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Update: deal is now for 50,000 points after you spend $1,000 in the first 3 months.
This offer has been around for a while and in my opinion its a pretty good offer for Southwest flyers.
You get 16 credits with your first purchase, up to 8 more for balance transfers and 2 bonus credits each year with renewal.
$100 gift card after $1,000 spending in the first 3 months
$150 gift card after $2,500 total spending in the first 3 months
$250 gift card after $5,000 total spending in the first 3 months
You usually get your gift card 5 weeks after the statement in which you hit the threshold closes.
Annual fee= $59. Application link.
Everyday purchases = 1 point. Southwest flight and hotel purchases – 2 points. 1,200 points= 1 Rapid Rewards credit and 16 credits is a roundtrip flight.
So, aside from any Southwest purchases, you need to spend 1,200*16= $19,200 for a free flight, which is a better ratio than most airlines which require you to spend $25,000 for a domestic flight.