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Southwest Premier Credit Card review: Good value at a low cost

Nov. 04, 2022
10 min read
a southwest plane over the Chesapeake Bay at sunrise
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Editor’s note: This post has been updated with new information.


Southwest Rapid Rewards Premier Credit Card overview

The Southwest Rapid Rewards Premier Credit Card is the middle of the pack when it comes to Southwest personal credit cards. While airline credit cards generally don’t come with too many perks, the absence of foreign transaction fees and 6,000-anniversary bonus points should help offset this card’s reasonable $99 annual fee. Card rating*: ⭐⭐⭐½

*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

Savvy TPG readers know that we generally don’t recommend building your points strategy around a single cobranded airline credit card, as they tend to offer fewer perks and less flexibility than a comparably priced transferable points card.

In particular, when it comes to the Southwest Rapid Rewards card portfolio, you’ll generally get better earning rates and more flexible redemption options with cards such as the Chase Sapphire Preferred Card that earn Chase Ultimate Rewards points — which you can then transfer to Southwest Rapid Rewards at a 1:1 rate.

That said, the Southwest credit cards are very popular among Southwest fans. The mid-tier version of the three personal Southwest cards — the Southwest Rapid Rewards Premier Credit Card — has a good balance of perks and an annual fee that could make it worthy of a spot in your card collection.

And the card is currently offering a healthy sign-up bonus of 75,000 points after you spend $3,000 on qualifying purchases in the first three months of account opening. This offer ends Dec. 5, 2022.

Here’s everything you need to know about the Southwest Premier Card to help you decide if it should earn a spot in your wallet.

Who is this card for?

ROBERT ALEXANDER/GETTY

The Southwest Rapid Rewards Premier Credit Card is ideal for regular Southwest flyers, as many of the perks are specific to the airline.

The Premier is also a good choice for those looking for a lower annual fee than the Southwest Rapid Rewards Priority Credit Card ($99 compared to $149) while still enjoying perks such as two annual EarlyBird check-ins, no foreign transaction fees and an anniversary bonus (6,000 points). That said, if you do fly with Southwest frequently, you should consider that the higher-tier Southwest Rapid Rewards Priority Credit Card does offer a higher anniversary bonus (7,500 points) and more perks when flying, such as upgraded boardings.

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But for more casual Southwest flyers, the Southwest Premier Card is a perfectly adequate option to supplement your other travel credit cards.

Do keep in mind that all of Southwest’s cobranded cards are subject to Chase’s infamous 5/24 rule. If you’ve opened five or more new accounts over the past 24 months (across all issuers, not just Chase), you’re likely to be denied for this card. Also, note that adding it to your wallet will count toward your 5/24 tally because it’s a personal card. If you plan to apply for other Chase cards in the near future, make sure this card is worth the slot it will take up.

Related: Comparing the Southwest Rapid Rewards Priority, Premier, and Plus Credit Cards

Sign-up bonus

ZACH GRIFF/THE POINTS GUY

The Southwest Rapid Rewards Premier Credit Card is currently offering a sign-up bonus of 75,000 points after you spend $3,000 on purchases in the first three months of account opening. Offer ends Dec. 5, 2022.

TPG values Rapid Rewards points at 1.5 cents each, meaning 75,000 points are worth up to $1,125 alone. However, these points (along with any you earn by spending on the card) do count toward Companion Pass qualification. As a result, getting the card and earning the full bonus could put you closer to one of the best perks in the frequent flyer world.

While Southwest, effective Jan. 1, 2023, is raising the qualifying benchmark for the Companion Pass by 10,000 points — from 125,000 to 135,000 — cobranded credit card holders will get a 10,000-point boost either at the beginning of the year (for existing cardholders) or within 30 days of opening an account (for new members).

And if you want to work toward the Companion Pass, you'll want the points to land in your account in 2023 — not 2022 — so consider not completing the spending bonus requirement on the card until then.

Keep in mind that you can’t earn a sign-up bonus on the Southwest Rapid Rewards Premier Credit Card if you currently have any personal Southwest card, nor are you eligible if you earned a sign-up bonus on a personal Southwest card in the past 24 months.

Related: The ultimate guide to credit card application restrictions

Main perks and benefits

While you don’t expect an airline credit card with a $99 annual fee to come loaded with perks, there are quite a few on the Southwest Rapid Rewards Premier Credit Card worth mentioning. The first is the 6,000-point anniversary bonus you’ll receive after renewing your card each year.

Although the annual fee is not waived the first year, TPG values 6,000 Rapid Rewards points at $90, meaning that the anniversary bonus will almost entirely offset that fee every year you hold it.

