Is the Southwest Rapid Rewards® Premier Business Credit Card worth it? | finder.com

Southwest Rapid Rewards® Premier Business Credit Card review – June 2018

We know that everyone's situation is unique and we aim to help you find the right product for you. We may receive compensation when you visit our partners' sites or are approved for their products. You can read more about how we maintain editorial independence and how we make money here.

A points machine if your business regularly flies this low-cost airline.

  • Get this card if you frequently fly Southwest Airlines.
  • Pick something else if you want more flexible options to redeem points or don’t want to pay an annual fee.
  • Apply with an excellent credit score of 740 or higher.
Product NameSouthwest Rapid Rewards® Premier Business Credit Card
Balance Transfer Rate (not intro)17.49% to 24.49% variable
APR for Purchases ( Purchase Rate )17.49% to 24.49% variable
Annual fee$99
Cash Advance Rate26.49% variable
Card TypeVisa
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 20 days
Returned Payment Fee$39
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
0% of transaction value
Minimum Interest$0
Minimum Credit ScoreExcellent (740+)
Minimum Age18 years of age
Annual fee$99
Returned Payment Fee$39
Late Payment Fee$39
Cash Advance Fee$15 or 5% of the amount of each transaction, whichever is greater
Rewards ProgramChase Ultimate Rewards®
Bonus Points on Sign-up60,000
Rewards Points per $ spent (VISA/MC)2
Points ExpiryNever

The basics

The Southwest Rapid Rewards® Premier Business Credit Card costs $99, but it could be well worth the price of admission if you’re a frequent Southwest flyer.

The card comes with two standout features:

  • A lucrative 60,000-point signup bonus when you spend $3,000 in purchases in the first three months your account is open.
  • 2x points on Southwest purchases, which can increase your points haul quickly if you regularly send employees on business trips.

If you don’t fly much with Southwest Airlines, you might prefer a travel credit card or a different cobranded airline card.

The perks

  • Signup bonus: 60,000 bonus points.

    When you spend $3,000 on purchases in the first three months your account is open, you’ll earn 60,000 bonus points. This is a big signup bonus — one of the best you’ll find among airline credit cards. With these points alone, you can likely take a few quick flights.

  • Rewards: 2x points on Southwest purchases.

    You’ll earn 2 Rapid Rewards points for each dollar you spend on Southwest Airlines purchases. For all other purchases, you’ll earn 1 point per dollar spent.

    When you redeem them for flights, Rapid Rewards points are quite valuable — they’re typically worth around 1.5 cents apiece. That’s higher than the industry average of 1 cent for 1 point. But take care when redeeming your points for other rewards like gift cards and merchandise — they can be worth a lot less.

    If your business doesn’t take many Southwest flights, your reward earnings may be anemic. Instead, consider a card like the Ink Business Preferred℠ credit card, which allows you to transfer points at a 1:1 ratio to programs like Southwest Airlines Rapid Rewards. That means transferring 16,000 points from your Ink Business Preferred℠ credit card to an eligible program could equal 16,000 of that program’s points.

  • Receive 6,000 bonus points after each account anniversary.

    As long as your account remains open and in good standing, you’ll receive 6,000 points every card year.

    With Rapid Rewards, 6,000 points are worth about $90. That’s almost enough to cover the card’s $99 annual fee, and it’s often enough to pay for a one-way flight. As long as you use your points, it could be relatively easy to make this card worth paying for.

How good is the Southwest Rapid Rewards® Premier Business Credit Card‘s signup bonus?

If you qualify for the card’s signup bonus, you’ll receive 60,000 bonus points.

To give you an idea of how much that’s worth, check out these round-trip flights:

  • Los Angeles to Las Vegas — 9,982 points
  • Chicago to Ft. Lauderdale — 11,449 points
  • New York City to Denver — 17,238 points
  • Seattle to Atlanta — 25,542 points
  • Los Angeles to New York — 34,321 points

All in all, the Southwest Rapid Rewards® Premier Business Credit Card offers an impressive signup bonus. Depending on where you fly, you might be able to squeeze a few round-trip flights from the points you earn.

You’ll also like …

  • 0% foreign transaction fees.

    You won’t incur fees when you use your card abroad or make purchases through foreign websites. Typically, providers charge a 3% fee each time you use your card for an international transaction. It doesn’t sound like much, but it can add up over trips spanning several days.

    Because the Southwest Rapid Rewards® Premier Business Credit Card comes with 0% foreign transaction fees, it’s an excellent card to take on vacation or business trips.

  • Southwest Airlines perks.

    When you travel with Southwest, you can check your first and second bags for free. Also, you’re never charged change fees when you modify your bookings.

