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The Southwest Rapid Rewards® Premier Credit Card is an excellent option for folks who collect Southwest points or live in an area where Southwest frequently flies. Not only does this card offer several ways to collect tons of Southwest points, but it’s integral for folks that have their sights set on earning the Southwest Companion Pass.
Here are my 10 favorite Chase Southwest Premier benefits and perks that will make you consider opening the card next!
10 Chase Southwest Premier Benefits and Perks You’ll Appreciate
1. Earn 40,000 Southwest Points From Spending Just $1,000
With the Southwest Rapid Rewards Premier Credit Card, you can earn a bonus 40,000 Southwest Points after spending $1,000 on purchases in the first 3 months of account opening. That’s a very reasonable minimum spending requirement, so this welcome bonus is accessible for most folks.
Since Southwest points are generally worth ~1.5 cents each, that means this welcome bonus is worth ~$600 on average towards airfare with Southwest.
Considering spending $1,000 on everyday purchases will earn you $600 in flights, this is a great deal.
2. Points Count Toward Companion Pass
The Southwest Companion Pass is one of the best deals in travel. With it, you can bring a companion with you on any Southwest flight for nearly free (you’ll only be charged taxes, which is usually ~$11 for round-trip flights in the US). This is a great way to enjoy more travel with your family and friends.
You’ll need to earn 110,000 Southwest Points in a calendar year to earn a Companion Pass, which equates to A LOT of flying (or spending). But one of the best perks of the Chase Southwest Premier card is that all points earned with this card count towards your Companion Pass. Including the sign-up bonus! This makes it one of the easiest methods for earning that holy grail of travel.
After you earn it, you can enjoy the Companion Pass for the remainder of the calendar year that you earn it in, PLUS the next year. So if you earned it tomorrow, you could bring a travel buddy for free through December 2020!
3. Get a Bonus 6,000 Southwest Points Each Year
Cardholders of the Chase Southwest Premier credit card earn 6,000 bonus points each year on their cardmember anniversary. These points have no minimum spending requirement; you simply get it each year you renew your card (AKA, pay the annual fee).
With an average value of ~1.5 cents per Southwest point, this bonus is worth ~$90 per year in free travel on Southwest.
4. Car Rental Insurance
Since this card is designed for folks that like to travel, it is great to see a whole host of different travel benefits also offered for cardholders of the Chase Southwest Premier.
When you book a rental car with this credit card, you will have the protection of car rental insurance against damage due to collision and theft. This coverage is secondary to your primary insurance. In other words, if you have auto insurance, this will only cover what your personal insurance doesn’t.
5. Baggage Delay Insurance
If your bags arrive at your destination 6+ hours after you, then you and your immediate family are eligible for baggage delay insurance. You can receive up to $100 per day (max 3 days). But you must charge at least part of your airfare to your Chase Southwest Premier to be covered.
6. Lost Luggage Insurance
If your luggage is lost by the airline, you and your immediate family are covered for up to $3,000 per passenger. This coverage protects both your checked luggage and carry-on luggage that is damaged as a result of carrier negligence.
7. Travel Accident Insurance
When you pay for your air, bus, train, or cruise transportation with your card, you are eligible to receive up to $500,000 in travel accident insurance. Examples of covered tragedies are:
- Loss of speech and hearing
- Loss of sight
- Loss of hands or feet
8. No Foreign Transaction Fees
The Chase Southwest Premier has no foreign transaction fees. This makes it a great card to use while traveling abroad.
9. Extended Warranty Protection
It can be smart to use this card for everyday purchases. Not only will you earn Southwest points on all purchases, but you can also enjoy purchase protection benefits. This is especially useful when buying electronics and appliances.
With extended warranty protection, you’ll receive an additional year on eligible US manufacturer’s warranties of 3 years or less. And you’re covered for a maximum of $10,000 per claim and $50,000 per year. So if use your Chase Southwest Premier to purchase a TV that comes with a 1-year warranty, then the card will extend your warranty to a total of 2 years. That’s a pretty good deal, and it doesn’t cost you anything extra. Just make sure you use this card for your purchase!
This is especially cool since many things now are coming with very short 90-day manufacturer warranties.
10. Insurance Against Damage and Theft
As an additional purchase protection, any eligible new purchases with your card are protected for 120 days against damage and theft. This applies up to $500 per claim and $50,000 per account.
This just offers additional peace of mind on new purchases.
A Few Things to Keep in Mind Before Applying for the Chase Southwest Premier
There are a ton of reasons to consider applying for the Southwest Rapid Rewards Premier Credit Card. Here are a few tips to keep in mind while applying for this new card.
1. Annual Fee
This card has an annual fee of $99 per year. However, if you’ll use even a small amount of the above benefits, it can easily justify the cost.
Remember, each year on your cardholder anniversary you earn 6,000 Southwest points at the same time that this annual fee hits your account. Because these points alone are worth $90 (6,000 Southwest Points x ~1.5 cents), the cost of the card each year effectively becomes just ~$9.
2. This Card Is Affected by the 5/24 Rule
Chase’s 5/24 rule means that your card application will be denied if you have opened 5 or more new personal credit card accounts within the past 24 months (business cards usually don’t count towards this total).
3. Rules With Other Southwest Cards
There are a couple of rules to keep in mind if you already have another Southwest credit card. Currently, you can only have 1 personal Southwest credit card opened at a time. This means if you already have another personal Southwest card, you would need to cancel that card before applying for this one.
Also, you can also only earn a personal Southwest credit card welcome bonus once every 24 months.
The Chase Southwest Premier is a valuable credit card for anyone who flies Southwest. This card offers a ton of valuable benefits for travelers, including:
- Earn 40,000 Southwest Points welcome bonus after meeting minimum spending requirements
- Points earned on the card count towards the AMAZING Southwest Companion Pass
- Get a bonus 6,000 Southwest Points each year
- No foreign transaction fees
- Travel protection coverage
- Purchase protection coverage
Overall, this is a great card for earning more Southwest points toward free travel each year. Which benefit is your favorite on the Southwest Premier card?
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