MoneyGeek's Take

Southwest Rapid Rewards® Premier Credit Card Review

The Southwest Rapid Rewards® Premier Credit Card is an ideal option for frequent Southwest fliers looking for good bonus points, extra rewards and no transaction fee. However, potential applicants will want to be aware of the annual fee as they consider this card.

Advertising & Editorial DisclosureLast Updated: 1/16/2023
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The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.

The Southwest Rapid Rewards® Premier Credit Card benefits individuals who frequently travel on Southwest Airlines and who are looking to earn points for doing so. It is a basic card with an annual fee of $99 and no transaction fee. The card also lets you earn the coveted Companion Pass and allows your bags to fly for free.

Card Details to Know Up Front
  • Bonus, Fee or Feature
    Has or Not
  • Has Annual Fee
  • Has Balance Transfer Offer
  • Has APR Offer
  • Cash Back Rewards
  • Travel Rewards
Click to see this card’s rates, fees and how they compare to other cards in our dataset.
OUR REVIEW AT A GLANCE

Southwest Rapid Rewards® Premier Credit Card at a Glance

When looking for the best airline credit card, consider your needs as a cardholder. For a basic card that allows you to collect rewards as you use it, the Southwest Rapid Rewards® Premier Credit Card’s benefits may be right for you. There are many ways to earn miles using this card. These include making eligible purchases at restaurants, Southwest Airlines, car rental, hotels and eligible delivery services. It is also a good tool for international purchases as it does not have foreign transaction fees.


  • Southwest Rapid Rewards® Premier Credit Card

    A great miles rewards card with no foreign transaction fee for frequent Southwest customers

    • Good–ExcellentRecommended Credit
    • $99Annual Fee
    • 1–2 Points per $1*Rewards Rate
    • 2xRewards Rate on Air Travel
    • 1xRewards Rate on Groceries

    Terms, rates and fees apply

    Compare this credit card with other top–rated cards from our partners.

Pros & Cons Explained

While Southwest Rapid Rewards® Premier Credit Card offers benefits, it also has potential drawbacks. Weigh the pros and cons to determine if this credit card is a good option for you.

Pros

  • Benefits
    Description
  • No foreign transaction fee
    Cardholders do not pay foreign transaction fees when using this card for purchases abroad, making it ideal for international travel.
  • Earn the Companion Pass
    Flying frequently (100 qualifying one-way tickets) or earning 125,000 qualifying points in a calendar year will enable you to let one person fly with you free of airline charges, except for taxes and fees.
  • Bags fly free
    There is no charge for the first and second checked bags as long as they are within the weight and size limits.
  • Bonus points
    Earn bonus points as soon as you become a cardholder. You also get bonus points every year.

Cons

  • Drawbacks
    Description
  • Annual fee
    Cardholders have to pay $99 annually for card membership.
  • High APR
    APR for purchases, Chase loans and balance transfers is 20.24% – 27.24%. Cash advance APR is 29.24%. The default APR for failing to make the minimum payment by the due date or returned payments is up to 29.99%
  • Limited travel perks
    The cardholder can get free first and second checked bags and a $0 change fee. However, there are no other travel perks and luxury benefits.
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LOOKING FOR THE BEST CREDIT CARDS OF 2022?

For some travelers, this credit card is a great option. But MoneyGeek’s review of the Chase Southwest Rapid Rewards card shows that it may not be for everyone. You may want to review the best travel credit cards for 2022 to make sure this card is right for you.

Bonuses & Rewards Explained

The Southwest Rapid Rewards Premier card also offers various bonuses and rewards. Cardholders can enjoy welcome bonuses, anniversary points and earn miles that can be redeemed for purchases.

>>MORE: CHASE ULTIMATE REWARDS: PROGRAM GUIDE
1

Welcome bonuses

Earn 50,000 points and 3x points for eligible purchases at restaurants and delivery services in the first year.

2

Anniversary bonus

Cardholders receive 6,000 points after every anniversary as a cardmember. The accumulated points do not expire.

3

Earn and redeem miles

You can earn 2x miles for Southwest purchases, at hotels and car rental partners. Other eligible purchases will give you 1x mile per dollar. You can redeem your points for Southwest Airlines flights, hotel stays, car rentals, gift cards and merchandise.

Other Features Explained

There are additional features that the Chase Southwest Rapid Rewards Premier credit card offers that could be suitable for your needs. While this credit card has limited travel perks, it does offer other perks that may interest you.

  • Card Feature
    Description
  • Lost luggage reimbursement
    You get up to $3,000 coverage per passenger for damages to or loss of your or an immediate family member’s carry-on luggage if this is caused by the carrier.
  • Baggage delay insurance
    If your baggage gets delayed for over six hours due to the passenger carrier, you can get reimbursements of up to $100 per day for three days to cover essential purchases like clothing and toiletries.
  • Extended warranty protection
    You can get a one-year extension on U.S. manufacturer’s warranties. This applies to purchases with warranties good for three years or less.
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MONEYGEEK EXPERT TIP

You can earn 20,000 bonus points for every friend who gets any Southwest Rapid Rewards credit card. Send your referral link to your friend and make sure they use it to apply. The maximum you can earn per year through referrals is 100,000 points.

Understanding the Fine Print

If you are considering completing a Southwest Rapid Rewards® Premier Credit Card application, make sure you understand all of the rates and fees. Review the rewards rates, APR, penalties and transaction fees.

