Review: Southwest Rapid Rewards® Premier Credit Card — High Rewards and Companion Pass

The Southwest Rapid Rewards Premier Credit Card is a leading option for frequent travelers. It offers robust welcome bonuses, solid points accruals on everyday and travel purchases, and rewards loyal Southwest patrons for their spending. Please note that this card requires a good to excellent credit rating to qualify, and an annual fee which may be worth considering.

Characteristics of the Southwest Rapid Rewards Premier Credit Card include an Annual Percentage Rate (APR) ranging from 21.49% to 28.49%. Cardholders are subject to an annual fee of $99. The welcome offer includes a 30,000-point reward after spending $4,000 within the first three months of account opening and a companion pass.

Comparatively, the card’s annual fee is in line with other credit cards but lower than many travel-specific cards, such as Delta's SkyMiles Reserve Business Amex Card which has a $650 annual fee.

The welcome offer is valid through March 11, 2024. New card members who spend $4,000 in their first three months secure 30,000 points and a companion pass, permitting the member to bring a guest for free on every journey until February 28, 2025. This offer extends to new members and those not earning Southwest card promotions within the last two years.

The card offers rewards for every dollar you spend, including three points/$1 for Southwest Airlines purchases; two points/$1 on Rapid Rewards hotels, car rental partners and other travel categories e.g., rideshares, plus utility services; and one point/$1 spent on everything else. Cardholders also receive a 6,000-point bonus annually.

Reward redemption options are flexible and can include flights, purchases of gift cards, experiences, products from Southwest partners, or even a statement credit on your annual fee. The card’s rewards are best suited to individuals frequently flying Southwest and wanting to accrue points for travel purchases.

The Southwest Rapid Rewards Premier card comes with numerous benefits such as: perpetual points from the Rapid Rewards program, earning 10,000 points annually with the companion pass, two early-bird check-ins each year, no blackout dates, 25% back on inflight purchases, rewards use for flights, hotels, car rentals and exclusive cardmember deals, and no foreign transaction fees. For purchases over $100, Chase's My Chase Plan offers flexible monthly repayments with a 1.72% fee per purchase.

However, the card does possess disadvantages including a $40 late or returned payment fee, and a $99 annual fee. The lack of prequalification can affect credit scores by triggering a hard credit inquiry. In terms of rewards, the card does not provide a first-year annual fee waiver or 0% introductory APR, and points earned on non-Southwest purchases are low.

Payment methods for the card include the Chase app, online through Chase.com or over the phone.

Consider other cards like the Southwest Rapid Rewards® Priority Credit Card, which for a $149 yearly fee, grants 7,500 bonus points on your card anniversary, four free upgraded boardings annually, and a $75 annual Southwest travel credit. Chase Sapphire Preferred® Card offers a broader range of flights — accruing more comprehensive benefits for a $95/year fee. Another contender is the Capital One Venture Rewards Credit Card with an initial bonus of 75,000 miles, a $100 credit for Global Entry or TSA PreCheck and a $95 annual fee.

The above information has not undergone advertiser review or approval and may change over time. Always cross-check information on financial products with the bank's website, since rates, fees, and terms can vary.