In 2019, Southwest introduced a new small business credit card: the Southwest Rapid Rewards Performance Business Card.
And it came with the HIGHEST bonus we’ve EVER seen on a Southwest credit card: 80,000 points after a $5,000 minimum spend in the first three months.
Well, now they have managed to beat that HIGH offer with yet again, the HIGHEST offer to date on ANY Southwest credit card: Earn up 100,000 points after $25,000 in the first 6 months on the card.
That really adds up to 125,000 points once you earn 1 point per $1 for the $25,000 minimum spend, which is EXACTLY how many points you need to earn the Southwest Companion Pass.
The Southwest Companion Pass lets one person fly FREE with you from the time you earn it until the END of the FOLLOWING year, so if you earn it now, your pass would be good through December 31, 2021.
But is that a good deal? I’m going to break it down for you.
The 100,000-Point Southwest Performance Business Offer
Here’s how this offer works:
- Spend $5,000 in the first 3 months and earn 70,000 Southwest points
- Spend a total of $25,000 (including the first $5,000) within 6 months and earn an additional 30,000 points
- To reach that threshold, you will have spent 25,000 and earn at least 1 point per $1 for that spend. That adds another 25,000 points to your total.
- Pay a $199 annual fee on your first statement
GRAND TOTAL: $25,000 (minimum spend) + $199 (annual fee) = 125,000 Southwest points and a Southwest Companion Pass
But you know what? I ONLY recommend that you take advantage of the FIRST minimum spend of $5,000 and skip the $25,000 unless you just happen to have a $25,000 spend coming up anyway (I know I don’t!!). Here’s why…
Is This Offer a Good Deal?
So let’s take a look to see if this is a good deal or not.
Southwest points have a value of approximately 1.5-1.8 cents each. We get that number by dividing a fare price in dollars by its price in points.
When you divide your total spend of $25,199 by 125,000 points, you get about 20 cents per point. That’s A LOT more than their value. About 20X their value.
That said the Companion Pass itself is worth A LOT. With the average price of a round-trip ticket in the US about $350, you could save thousands on the cost of one person to fly with you depending on how many flights you take while you hold the pass.
But is there a cheaper way to get the Southwest Companion Pass and the 125,000 points you need? There is indeed!
The Current BEST Path to a Southwest Companion Pass
Here’s what I’d rather see you do folks, as this is the BEST way to get a Southwest Companion Pass right now in just 2 steps while spending A LOT LESS!
If you don’t yet have both Southwest business cards and/or have not earned a bonus on each card within the last 24 months, you’re eligible to apply and hold BOTH (unlike the Southwest personal cards, where you are only allowed to hold one).
- Spend $5,000 and earn 70,000 points (+ 5,000 points for meeting the minimum spend at 1 point per $1) on the Southwest Performance Business for a $199 annual fee
- Spend $3,000 and earn 60,000 (+ 3,000 points for meeting the minimum spend at 1 point per $1) for a $99 annual fee
That gives us 138,000 points for a cost of $8,298, clearly a much better deal at 6 cents per point. That gives us a Southwest Companion Pass AND 138,000 points to spend on free flights. Yep!
There’s another option if you don’t want to go for 2 business cards. It’s not as good of a deal, but it’s still a better deal than spending $25,000 to get 30,000 points.
Option 2 to Get a Southwest Companion Pass
Here’s another possibility…
Again, just complete first minimum spend of $5,000 to get 75,000 points (70,000 bonus + 5,000 points for your minimum spend at 1 point per $1) on the Southwest Performance Business? There’s also still the $199 annual fee.
Then you could apply for a personal Southwest card (assuming you don’t already have one and have not earned a bonus on ANY Southwest personal card in the last 24 months), all of which currently have a bonus of 40,000 points after a $1,000 minimum spend and let’s just say a $99 annual fee (they range from $69-$149).
Now we’re at 75,000 points + 41,000 point for a total of 116,000 points and a total spend of $6,298 with minimum spends and annual fees.
While there are LOTS of other ways to earn Southwest points (read my post on 101 Ways to Earn Southwest Points for some ideas!), for simplicity’s sake let’s just say you spent $9,000 on one of your cards and earned 1 point per $1 for your spent to get another 9,000 points, which puts you at 125,000 points. That’s all you need for the Companion Pass.
Now we’ve got a total spend of $15,298 and 125,000 points. That puts us at 12 cents per point.
Not as great as 2 business cards, but better than spending $25,000 on the Performance Business.
Can I Qualify for a Small Business Card?
Note for 2020: Banks have tightened their approvals for small business cards in light of the 2020 economic situation, so it is now much more difficult to get approved for a small business card, but worth a try!
The key here is that you have an “intention” to make a profit, but you can have ANY kind of side hustle (as well as a small business) and be approved for a business card.
- Selling furniture on Facebook Marketplace
- Selling items on Ebay or Amazon
- Charging up Bird or Lime scooters
- Driving Uber or Lyft
- Renting real estate
- Mowing lawns
You can be approved as a sole proprietor, which means you operate under your social security number. I usually advise, however, getting a FREE EIN number from the IRS, which often provides the paperwork Chase will want to see with your business name (even if it’s just your name) and address together. This has been KEY for many Go to Travel Gal readers!
Download our FREE “Ultimate Guide to Getting a Small Business Card” for more specific help and details, like filling out the application below…
You may be initially DECLINED for this card. Don’t panic! I was declined for Southwest’s other business card and I’ve had a corporation for more than 15 years!