  • Card Feature
    Amount or Rate
  • APR
    20.24% – 27.24% Variable
  • Annual Fee
    $99
  • Cash Back Rewards
  • Rewards Rate
    1–2 Points per $1*
  • Airline Benefits
  • This is an icon

    Regular APR

    The Southwest Rapid Rewards® Premier Credit Card has a high variable APR. For purchases, Chase loans and balance transfers, the interest rate is 20.24% – 27.24%. Meanwhile, the Cash Advance APR is 28.74%. The default APR for failure to make the minimum payment by the due date as well as returned payments is up to 29.99%.

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    Annual Fee

    The annual membership fee is $99.

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    Miles Rewards Rate

    The rates to earn miles depends on the transaction. For the first year, cardholders can get 3x miles per dollar spent at eligible restaurants and delivery services. Regular rewards rates are 2x miles at Southwest Airlines, hotels and car rental partners as well as 1x miles on other eligible purchases.

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    Foreign Transaction Fee

    This card has no foreign transaction fee.

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    Balance Transfer Fees

    Balance transfers cost either $5 or 5%, whichever is greater.

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    Cash Advance Fees

    Cash advances have a fee of either $10 or 5% per transaction, whichever amount is higher.

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    Late Fees

    Late and return payments have corresponding penalty fees of up to $40.

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FINDING YOUR CARD'S RATES AND FEES

Each credit card has different features, fees and rates. Check the fine print and compare your options. If you already own a credit card, you can check your latest billing statement, online account or mobile app to learn more about what it has to offer. You can also find the pricing, terms and conditions on the card issuer’s website. Another option is to visit the Consumer Financial Protection Bureau’s website and search for specific banks and credit cards using the credit card agreement database.

Who Should & Shouldn’t Consider Southwest Rapid Rewards® Premier Credit Card?

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Other Considerations for Southwest Rapid Rewards® Premier Credit Card

Another thing you should consider when looking for the best credit card is how you plan on using it. You should decide whether you will be using the Southwest Rapid Rewards Premier as your first or only card or if it will function as an additional card.

Things to Consider if This Will Be Your First or Only Credit Card

If you plan on using the Southwest Rapid Rewards® Premier Credit Card as your first or sole credit card, be mindful of your purchases. Using it on eligible purchases will help you earn miles. It is also a great tool for international purchases because of its 0% foreign transaction fee.

However, make sure that you can pay your monthly bills since this credit card has a high APR. That means you will have high interest rates if you do not pay your monthly bills in full by the due date.

Things to Consider if This Will Be an Additional Card in Your Wallet

Before getting a Southwest Rapid Rewards® Premier Credit Card as an additional card, figure out what expenses you can use it for. Consider the rewards and fees of your other credit cards. If your other credit card has high foreign transaction fees, you may want to use the Southwest Rapid Rewards Premier card for your international purchases. You may also want to use this credit card to earn miles when making purchases at restaurants, hotels, car rentals and Southwest Airlines.

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WHY TRUST OUR REVIEWS

MoneyGeek’s methodology and process for the Southwest Rapid Rewards® Premier Credit Card review includes the gathering of information from the Consumer Finance Bureau’s database and the credit card issuers to ensure accuracy. In evaluating the credit cards, MoneyGeek used standardized points based on fees, bonuses and rewards. This process is repeated regularly as details and offers change.

How Southwest Rapid Rewards® Premier Credit Card Compares to Other Cards

This credit card is an ideal option for frequent travelers looking for a basic card. You can earn miles through various transactions, which you can use to pay for flights, get gift cards and buy merchandise. You can also enjoy 0% foreign transaction fees. However, it has a higher APR, annual fee and fewer travel perks than other similar credit cards.

In-Depth Credit Card Comparisons:
Quick Comparison of Southwest Rapid Rewards® Premier Credit Card
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Southwest Rapid Rewards® Premier Credit Card

  • Annual Fee: $99
  • Foreign Transaction Fee: 0%
  • Regular APR for Purchases: 20.24% – 27.24% variable
  • Welcome Bonus: Earn 50,000 bonus points and 3x miles per dollar for eligible transactions within the first year
  • Best For: Frequent Southwest fliers looking for a basic card with no foreign transaction fees and a lot of miles-earning opportunities
creditCard1

World of Hyatt Credit Card

  • Annual Fee: $95
  • Foreign Transaction Fee: 0%
  • Regular APR for Purchases: 20.24% – 27.24% variable
  • Welcome Bonus: Earn up to 60,000 bonus points in the first six months (30,000 after spending $3,000 on purchases in the first three months and up to 30,000 by earning two bonus points per $1 in the first six months)
  • Best For: Travelers who like staying at Hyatt Hotels and Resorts

Other Helpful Decision-Making Q&As

Learn more about the Southwest Rapid Rewards® Premier Credit Card with the help of the answers to some of the most commonly asked questions.

Still not sure about this card? Consider these options.

There are many factors to consider when deciding which credit card is best for you. Make sure you understand all features, fees, rates, offers and rewards. Shop around and compare credit cards based on your needs. If you are not looking for a miles credit card, consider a business credit card. If you are a student, check out MoneyGeek’s selection of the best credit cards for students.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more aboutour editorial policies andexpert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.