Also, travelers will enjoy two EarlyBird check-ins per year with the Southwest Premier Card, which can get you on the plane early and help you snag a better seat. The card offers 25% back on inflight purchases as well.

You may also be interested in earning Southwest A-List elite status to further enhance your travels with the carrier. Doing so requires completing 25 qualifying flights or earning 35,000 tier-qualifying points (TQPs) in a calendar year. You can earn bonus TQPs by spending on the Premier card — 1,500 TQPs for every $10,000 spent per calendar year.

Related: Battle of the airlines: Why I think Southwest Airlines is the best

Earning and redeeming

Most airline credit cards award bonus points or miles for purchases directly with the carrier, and that’s certainly true here, as you’ll earn 3 points per dollar spent with Southwest when you swipe your Premier Card.

However, it also has some other enticing bonus categories, as you’ll earn 2 points per dollar spent on local transit and commuting purchases, internet, cable and phone services, and with select streaming providers. You’ll then earn 1 point per dollar on all other eligible purchases.

When it’s time to use those rewards, one of the best things about redeeming Southwest Rapid Rewards points is the simplicity of the process. Whether you select the cheapest Wanna Get Away fares or the most expensive Business Select tickets, the cost of your award ticket is tied to the cash price of the flight.

This means you don’t have to worry about getting the highest possible cent-per-point redemption value. If you have Rapid Rewards points, it’s almost always a good idea to redeem them for Southwest flights — including options to Hawaii and international destinations.

Southwest also gives you the option to redeem your points for gift cards, merchandise and experiences, although these redemption options offer much lower values.

Bear in mind too that Southwest allows all travelers to check up to two bags for free, and the carrier’s policy of no change or cancellation fees means that you can reprice your award ticket if the price drops. This offers valuable flexibility to get the best possible redemption.

Read more: How to change or cancel a Southwest Airlines flight

Which cards compete with the Southwest Premier?

The most obvious competitors to the Southwest Rapid Rewards Premier are the other two personal cobranded Southwest cards — the higher-end Southwest Rapid Rewards Priority and the lower-end Southwest Rapid Rewards Plus Credit Card. This competition comes down to which card offers the best perks for you in exchange for its annual fee. If you’re struggling to pick between the three, you can check out our head-to-head comparison.

While the Southwest Rapid Rewards Plus only costs $69 a year, it has a 3% foreign transaction fee and a smaller anniversary bonus of only 3,000 Rapid Rewards points (worth $45).

On the other hand, the Southwest Priority card has a $149 annual fee but includes a $75 annual Southwest travel credit. That immediately knocks the out-of-pocket cost down to $74 a year. This would cut the Priority card’s fee in half. On top of that, you still get a 7,500-point anniversary bonus (worth $112.50), four upgraded A1-A15 boardings (when available), 25% back on inflight drinks and Wi-Fi and no foreign transaction fees.

Many people who travel on Southwest even just a few times a year will be better off opting for the Priority card over the Southwest Rapid Rewards Premier Credit Card. After taking into account the travel credit and anniversary bonus on the Priority card, you're actually coming out on top $38.50 each year you hold the card.

JOHN GRIBBEN/THE POINTS GUY

Another card that gives the Premier card a run for its money is a long-time favorite: the Chase Sapphire Preferred Card. The Sapphire Preferred offers a sign-up bonus of 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening. Those points are worth $1,200 if you transfer them to Chase’s incredible lineup of 11 airline and 3 hotel partners, and this list includes Southwest.

Many travelers enjoy keeping their rewards as flexible, transferable points — though bear in mind that the Sapphire Preferred doesn’t confer any perks when traveling on Southwest-operated flights.

Related: Chase Sapphire Preferred credit card review

Bottom line

The Southwest Rapid Rewards Premier Credit Card can be a good option for frequent Southwest flyers and currently comes with an elevated welcome offer.

Even though some people will come out ahead by opting for the Southwest Rapid Rewards Priority Credit Card and the $75 annual Southwest travel credit and anniversary bonus it carries, the Premier offers a decent return with a lower upfront cost.

Official application link: Southwest Rapid Rewards Premier Credit Card

Additional reporting by Ryan Wilcox, Stella Shon and Christina Ly.

Featured image by SEAN CUDAHY/THE POINTS GUY
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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Our points-obsessed staff uses a plethora of credit cards on a daily basis. If anyone on our team wouldn’t recommend it to a friend or a family member, we wouldn’t recommend it on The Points Guy either. Our opinions are our own, and have not been reviewed, approved, or endorsed by our advertising partners.
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TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
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Rewards

1 - 5X points
5XGet 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com
1.5XEarn 1.5X points on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year
1X1X points for each dollar you spend on eligible purchases.

