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We’re big fans of Southwest here at Million Mile Secrets. With its allowance of two free checked bags, no change or cancellation fees, friendly customer service and an increasing list of destinations in the U.S. (including Hawaii) and abroad, there is a lot to like.
In addition, the Southwest Rapid Rewards® Premier Business Credit Card is one of the best Southwest credit cards out there and serves as a fast track to the Southwest Companion Pass, which we crown the best deal in travel.
Here’s our Southwest Premier Business Card review to help you determine if it’s the right card for you:
Who is this card for?
If you want to stock up on Southwest points, this card has you covered. It caters to business owners, but almost any income you earn outside your regular job will likely qualify you as a business owner. If you sell items on eBay or drive for Uber or Lyft, for example, you can apply for this card.
It’s even possible to qualify for the card as a brand new business owner with almost no business income. You don’t need an Employee Identification Number (EIN) to apply for the card, either. A sole proprietor can just use their name and Social Security number in the application.
The Southwest Premier Business Credit Card falls under Chase’s strict approval rules. If you’ve opened five or more credit cards within the past 24 months from any bank (except Chase business cards and certain other small business cards), you will not be approved for the card. Also, you cannot open a new Southwest Premier Business Card if you currently have the card or have earned a sign-up bonus for the card in the past 24 months.
The card comes with an annual fee of $99. Small-business owners who want a cash-back card should consider other cards first, like the Ink Business Cash℠ Credit Card, which is also offering an all-time-high sign-up bonus.
Current sign-up bonus
The Southwest Premier Business Credit Card comes with a 60,000 Southwest point sign-up bonus after you spend $3,000 on purchases in the first three months. You can redeem that bonus for multiple round-trip flights, and even more if you have the Companion Pass.
Southwest points are, on average, worth ~1.5 cents per point, so the 60,000-point sign-up bonus is worth ~$900 towards travel. If you have the Southwest Companion Pass, the sign-up bonus could be worth double that.
If you are interested in earning the Companion Pass, the Southwest Premier Business Credit Card is a terrific way to boost your points balance, because both the sign-up bonus and the points earned from spending count toward the 125,000 points required to get the Companion Pass.
Benefits and perks
The Southwest Premier Business card comes with a host of benefits, including
- 6,000 bonus Southwest points each card anniversary
- Primary rental car insurance
- Lost-luggage reimbursement and baggage-delay insurance
- Extended warranty and purchase protection
For more details on all the protections offered by the card, check out the Chase Southwest Premier Business guide to benefits. You can also browse our own guide to the Southwest Premier Business card’s benefits and perks.
How to earn points
This isn’t a great card for everyday spending. Here’s what you’ll earn:
- 2 Southwest points per dollar on Southwest purchases and Rapid Rewards hotel and car rental partner purchases
- 1 Southwest point per dollar on all other purchases
But remember, you’ll receive 6,000 bonus points each account anniversary year (i.e. every time you pay the annual fee).
How to redeem points
Southwest points are worth on average 1.5 cents each, but the actual cost for an award ticket on Southwest will depend on your destination, how far in advance you book, the time of day and other factors.
If you are flexible with your travel plans, you can find some incredible values. For example, Southwest frequently has sales with fares starting as low as $49 one-way. In that case, you would have to spend just 2,524 Southwest points plus ~$6 in taxes for the flight. That’s a great deal.
With the 60,000-Southwest-point welcome offer, you could take 23 of these flights with this deal (60,000 points/2,524 points per flight). That’s an incredible value from one credit card sign-up bonus.
The Southwest Companion Pass makes this deal even better
When you earn the Companion Pass, you can bring a friend or family member along on paid and award tickets for just the cost of taxes and fees.
To qualify for the Companion Pass, you’ll need to earn 125,000 qualifying Southwest points in a calendar year. Points earned from the Southwest Rapid Rewards® Premier Business Credit Card’s 60,000-point sign-up bonus count toward that total.
After earning 125,000 Southwest points, the Companion Pass is valid for the remainder of the calendar year and the entire following year.
Chase will only allow you to have one Southwest personal credit card. So the easiest way to earn this bonus is by:
- Opening one personal card and one business card and earning their bonuses
- Opening both Southwest business cards and earning their bonuses
Using points with the Companion Pass effectively doubles the value of the points, since your companion’s ticket will be almost free (you’ll just pay taxes and fees).
For example, on the flight deal I found earlier, a one-way ticket for both you and your companion would cost a total of 2,524 points plus ~$11 in fees.
Even if your travel plans don’t line up with a Southwest fare sale, the price of an award flight is tied to the cost of a paid ticket, so when fares go down, award prices do too. If you find a deal, you could squeeze several round-trips out of the bonus.
Chase has four other Southwest cards with slightly different perks, benefits and earning rates. You can only hold one personal Southwest card at a time, but if you’re interested, you have the following three personal options and one other business-card option with the following sign-up bonuses:
- Southwest Rapid Rewards® Plus Credit Card – up to 75,000 Southwest points after you meet tiered minimum spending requirements
- Southwest Rapid Rewards® Premier Credit Card – up to 75,000 Southwest points after you meet tiered minimum spending requirements
- Southwest Rapid Rewards® Priority Credit Card – up to 75,000 Southwest points after you meet tiered minimum spending requirements
- Southwest Rapid Rewards® Performance Business Card – 70,000 Southwest points after you meet minimum spending requirements
With the Southwest Rapid Rewards® Premier Business Credit Card, you’ll earn 60,000 Southwest points after meeting minimum spending requirements. This is the highest offer we’ve seen on the card.
This is a small-business card, but you don’t have to be a big corporation to qualify.
The 60,000-Southwest-point sign-up bonus is enough for ~$900 in airfare on Southwest (effectively double if you have the Companion Pass). The points you earn count toward the 125,000 Southwest points needed to qualify for the Companion Pass, which is our favorite deal in travel.
Let me know if you’ve got this card. And subscribe to our newsletter for more honest credit card reviews in the future.