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Southwest recently launched a new business card with an impressive sign-up bonus – and a $199 annual fee. Is it right for you? Read on to find out.
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Dear Cashing In,
I fly Southwest a lot and just heard about a new credit card that they have. It sounds as though it comes with a lot of bonus miles. Should I get it? – Mitch
Dear Mitch,
Southwest Airlines offers two personal credit cards, and now it has added a second business credit card to the mix.
The new card is called the Southwest Rapid Rewards Performance Business Credit Card, and it is the highest-end card that Southwest offers.
Whether it is right for you or not is going to depend on several factors, including how you spend your money and what you are looking for in rewards.
Ask Tony a question.
Let’s look first at the details of the new card:
Chase Southwest Rapid Rewards Performance Business Visa
The $199 annual fee is, obviously, pretty high and probably more expensive than a lot of the flights on Southwest.
However, like a lot of premium cards, there are many of benefits associated with the card to make that fee more palatable.
In this case, consider that the 100,000 points you would receive as a sign-up bonus can probably be used for as many as three or four round-trip flights. Plus, Global Entry – which gets you expedited access through airport security and customs – is worth $100 and is valid for five years.
It’s also worth noting that the 100,000 points bonus counts toward the 125,000 that you need in a year for the Southwest Companion Pass, allowing someone of your choosing to fly with you for free (plus taxes and fees) for a year or more. That can make this card especially valuable, if you are shooting for that.
Tip: If you’re itching to voyage around the country and to bring a partner along on your adventures, the Southwest Companion Pass is an incredible deal. Learn how to get the Southwest Companion Pass by taking advantage of all the bonus points opportunities with Southwest – even on a modest budget.
If you are comparing Southwest cards against other frequent flyer credit cards, you should also remember that Rapid Rewards points tend to be more valuable than miles of other airlines because they are so flexible.
Southwest typically ranks at the very top of annual surveys showing award availability.
Unlike other airlines that might show no availability or that increase the number of miles needed dramatically, Southwest tends to have award seats available at a low number of points almost all of the time.
Among the four Southwest credit cards, the Performance Business card is the most expensive, and it is also the most loaded with benefits.
Remember that you don’t necessarily have to be a business owner to apply for a business card. If you have a hobby that might turn into a business, or a side gig, you can often qualify for a business card.
The card will probably appeal most to a few different kinds of people.
On the other hand, if you don’t live near an airport served by Southwest, or you don’t travel much and don’t plan to travel much, or you prefer the simplicity of cash back cards as opposed to frequent flyer cards, then this card probably isn’t for you.
But if you’re willing to spend a little extra up-front on the annual fee, you might find the new Performance Business card worth your while.
The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.
Tony Mecia is a freelance business writer based in Charlotte, N.C. In addition to his articles for CreditCards.com, Tony writes for a variety of trade and general-interest publications and companies. As a reporter and editor with the Charlotte Observer, he won “Best in Business” awards from the Society of American Business Editors and Writers for his coverage of the airline and textile industries.
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