Intro offer

Earn 150,000 points120,000 points
The Points Guy Exclusive Offer: Earn 150,000 Membership Rewards® points after you spend $15,000 on eligible purchases with the Business Platinum Card® within the first 3 months of Card Membership.

Annual Fee

$695

Recommended Credit

670-850
Good, Excellent
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

It's hard to find a card that competes with the mile-long list of benefits that come with the Amex Business Platinum. While it's certainly not the card for the average consumer, a business owner with tons of expenses -- especially related to travel -- will find this card incredibly valuable. This card is similar to the consumer version that Amex offers, but with more business-oriented perks around statement credits and earning rates that are a better fit for business owners.

Pros

  • An up to $100 credit for Global Entry or TSA PreCheck application fee every four to five years
  • Up to $400 annual credit for eligible U.S. Dell purchases (enrollment required)
  • Gold status at Marriott and Hilton hotels (enrollment required)
  • Access to the Fine Hotels & Resorts program and Hotel Collection
  • Extended warranty protection
  • International Airline Program and Cruise Privileges Program

Cons

  • Steep annual fee
  • Difficulty meeting $15,000 welcome offer for smaller businesses
  • Limited high-bonus categories outside of travel
  • The Points Guy Exclusive Offer: Earn 150,000 Membership Rewards® points after you spend $15,000 on eligible purchases with the Business Platinum Card® within the first 3 months of Card Membership.
  • Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com, and 1X points for each dollar you spend on eligible purchases.
  • Earn 1.5X points (that’s an extra half point per dollar) on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year.
  • Unlock over $1,000 in annual statement credits on a curation of business purchases, including select purchases made with Dell Technologies, Indeed, Adobe, and U.S. wireless service providers.
  • $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year for checked baggage fees, lounge day passes, and more at one selected airline.
  • $189 CLEAR® Credit: Use your Card and get up to $189 back per year on your CLEAR® membership. CLEAR® is available at more than 50 U.S. airports and stadiums.
  • The American Express Global Lounge Collection® can provide an escape at the airport. With more than 1,400 airport lounges across 140 countries and counting, you have more lounge location options than any other credit card on the market as of 9/2021.
  • $695 Annual Fee.
  • Terms Apply.
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4 / 5
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Rewards Rate

5XGet 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com
1.5XEarn 1.5X points on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year
1X1X points for each dollar you spend on eligible purchases.
  • Intro Offer
    The Points Guy Exclusive Offer: Earn 150,000 Membership Rewards® points after you spend $15,000 on eligible purchases with the Business Platinum Card® within the first 3 months of Card Membership.

    Earn 150,000 points
    120,000 points
  • Annual Fee

    $695
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    670-850
    Good, Excellent

Why We Chose It

It's hard to find a card that competes with the mile-long list of benefits that come with the Amex Business Platinum. While it's certainly not the card for the average consumer, a business owner with tons of expenses -- especially related to travel -- will find this card incredibly valuable. This card is similar to the consumer version that Amex offers, but with more business-oriented perks around statement credits and earning rates that are a better fit for business owners.

Pros

  • An up to $100 credit for Global Entry or TSA PreCheck application fee every four to five years
  • Up to $400 annual credit for eligible U.S. Dell purchases (enrollment required)
  • Gold status at Marriott and Hilton hotels (enrollment required)
  • Access to the Fine Hotels & Resorts program and Hotel Collection
  • Extended warranty protection
  • International Airline Program and Cruise Privileges Program

Cons

  • Steep annual fee
  • Difficulty meeting $15,000 welcome offer for smaller businesses
  • Limited high-bonus categories outside of travel
  • The Points Guy Exclusive Offer: Earn 150,000 Membership Rewards® points after you spend $15,000 on eligible purchases with the Business Platinum Card® within the first 3 months of Card Membership.
  • Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com, and 1X points for each dollar you spend on eligible purchases.
  • Earn 1.5X points (that’s an extra half point per dollar) on eligible purchases at US construction material & hardware suppliers, electronic goods retailers and software & cloud system providers, and shipping providers, as well as on purchases of $5,000 or more everywhere else, on up to $2 million of these purchases per calendar year.
  • Unlock over $1,000 in annual statement credits on a curation of business purchases, including select purchases made with Dell Technologies, Indeed, Adobe, and U.S. wireless service providers.
  • $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year for checked baggage fees, lounge day passes, and more at one selected airline.
  • $189 CLEAR® Credit: Use your Card and get up to $189 back per year on your CLEAR® membership. CLEAR® is available at more than 50 U.S. airports and stadiums.
  • The American Express Global Lounge Collection® can provide an escape at the airport. With more than 1,400 airport lounges across 140 countries and counting, you have more lounge location options than any other credit card on the market as of 9/2021.
  • $695 Annual Fee.
  • Terms Apply.