    It may sound like you only get these perks with the Southwest Rapid Rewards® Premier Business Credit Card. That’s not the case, though: Every Southwest customer gets access.

  • Travel coverage.

    Enjoy lost luggage reimbursement, which offers coverage if you or your immediate family members’ bags are damaged or lost by your carrier. Each passenger is covered for up to $3,000.

    If your carrier fails to transfer your bags on time, you may have to shell out money for essential purchases like toiletries and clothing. Baggage delay insurance covers you for eligible expenses — up to $100 a day for three days.

  • Purchase coverage.

    On each eligible item you purchase with your card, you receive extended warranty protection of up to a year. You may also receive purchase protection, which reimburses you up to $10,000 per claim if your purchases are damaged or stolen.

  • Employee cards at no additional cost.

    Add employees as authorized users to your account, then set individual spending limits for each card. You’ll earn rewards on your employees’ spending.

What to watch out for

  • Annual fee.

    The Southwest Rapid Rewards® Premier Business Credit Card comes with a $99 annual fee. It’s largely offset by the 6,000 bonus points you’ll earn each card year — but only if you redeem those points.

  • Penalty APR.

    Chase may raise your purchase, balance transfer or cash advance APR as high as 29.99% if you make a late or returned payment. This is known as a penalty APR. Chase may apply it to your account indefinitely.

    There are many providers that don’t apply penalty APRs, so don’t be afraid to shop around.

  • Penalty fees.

    For a late payment, you’ll pay a fee of $15 if your balance is less than $100. If your balance is between $100 and $250, you’ll pay a fee of $29. If your balance is $250 or more, you’ll pay a fee of $39.

    For each returned payment, you’ll pay a fee of $39.00.

  • Transaction fees.

    Chase charges higher-than-average balance transfer and cash advance fees for the Southwest Rapid Rewards® Premier Business Credit Card.

    For each balance transfer, you’ll pay whichever is greater, $5 or 5% of the transaction. For each cash advance, you’ll pay $15 or 5% of the amount of each transaction, whichever is greater. Other providers only charge 3% of each transaction.

Consider other cards if …

Compare business credit cards

Rates last updated June 20th, 2018
Name Product APR for Purchases ( Purchase Rate ) Intro Purchase APR Intro Purchase APR Period Annual fee Product Description
Applied Bank® VISA® Business
23.99% variable
Turn your hobby or passion into a business with a new Applied Bank® VISA® Business card! This Visa Business card is perfect for sole proprietors and entrepreneurs.
Apply now Read review
Ink Business Cash℠ credit card
14.74% to 20.74% variable
0%
12 months
$0
$500 bonus cash back after you spend $3,000 on purchases in the first 3 months after account opening
Ink Business Preferred℠ credit card
17.49% to 22.49% variable
$95
80000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®
Spark® Classic for Business
24.49% variable
$0
Get the credit you want for your business, and unlimited 1% cash back on every purchase, every day
Spark® Miles Select for Business
14.49%, 18.49% or 22.49% variable
0%
first 9 months
$0
Unlimited 1.5X miles per dollar on every purchase, every day
Spark® Miles for Business
18.49% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2X miles per dollar on every purchase, every day
Spark® Cash Select for Business
14.49%, 18.49% or 22.49% variable
0%
9 months
$0
Unlimited 1.5% cash back on every purchase, every day.
Spark® Cash for Business
18.49% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2% cash back from Spark Cash could mean thousands of dollars each year going back into your business. No minimum to redeem.
Marriott Rewards® Premier Business credit card
17.49% to 24.49% variable
$0 annual fee for the first year ($99 thereafter)
75000 Bonus points after you spend $3,000 on purchases in your first 3 months from your account opening with your Marriott Rewards Premier Business credit card.
United MileagePlus® Explorer Business Card
17.49% to 24.49% variable
$$0 intro annual fee for the first year, then $95
50000 bonus miles after you spend $3,000 on purchases in the first 3 months your account is open.
Southwest Rapid Rewards® Premier Business Credit Card
17.49% to 24.49% variable
$99
Earn 2x points on Southwest® purchases and points on all other purchases. Plus 6,000 anniversary bonus points.
CitiBusiness® / AAdvantage® Platinum Select® World Mastercard®
17.24% to 25.24% variable
$0 annual fee for the first year ($95 thereafter)
Earn 60000 American Airlines AAdvantage® bonus miles after you spend $3,000 in purchases within the first 3 months of account opening.
The Business Platinum Card® from American Express
19.99% variable
$450
Earn 50000 Membership Rewards® points after you spend $10,000 and an extra 25,000 points after you spend an additional $10,000 all on qualifying purchases on the Business Platinum Card within your first 3 months of Card Membership.
SimplyCash® Plus Business Credit Card from American Express
SimplyCash® Plus Business Credit Card from American Express
13.99%, 18.99% or 20.99% variable
0%
9 months
$0
Earn cash back with buying power to help pay for business needs.

