Should You Open A Southwest Rapid Rewards Performance Business Credit Card?

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Chase launched a new Southwest co-branded card in the summer of 2019.  The new card is a business card called the Southwest Rapid Rewards Performance Business Credit Card credit card.

There are 4 other Southwest Rapid Rewards co-branded credit cards. 3 are personal cards. 1 is a business credit card.

Note that this new card is a business card. If you’re looking for personal cards, click here for a post that compares the personal Southwest co-branded cards to the personal cards that earn Chase Ultimate Rewards.

Southwest Rapid Rewards Credit cards, Southwest flights to Hawaii
You can use Southwest Rapid Rewards points to fly to Hawaii!

Southwest Rapid Rewards Performance Business Credit Card Details

Southwest Rapid Rewards performance business card

I’ll go over details of the new Southwest Rapid Rewards Performance Business Credit Card, but unless you’re trying to earn a Southwest Companion Pass, I generally suggest opening a card that earns Chase Ultimate Rewards points before opening a Southwest (or any airline) co-branded credit card. I’ll discuss this more throughout the post.

Southwest Rapid Rewards Performance Business credit card welcome offer

The welcome offer on this new card is currently 70,000 Rapid Rewards points. To earn the 70,000 bonus points, you must spend $5,000 in the first 3 months. If you’re worried about meeting minimum spending requirements, here are some suggestions.

Do points from the Southwest Rapid Rewards Performance Business credit card bonus qualify for the Companion Pass?

Yes, the 70,000 points earned from the bonus on the Southwest Rapid Rewards Performance Business credit card qualify for the Companion Pass. This is probably the only reason I’d suggest opening it over a Chase Ink Business Preferred card. Also, points earned from everyday spending on Southwest co-branded cards qualify for the Companion Pass.

Timing is very important for those trying to earn a Southwest Companion Pass

Southwest Companion Pass, Southwest Rapid Rewards Performance Business credit card
With the Companion Pass, you can get 2 for 1 plane tickets on Southwest for almost 2 years if you time it right!
  • Qualifying CP points reset every January.
  • It is best to earn the Companion Pass early in the year

If you are trying to earn the Companion Pass, you need to earn 110,000 Rapid Rewards points in one calendar year (125,000 beginning in 2020).

Unless you plan to earn the Southwest Companion Pass this year, I’d suggest opening a Chase Ink Business Preferred credit card first

Important: The Chase Ink Business Preferred card earns Chase Ultimate Rewards points that can be transferred to Southwest Rapid Rewards. However, any Rapid Rewards points that are transferred from Ultimate Rewards DO NOT qualify for the Companion Pass. In other words, you can transfer 110,000 Ultimate Rewards points to Southwest Rapid Rewards, but none will qualify for the Companion Pass. The only way to earn the Companion Pass through credit card rewards is by using Southwest co-branded credit cards.

Chase ink business preferred 2019

The welcome bonuses are the same, but the points earned with the Chase Ink Business Preferred are more appealing. The minimum spending requirement to earn the 80,000 Ultimate Rewards points is $5,000 in 3 months, which is the same as the Southwest Rapid Rewards Performance business card.

I consider Ultimate Rewards points more valuable than Rapid Rewards points. Remember, not all miles and points are equal.

You can transfer Chase Ultimate Rewards points to Southwest. You can also transfer Ultimate Rewards to other airline and hotel programs. With Southwest co-branded credit cards, you are limited to Southwest Rapid Rewards. You can only redeem Southwest Rapid Rewards points for Southwest flights

Southwest Rapid Rewards Performance Business credit card annual fee

The annual fee is $199 and it is NOT waived for the first year.

This is the highest annual fee of all Southwest co-branded cards, but the benefits may help offset the annual fee.  More details below.

Another reason the Chase Ink Business Preferred is more appealing: the annual fee is only $95.

How many points do I earn on everyday spending with the Southwest Rapid Rewards Performance Business credit card?

The Southwest Rapid Rewards Performance Business Credit Card has a few bonus categories that you will not find with the other Southwest co-branded credit cards. With this card, you will earn 3 points per dollar on Southwest Airlines purchases (The earn rate is 2 points per dollar on other Southwest co-branded cards). Also, 2 points per dollar on social media and search engine advertising, and 2 points per dollar on certain utilities (internet, phone, and cable services). All other purchases earn 1 point per dollar.

To compare these bonus categories with the Chase Ink Business Preferred, the bonus categories on the CIBP card are 3 points per dollar on the first $150,000 spent on travel and certain business services. To clarify, the business service bonus categories are basically the same as the categories that earn 2 points per dollar with the Southwest Rapid Rewards Performance Business Credit card. Earn 1 point per dollar on other purchases (there is no limit).

Southwest Rapid Rewards Performance Business credit card benefits

9,000 anniversary points each year: This is the highest anniversary bonus of all Southwest co-branded cards, but the annual fee is also the highest.

Global Entry or TSA precheck reimbursement ($100 or $85, respectively): this could add value, but there are several other travel credit cards that also have this benefit.

Four upgraded boardings per year when available: this stands out as a benefit.  We’ve all had it happen.  You forget to check in for your Southwest flight and you get a C group boarding position.  You can buy a better boarding position at the airport (subject to availability).  I have seen the cost anywhere between $30-$50, depending on the route.  With this benefit, you can upgrade to a boarding position of A1-15 four times per year for free.

$8 credit for inflight wifi on Southwest flights, up to 365 times per year. Essentially, this means free inflight Wifi. This could be valuable if you fly Southwest and purchase in-flight wifi often.

No foreign transaction fees and earning tier qualifying points are also benefits. However, there are other credit cards that provide these benefits but with a lower annual fee, so this doesn’t provide much value to me.

