 3X points on Southwest purchases
  • 2X points on Rapid Rewards hotel and car rental partner purchases
  • 2X points on local transit and commuting, including rideshare
  • 2X points on internet, cable, phone services and select streaming
  • 1x points for everything else

  Plus, you can earn 20,000 bonus points for each friend you refer to the Southwest Rapid Rewards^® Premier Credit Card — although this reward does have a cap of 100,000 points a year.

  Other ways to earn Rapid Rewards points

  If you’re looking to maximize your Rapid Rewards points, consider signing up for the following reward programs:

  • Rapid Rewards Dining
    You can create a free Rapid Rewards Dining account and link your favorite credit cards to earn up to 3 points per dollar by dining at participating restaurants, in addition to the bonus points offered by your credit card.
  • Rapid Rewards Shopping
    If you sign up for a free Rapid Rewards Shopping account, you can earn points by shopping with eligible merchants via Southwest’s portal.

• EASILY REDEEMABLE REWARDS

  You can use your Rapid Rewards to book Southwest flights with just a few clicks. While some airlines have blackout dates or restrictions when purchasing award seats, Southwest lets you use points for any flight with open seats. Currently, Southwest flies to 48 states, Hawaii, Puerto Rico, plus select destinations in Mexico, Central America and the Caribbean.

  Award seats can range from 2,600 to 29,000 points for one-way tickets, depending on the type of ticket, origin, destination and time of year. You now have the option to pay for flights using a combination of Rapid Rewards points and cash.

  Southwest offers the following four types of tickets, providing different benefits with each tier. While the Wanna Get Away tier comes with some limitations, Wanna Get Away fares will generally give you the best value for your points.

  	Business Select	Anytime	Wanna Get Away +	Wanna Get Away
  Fully refundable if you cancel your flight
  Same-day change				Fare difference may apply
  Same-day standby
  Transferable flight credit
  EarlyBird Check-In®
  Fly By (priority security lane)
  Priority boarding A1-A15
  Complimentary premium drink

  Other ways to redeem your Rapid Rewards points

  While you typically get the most value by using your Rapid Rewards to book flights, here are some other ways to redeem your points:

  • Hotel stays
  • Car rentals
  • Experiences
  • Rapid Rewards Access Events
  • Merchandise
  • Gift cards
  • Pay Yourself Back (statement credit)

  → Learn more about redeeming Southwest Rapid Rewards points

• ANNIVERSARY BONUS POINTS

  You automatically earn 6,000 Rapid Reward points every anniversary, regardless of how much you spend or use the card. These points will count toward your Companion Pass.

• EARN UNLIMITED TQPS (TIER QUALIFYING POINTS)

  The Southwest Rapid Rewards^® Premier Credit Card now gets you to A-List status twice as fast as before. You can earn 1,500 Tier Qualifying Points (TQPs) every time you spend $5,000 with the card — with no limit on how much you can earn. These TQPs go toward earning A-List or A-List Preferred elite status on Southwest.

  • A-List status: If you fly 20 qualifying one-way flights or earn 35,000 TQPs in one calendar year, you will get priority check-in and dedicated security lanes (where available), priority boarding, a 25% points bonus, a dedicated customer service line and free same-day standby on flights.
  • A-List Preferred status: If you fly 40 qualifying one-way flights or earn 70,000 TQPs in one calendar year, you can get all of the above, plus a 100% points bonus, free in-flight Wi-Fi and up to two complimentary premium drinks.

• NO FOREIGN TRANSACTION FEES

  If you’re a jet setter wanting to travel abroad, you can save money by getting a credit card with no foreign transaction fees. Many credit cards charge a 3% fee per transaction while overseas, but the Southwest Rapid Rewards^® Premier Credit Card waives these fees — leaving more money for the fun stuff.

  Although Southwest has a limited international reach, only servicing Mexico, Central America and the Caribbean, you can take your Southwest card with you when flying other airlines.

  You can also use your Rapid Rewards points to book international flights operated by other airlines using Southwest’s More Rewards platform. Note that doing so doesn’t transfer your Rapid Rewards points to another airline. Instead, your points act as currency to purchase flights with select airlines.

  First two checked bags are always free with Southwest

  Many airline credit cards offer free checked bags for yourself and several companions as an additional perk. While Southwest Airlines credit cards don’t offer this benefit, your first two checked bags are always free when flying with Southwest.

• LIMITED FLIGHTS AVAILABLE OUTSIDE THE U.S.

  This isn’t the best travel credit card out there since Southwest’s international destinations are limited to just Mexico, Central America and the Caribbean. While you can use your points to book international trips with select airlines through Southwest’s More Rewards platform, the redemption rate is typically marked up, making the cash fare often a better deal.

• CHARGES AN ANNUAL FEE

  The Southwest Rapid Rewards^® Premier Credit Card comes with a $99 annual fee. While some airline cards waive the annual fee for the first year, this fee is applied to your first credit card statement.

  Based on our estimates, the potential value for the card’s first year is around $927, with an ongoing value of $311 per year — if you maximize your earnings. This more than covers the cost of the annual fee.

  That said, there are plenty of no annual fee credit cards worth considering if you don’t want this extra expense.