Compare up to 4 providers

What size business is Southwest Rapid Rewards® Premier Business Credit Card good for?

The Southwest Rapid Rewards® Premier Business Credit Card is likely best for medium to large businesses. It has an annual fee of $99, so you’ll probably want to earn enough rewards from it to justify its cost.

Furthermore, you’ll only earn accelerated rewards on Southwest spending. That means it’s most effective if your business consistently sends employees on Southwest flights.

What should I know before I apply?

Apply for the Southwest Rapid Rewards® Premier Business Credit Card if:

  • You’re at least 18 years old (or at least 19 years old, if you live in Alabama of Nebraska).
  • You’re a citizen or permanent resident of the US.
  • You have a business registered in the US.
  • You have a valid tax identification number.

Information you’ll need

To complete the application, you’ll need to provide information about yourself and your business, including:

  • Your name, residential status and residential address.
  • Your Social Security number.
  • Your email address, phone number and date of birth.
  • Financial information, like your annual income and source of income.
  • The name of your business, its mailing address and its employee count.
  • Your years in business and annual business revenue.

What credit score do I need?

You have a better chance of approval for this card if you apply with an excellent credit score of 740 or higher.

What’s my likelihood of being approved?

If you have a healthy business and excellent credit, your likelihood of approval is high.

Here are a few other factors that might affect your odds of approval:

  • Whether you’re a current Chase customer.
    Chase backs this card, and it’s reportedly more likely to approve its current banking and credit card customers. This makes sense, as it can more readily evaluate your financial stability with the data it already has. It also has an incentive to keep you happy as a customer.
  • How many hard pulls you have on your credit report.
    If you have several hard inquiries — or hard pulls — on your account, it might make you look desperate for credit. This implies you’re having trouble managing your debt, and Chase may be less likely to take you on as a customer.
  • Factors that tie into your credit score.
    Credit utilization is a major factor that Chase considers. The bank prefers a customer who has low balances relative to their credit limit. Having many new card accounts may be a red flag too, as it may indicate you’re desperate for credit. It may also give the impression that you’re a flighty customer who’s just hunting for signup bonuses.

Always consider your options and your financial situation before you apply for a credit card.

What do customers say about the Southwest Rapid Rewards® Premier Business Credit Card?

Customers generally say the Southwest Rapid Rewards® Premier Business Credit Card is a strong choice for frequent travelers. However, some customers say they’ve had trouble collecting their signup bonuses, or their signup bonuses changed after they applied for their cards.

Chase earns a Trustpilot score of 5.5 out of 10 at the time of this writing. Most negative reviews cite slow responses to fraud complaints and less-than-helpful customer service. Positive reviews cite the bank’s great mobile app and quick resolutions to their issues. Overall, your mileage may vary with Chase customer support.

The JPMorgan Chase Credit Card division earns an overall A+ rating from the Better Business Bureau.

How to apply for the Southwest Rapid Rewards® Premier Business Credit Card

  1. On the Chase website, click Apply now.
  2. Complete the application by providing your personal, financial and business details.
  3. Confirm that the information you’ve provided is correct and click Submit.

How long will it take to be approved?

Because conditional credit card approval is automated on the website, you may get a decision on your application within a few minutes. If there are issues with your application, it may take a few business days to a few weeks to hear back.

How long will it take to get my Southwest Rapid Rewards® Premier Business Credit Card?

After you’re approved, you’ll typically receive your card within 7 to 10 business days.

I got the card. Now what?

  • Make timely payments. Pay your card bill online at the Chase website, where you can enroll in autopay.
  • Avoid interest. After the close of each billing cycle, you have a grace period of at least 20 days to pay your balance. If you do, you won’t pay interest on your purchases.
  • Avoid fees. Late and returned payments come with fees of up to $39. The balance transfer fee is whichever is greater, $5 or 5% of each transfer, and the cash advance fee is $15 or 5% of the amount of each transaction, whichever is greater.
  • Contact customer service. If you have questions, contact Chase Credit Cards support at 1-800-432-3117.

Bottom line

If your business regularly flies Southwest Airlines, the Southwest Rapid Rewards® Premier Business Credit Card can crank out tons of points. If it doesn’t, you might be better off with a general travel card or another cobranded airline card.

Frequently asked questions about the Southwest Rapid Rewards® Premier Business Credit Card

Adrienne Fuller

Adrienne Fuller leads the publishing team at finder.com. She has one goal: to deliver the accurate and transparent information she wishes she had when she made some of life's important financial decisions. When she's not helping folks save money, she's hiking with her two Catahoulas around her home in San Diego.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Go to site