Southwest Rapid Rewards Premier Credit Card Review

The Southwest Rapid Rewards Premier Credit Card is best for frequent Southwest flyers who want to earn rewards for their loyalty and more easily achieve A-List status with Southwest. This card is best for those who can spend enough to earn 125,000 miles each year, which will get you a valuable airline companion pass that makes the annual fee well worth the cost. 

Pros Explained

• No foreign transaction fees: Where the “Plus” version of this card charges foreign transaction fees, the Southwest Rapid Rewards Premier Credit Card does not charge any extra fees when you use your credit card for purchases abroad.
• Earn tier qualifying points toward elite status: The Southwest Rapid Rewards Premier Credit Card lets you earn “tier qualifying points” good toward elite status with the airline. These points can help you reach A-List or A-List Preferred status faster. 
• Decent bonus for new cardholders: Spend just $2,000 in the first three months and you'll get 50,000 bonus rewards points. Based on The Balance’s average point valuations, this bonus is worth about $725, which is fairly good compared to similar airline-branded card offers. We love the low spending requirement, too. You'll earn an additional 30,000 points if you spend $10,000 on purchases in the first nine months, in total worth about $1,160 according to our point valuations.
• Earn an airline companion pass: Earn 125,000 Rapid Rewards points in a calendar year and you’ll be rewarded with a companion pass, which allows one person to fly with you airfare-free (you’ll still have to cover taxes and fees) for the rest of the year, and throughout the next full year. Bonus offer points count toward the companion pass earning requirement the first year you have the card, too.  

Cons Explained

• Annual fee isn’t waived the first year: While many comparable airline and travel credit cards waive the annual fee for the first year, the Southwest Rapid Rewards Premier Credit Card does not.
• Modest rewards earning rate: The Southwest Rapid Rewards Premier Credit Card only gives you 1 point per $1 spent on any purchase you make that isn’t with Southwest. This is disappointing, as many travel credit cards and airline credit cards offer bonus categories that let you earn extra miles on non-travel purchases. 

Southwest Rapid Rewards Premier Credit Card Bonus for New Cardholders

The Southwest Rapid Rewards Premier Credit Card gives new cardholders 50,000 points after spending $2,000 within three months. That sum of miles is worth about $725 in Southwest airfare, according to The Balance’s valuation of Southwest Rapid Rewards points.

This bonus is relatively easy to earn, too, since you only need to spend $666 per month for three months in a row to reach the threshold. Other similar airline card bonuses require new cardholders to spend $2,000 or $3,000 within the same time period to earn the extra miles. But you can also earn an additional 30,000 points if you spend $10,000 on purchases in the first nine months, about $1,111 a month in spend.

Earning Points & Rewards

Once you have the Southwest Rapid Rewards Premier Credit Card, earning rewards is a breeze. Simply use your card for all your Southwest purchases (including rental cars and hotels booked on Southwest.com) to earn 2 points per $1. You’ll earn 1 point per $1 you spend on all other purchases made with your card.

Your points will transfer into your Southwest Rapid Rewards account, where you will manage and redeem them. One benefit of Southwest Rapid Rewards points is the fact that there are no caps on how many you can earn, and now your points never expire. 

Redeeming Rewards

If your goal is to earn points you can redeem for flights, you’ll be happy to know that The Balance’s analysis of Southwest Rapid Rewards points found that they are worth 1.45 cents each when redeemed for airfare on Southwest. The airline flies all throughout the continental United States, to Hawaii, and to select destinations in Mexico and the Caribbean as well, so there’s no shortage of ways you can use your points. 

Southwest lets you redeem your points for international flights on other airlines, too. You’ll typically get much less value for each point you redeem if you go this route, but it’s nice to have the option. 

While Southwest now promises your points will never expire, it's never a good idea to hoard airline points indefinitely because programs change, often in ways that cause the miles to lose value. 

To see how the Southwest Rapid Rewards Premier Credit Card’s points stack up against other airline rewards, check out our in-depth analysis of what credit card points are worth.

How to Get the Most Out of This Card

Once you have the Southwest Rapid Rewards Premier Credit Card, make sure you spend $2,000 within three months of account opening in order to earn the 50,000 bonus points. You can also earn an additional 30,000 points if you spend $10,000 on purchases in the first nine months. Also, use this card for all Southwest purchases as well as hotels and rental cars you can book through Southwest. 

If you hope to earn even more points on at least some of your regular spending, consider pairing your card with a premier Chase travel credit card that offers more points on all travel purchases as well as dining. Both the Chase Sapphire Preferred and Chase Sapphire Reserve fit the bill, and both let you transfer points 1:1 to Southwest and other partners. 

When it comes to cashing in your points, you’ll get the most value when you redeem for Southwest flights. However, keep a close eye out for Southwest sales and promotions, which can help you stretch your points even further. 

Southwest Rapid Rewards Premier Credit Card’s Excellent Perks

Depending on creditworthiness, you’ll get a Visa Signature or a Visa Platinum card, which offer slightly different perks and benefits. Whichever card you get, these are the perks the editors of The Balance consider “excellent.”

• Anniversary points: Receive 6,000 points on your cardmember anniversary every year.
• Insurance coverage for lost or delayed luggage: For lost luggage you’ll be compensated for up to $3,000, and for baggage delays of more than six hours, you’ll receive up to $100 to cover the cost of incidentals.
• Travel accident insurance: Get up to $250,000 or up to $500,000 (depending on which card you get) in compensation in the event of loss or life or accidental dismemberment when you pay for transportation on a common carrier with your credit card.

Southwest Rapid Rewards Premier Credit Card’s Other Features

• Rental car collision insurance (secondary to your own policy)
• Extended warranties
• Insurance for stolen or damaged purchases 
• Roadside assistance hotline
• Travel and emergency hotline

Customer Experience

Chase is a big bank that offers big-bank customer service—24/7 agents are reachable by phone, secure messaging, and even Twitter. Of course, there’s also an app, and Chase provides a free VantageScore credit score through its Credit Journey program, which also offers security tools. 

This combination of benefits is likely the reason Chase has scored well in terms of customer satisfaction. J.D. Power’s 2020 Credit Card Satisfaction Study again gave Chase the fourth spot (out of 11 competing card issuers). 

Security Features

Chase offers industry-standard security, including fraud alerts and zero liability for fraudulent charges on your card. The Credit Journey program also offers credit monitoring to let you know of changes to your credit report, which could alert you to fraud. 

Southwest Rapid Rewards Premier Credit Card’s Fees

The Southwest Rapid Rewards Premier Credit Card charges a handful of industry-standard fees for balance transfers and late payments, but you’ll never have to pay a foreign transaction fee on purchases made abroad.