• NO POINT TRANSFERS

  While the Southwest Rapid Rewards^® Premier Credit Card is great for scoring free flights with Southwest Airlines, you can’t transfer points to other loyalty programs. In comparison, the Chase Sapphire Preferred^® Card offers 1:1 transfers to 14 Chase Ultimate Rewards® travel partners, including Southwest.

  Be aware that any points transferred to Southwest from other reward programs don’t count toward your Companion Pass or A-List status. However, using the Chase Sapphire Preferred^® Card or Chase Sapphire Reserve^® card in conjunction with one of the Chase Southwest credit cards can be a great way to quickly earn points for more free flights.

• NO PREMIUM BENEFITS

  This card lacks the premium benefits other similarly-priced travel cards provide. For example, the Southwest Rapid Rewards^® Priority Credit Card provides a $75 annual travel credit and four upgraded boarding per year for just $50 extra a year.

  And for a $95 annual fee, you can get a $50 annual hotel credit with the Chase Sapphire Preferred^® Card, along with more extensive travel insurance benefits.

Southwest Rapid Rewards^® Plus Credit Card

The Southwest Rapid Rewards^® Plus Credit Card is the most affordable Southwest card, with a lower annual fee of $69. While the earning rates and benefits aren’t as extensive as the other personal Southwest cards, this can still be a decent card if you want to get started with Rapid Rewards.

You’ll only earn 2x on Southwest purchases instead of the Southwest Rapid Rewards^® Premier Credit Card‘s 3x rate, and your anniversary bonus points will drop from 6,000 to 3,000.

However, the Southwest Rapid Rewards^® Plus Credit Card offers some of the same rewards as the Southwest Rapid Rewards^® Premier Credit Card version:

• Two Early Bird Check-Ins per year
• 25% bonus points on in-flight purchases
• 10,000 points boost of Companion pass qualifying points each year

This card’s overall value is less than other travel cards, though — plus it’s the one Southwest credit card with foreign transaction fees. If you’re going to pay an annual fee, you might be better off paying a little extra to unlock more benefits and perks.

Southwest Rapid Rewards^® Priority Credit Card

The Southwest Rapid Rewards^® Priority Credit Card is Southwest’s highest level credit card, designed for frequent fliers. While the annual fee is $50 more than the Southwest Rapid Rewards^® Premier Credit Card, you can earn a $400 statement credit and 40,000 bonus points after spending $3,000 on purchases in the first 4 months from account opening.

Plus, your anniversary bonus points jump to 7,500 per year, compared to the Southwest Rapid Rewards^® Premier Credit Card‘s 6,000 boost. You’ll earn 3x points on Southwest purchases. Other perks with the Southwest Rapid Rewards^® Priority Credit Card include upgraded boarding (four per year, when available) and a $75 annual travel credit. However, the Southwest Rapid Rewards^® Priority Credit Card doesn’t provide Early Bird Check-Ins like the other personal Southwest cards.

Aside from these extra perks, the Southwest Rapid Rewards^® Priority Credit Card shares similar earning rates and bonuses as the Southwest Rapid Rewards^® Premier Credit Card:

• 25% bonus points on in-flight purchases
• 10,000 points boost of Companion pass qualifying points each year
• Earn 1,500 TQPs toward A-List status for every $5,000 spent in purchases annually
• No foreign transaction fees

This card can be worth the slightly higher annual fee if you plan to fly on Southwest at least once per year in order to earn the $75 travel credit. Based on our estimations, the ongoing value of this card $452 per year, which more than covers the $149 annual fee.

Chase Sapphire Preferred^® Card

If you’re a serious traveler wanting free flights around the globe, the Chase Sapphire Preferred^® Card might be a better fit for you. This is one of the few Chase cards that allows you to transfer Ultimate Rewards points to 14 travel partners at a 1:1 transfer rate. And if you have other Chase credit cards, you can pool all your points together (along with other household members, if they have an eligible card) before transferring to travel partners.

With the Chase Sapphire Preferred^® Card, you can earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

The annual fee is $95, which is $5 less than the Southwest Rapid Rewards^® Premier Credit Card’s annual fee. And yet, the Chase Sapphire Preferred^® Card provides more extensive benefits, such as:

• $50 annual Chase Travel Hotel Credit
• 5x on travel purchased through Chase Travel℠
• 3x on dining, select streaming services and online groceries
• 2x on all other travel purchases
• 5X points on Lyft rides through March 2025
• 1x on everything else

In addition, you can enjoy a 10% anniversary points boost. For example, if you spend $25,000 in purchases, you’ll get a bonus of 2,500 points.

If you’re a big spender, then this card can help you achieve A-List or A-List Preferred elite status faster. Also, you can use the card while traveling outside the U.S., since it doesn’t charge foreign transaction fees. But if getting that elite status isn’t that important to you and you don’t plan to use your card outside the country, the Southwest Rapid Rewards^® Plus Credit Card will likely suit your needs. And if you’re a serious traveler wanting to maximize your earnings, the Southwest Rapid Rewards^® Priority Credit Card provides the best overall value.

On the other hand, if you don’t care about A-List status and aren’t aiming to earn the Companion Pass, a general travel card like the Chase Sapphire Preferred^® Card may be more rewarding.