We’re big fans of Southwest’s Rapid Rewards credit cards, but primarily because of the flexibility of the program and the generous welcome bonuses. If you’ve been waiting on a special offer to apply for a card, a newly launchedwelcome bonuses can net you up to 60,000 points.
With any of the three consumer cards from Southwest, you’ll still receive the standard 40,000 points after spending $1,000 in your first three months. But now, you can also get an extra 20,000 point bonus for spending $12,000 total in your first cardmember year.
So let’s do the math
- You’ll have to spend an additional $11,000 after receiving your first bonus to get the extra 20,000 points. That works out to just over 1.82 points per dollar.
- But you’ll also earn your standard 1 point per dollar on that spend, or 2 points per dollar spent on Southwest purchases. For the sake of argument, we’ll assume all of the purchases are non-Southwest. This brings you up to 2.82 points per dollar on that $11,000 in additional spend.
- The Points Guy values Southwest Rapid Rewards points at 1.5 cents each, meaning your 2.82 points per dollar works out to over 4.2 cents of value per dollar spent. That’s a solid return!
Plus, all of those points you earn go towards your Companion Pass status, which is one of the most lucrative perks in the airline industry.
The welcome offer is the same across all three of Southwest’s cards, so here’s a quick recap of the differences between them:
- The Southwest Rapid Rewards Priority Credit Card -$149 annual fee, includes a $75 annual Southwest travel credit, four boarding upgrades per year (subject to availability), and a 7,500 point anniversary bonus, and no foreign transaction fees.
- The Southwest Rapid Rewards Premier Credit Card - $99 annual fee, includes a 6,000 point anniversary bonus and no foreign transaction fees.
- The Southwest Rapid Rewards Plus Credit Card - $69 annual fee with a 3,000 point anniversary bonus.
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