Simply call the Reconsideration Line and find out what the problem is. They may just want to see more paperwork (that’s what they needed from me; the IRS paperwork above) or you may have applied for more than 1 card in 30 days. Either way, you can still be approved!
Thanks for using the links in this post or those under TRAVEL CREDIT CARDS in the main menu of GotoTravelGal.com (shown below) to review and apply for any credit cards. This allows us to earn a commission, at NO COST TO YOU, to help support our free content. Thanks so much for your support!
Southwest Rapid Rewards Performance Business Card Breakdown
Here are the details about this card:
Bonus offer: 70,000 points with a $5,000 minimum spend in 3 months; earn another 30,000 points after a $25,000 spend in 6 months
Annual fee: $199
Offer end date: Unknown
- 3 points per $1 on Southwest purchases
- 2 points per $1 on social media and search engine advertising, Internet, cable and phone services
- 1 point per $1 on all other purchases
- 9,000 anniversary points (these DO qualify for the Companion Pass)
- 4 upgraded A1-15 boardings every year (purchase with your card and then you’ll get a statement credit)
- $100 TSA PreCheck or Global Entry credit every four years
- Free WiFi by purchasing $8 WiFi and getting a statement credit (up to 365 per year)
- 1,500 tier-qualifying points for each $10,000 spend up to 15,000 for A-List and A-List Preferred elite status
Southwest says to allow up to eight weeks for the bonus points to post to your account after meeting the minimum spend.
Check out 7 AMAZING ideas for how to use the 70,000 points that come with this card’s first minimum spend bonus.
Can I Apply for This Card If I Already Hold a Southwest Business Card?
The good news is that ANYONE can qualify for this card EVEN if you currently have a Southwest business card or earned a bonus on another Southwest business card in the last 24 months.
The restrictions only state you can’t be approved for this card if you already hold THIS card or earned a bonus on THIS card specifically in the last 24 months.
How This Card Helps You Earn the Southwest Companion Pass
The Southwest Companion Pass lets one person fly free with you from the time you earn it until the end of the following year after earning 125,000 qualifying points within one calendar year (Jan. 1-Dec. 31).
If you earn the 70,000 points on the Southwest Performance Business card by meeting the $5,000 minimum spend in the first 3 months, you’ll also have an additional 5,000 points (if you earn 1 point per $1 spent), granting you 75,000 points toward the 125,000 you need.
Once you have your 70,000+ points, you can then easily earn all or most of your remaining Companion Pass points by applying for any of the Southwest personal cards and earning their current bonuses (currently 40,000 points, after $1,000 minimum spend in 3 months) OR by applying for the Southwest Business Premier card (now 60,000 points, after $3,000 minimum spend in the first 3 months), as you can currently hold BOTH business cards:
- Chase Southwest Rapid Rewards Plus Visa card (Personal: 40,000 points after $1,000 minimum spend in 3 months)
- Chase Southwest Rapid Rewards Premier card (Personal: 40,000 points after $1,000 minimum spend in 3 months)
- Chase Southwest Rapid Rewards Priority card (Personal: 40,000 points after $1,000 minimum spend in 3 months)
- Chase Southwest Rapid Rewards Premier Business card (60,000 points after $3,000 minimum spend in 3 months; click the tab that says “Premier Business” to apply)
You can alternately earn the remaining points without another card through:
- Additional spending on any Southwest card (including this one)
- Rapid Rewards Shopping (see the best deals I post here every week)
- SouthwestHotels.com (find hotels that earn 10,000 points per night; points are generally highest a couple days before check-in)
- Rapid Rewards Dining
- Referring others to your cards
- Read 101 Ways to Earn Southwest Points
Things to Keep in Mind When Applying for This Card
- Chase will NOT approve you if you’ve applied for more than 1 of their cards in 30 days. So wait until 30 days have passed after you last applied for a Chase card before applying for this one. Some readers have had success going to a Chase bank, if you bank with them, to bypass this 30-day rule and get approved for more than 1 card within 30 days.
- Chase will not approve you if you’ve opened 5 or more cards from ANY bank in the last 24 months (excluding Chase, Citi an AMEX business cards). To see where you fall on 5/24 (ie how many cards you’ve opened in the last 24 months), check out Travel Freely, a FREE way to manage your credit cards and track 5/24, which I highly recommend, and a Go to Travel Gal partner.
- You can hold BOTH business cards. You won’t be eligible for this card bonus only if you’ve already earned it within the past 24 months.
Otherwise, if you have good credit, you should be good! Sometimes they will decline you if you have a lot of Chase cards. If that is the case, call the Reconsideration Line and ask if they can reduce credit extended to you on other cards in order to give you some credit on this one.
If you fly Southwest frequently and have ANYTHING that can qualify as a business, grab the Southwest Rapid Rewards Performance Business card or the Southwest Rapid Rewards Premier Business card! These are nice sized bonuses that grant you easy points for free flights and that qualify for the Southwest Companion Pass.
I love the high anniversary miles, TSA Precheck/Global Entry credit and A1-15 upgraded boardings on the Performance card for just another $100/year. Together those will make back the $199 annual fee! I also like that you can earn double points on Internet, cable, phone and social media advertising.
- 5 Amazing Southwest Airlines Destinations for Your Next Vacation
- Reader Question: Can I Refer Myself to Apply for a Southwest Card?
Thanks again for using the links in this post or the TRAVEL CREDIT CARDS links in the main menu of GotoTravelGal.com for your card applications!
7 Ways to Earn Miles From Home
Enter your email to get a free PDF that shows you 7 easy things you can do to collect miles from HOME for FUTURE travel! You'll also be added to Go to Travel Gal's weekly email newsletter list.