If you fly Southwest often, the benefits may make this card superior to the other Southwest Rapid Rewards business credit card (Southwest Rapid Rewards Premier Business Credit Card).

How does the Southwest Rapid Rewards Performance Business credit card compare to the Chase Ink Business Preferred card?

For both personal and business cards, I generally suggest using Chase Sapphire cards rather than Southwest co-branded credit cards. Again, those trying to earn a Companion Pass would be an exception.

Ultimate Rewards points gave us more options for award flights to Costa Rica! We had the option to book Southwest flights, but we also had access to other airlines.

Unless you are trying to earn a Southwest Companion Pass, the Chase Ink Business Preferred card wins by a longshot.

  • Welcome offer: CIBP wins because the bonus is higher, plus those points are redeemable for Southwest flights, PLUS other airlines and hotels.
  • Category bonuses: CIBP wins because you earn 3 points per dollar on all travel purchases, not just Southwest flights. Plus 3 points per dollar on certain business services (as opposed to 2 points per dollar on the Southwest Rapid Rewards Performance Business credit card)
  • Annual fee: CIBP wins, because the annual fee is less than half.
  • Benefits: This is a toss-up because it depends on how much value one can get out of the benefits that come with the Southwest Rapid Rewards Performance Business credit card.

Who is eligible for the Southwest Rapid Rewards Performance Business Credit Card and its welcome offer?

You are eligible if you:

  • are under 5/24
  • are eligible for business credit cards

Chase does not allow you to open more than one personal card from the Southwest family, but it seems that is not the case with their Southwest co-branded business cards.

According to the offer terms, “This new Cardmember bonus offer is not available to either (i) current Cardmembers of this business credit card, or (ii) previous Cardmembers of this business credit card who received a new Cardmember bonus for this business credit card within the last 24 months.”

This is great news because it seems that even if you have the other business card, because according to language above, you can open this card even if you have the Southwest Rapid Rewards Premier Business Credit Card.

Chase Ultimate Rewards points, Southwest Rapid Rewards points
Southwest points and/or Chase Ultimate Rewards points can help offset the cost of a trip to see Mickey!
Chase 5/24

If you do not know what I am talking about, read this post about Chase’s 5/24 policy before applying for any credit card.

Chase has an unofficial policy that is known as the 5/24 rule.  This means that if you have opened 5 or more cards from ANY bank (not just Chase) in the past 24 months, you will not be approved for any Chase 5/24 cards until 25 months after your 5th newest card was opened.  For that reason, it is important to open the Chase 5/24 cards that you want before applying for other credit cards.

Currently, it seems that all Chase travel cards are 5/24 cards. So, all cards discussed in this post would be subject to this policy. Business cards work slightly differently than personal cards, though.

Business cards and 5/24

You must be under 5/24 for Chase to approve you for one of their business cards that is subject to the 5/24 rule (which is basically all Chase business credit cards). But once you are approved, a business credit card is not considered for your 5/24 count.

So if you have zero credit cards, you are at 0/24.

  • If you open a personal card such as a Chase Sapphire Preferred or a Southwest Rapid Rewards personal card such as the Southwest Rapid Rewards Priority credit card, you are now 1/24.
  • But if you start at 0/24 and open the Southwest Rapid Rewards Performance Business credit card, you would still be considered 0/24.
I am under 5/24.  Can I have 2 Southwest credit cards?

There are some reasons you may want to do this:

  1. To earn another welcome bonus
  2. If you’re trying to earn the Southwest Companion Pass

You cannot have more than 1 personal version of a Southwest credit card at the same time.  This is a fairly new rule. But you can have one personal card and a business card. In fact, you can have 2 business cards.

According to offer terms on this product, it seems that you CAN have 2 business Southwest co-branded cards. In other words, it seems that you can open the Southwest Rapid Rewards Performance Business card even if you already have the Southwest Rapid Rewards Premier Business card.

Is the Southwest Rapid Rewards Performance Business credit card the best Southwest co-branded business card?

It really just depends on how much you value the benefits. The annual fee of $99 on the Southwest Rapid Rewards Premier Business Credit Card is more reasonable. But that card also doesn’t have the benefits (or the welcome bonus offer) that the new Southwest Rapid Rewards Performance Business Credit Card has.

Southwest Rapid Rewards Performance credit card
Costa Rica

Final Verdict: Should you open the new Southwest Rapid Rewards Performance Business credit card?

If you want the Southwest Companion Pass, the Southwest Rapid Rewards Performance Business Credit Card may be worth opening. This is assuming you either have the rest of the points needed for the Companion Pass or you have a plan to earn the rest of the points needed before the end of the calendar year.

Otherwise, it just depends on your travel plans and goals. For most people, I would still suggest opening a Chase Ultimate Rewards earning card first. The Chase Ink Business Preferred credit card would be my top suggestion for business credit cards.

Advertiser disclosure: The Miles Genie has partnered with CardRatings for our coverage of credit card products.  The Miles Genie and CardRatings may receive a commission from card issuers.

Comments below are not provided or commissioned by the bank advertiser. The comments have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

3 thoughts on “Should You Open A Southwest Rapid Rewards Performance Business Credit Card?”

  1. I’ve seen some blogs that say SW business performance is considered a different card version and that you could open it and get the 80k RR bonus while currently holding the older SW business premier and having received the premier 60k RR bonus less than 24 months ago. Is this clearly not allowed? Are there any data points from anyone who has tried?

    1. themilesgenie

      Hi Larry,
      The current language in the offer terms suggests that you can in fact open this card even if you have another Southwest card product and/or received a bonus in the past 24 months! Thank you for bringing this to my attention. I have updated the post to reflect this information.

  2. Pingback: 4 Reasons Chase Sapphire Preferred Is Better Than A Southwest Credit Card

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