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Southwest Rapid Rewards® Premier Business Credit Card Review

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By Benilyn Formoso - Suralta on September 15, 2020

Benilyn has over a decade of experience as a banking officer. Her expertise is featured throughout Fit Small Business in personal finance, credit card, and real estate investing content.

This article is part of a larger series on Best Small Business Credit Cards.

Southwest Rapid Rewards® Premier Business Credit Card

Learn More

On Chase's Secure Website

Rating 4 4
?Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.

Best For: Receiving rewards on Southwest purchases

Intro APR Regular APR Annual Fee Credit Needed
N/A 15.99% - 22.99% Variable $99 Good - Excellent
  • Earn 60,000 points after you spend $3,000 on purchases in the first 3 months your account is open.
  • 6,000 bonus points after your Cardmember anniversary.
  • 2 points per $1 spent on Southwest® purchases and Rapid Rewards® hotel and car rental partner purchases.
  • 1 point per $1 spent on all other purchases.
  • Earn points on employee spending
  • Employee cards at no additional cost
  • No blackout dates when you redeem points, no seat restrictions, bags fly free®, and no change fees
  • No foreign transaction fees
Pros
  • Aids in qualifying for elite status with Southwest
  • Helps owners earn the Southwest Companion Pass
Cons
  • Rewards program is tailored to Southwest-related purchases
  • Lacks premium Southwest Airlines perks
  • Lost luggage reimbursement: Receive coverage up to $3,000 if you or your immediate family members’ checked or carry-on bags are damaged or lost.
  • Baggage delay insurance: Reimburses you for essential purchases like toiletries and clothing for baggage delays over six hours; up to $100 a day for 3 days.
  • Purchase protection: Covers purchases for 120 days against damage or theft. Coverage is capped at $10,000 per claim and $50,000 per account.

The Southwest Rapid Rewards® Premier Business Credit Card from Chase is an excellent travel credit card designed for business owners who are frequent Southwest Airlines flyers. This small business credit card offers travel perks such as free checked bags and reward flights with no blackout dates. It also offers bonus points for each account anniversary.

Who the Southwest Rapid Rewards® Premier Business Credit Card Is Best For

  • Owners who frequently fly Southwest Airlines: The Southwest Rapid Rewards® Premier Business Credit Card offers rewards for purchases made directly with Southwest Airlines that can be redeemed for free flights.
  • Owners who often check in a bag when traveling: The Southwest Rapid Rewards® Premier Business Credit Card is a great option for business travelers who usually check luggage as it offers free check-in for the first and second bags.

How We Evaluate Travel Rewards Business Credit Cards

When grading travel rewards business credit cards like the Southwest Rapid Rewards® Premier Business Credit Card, we weigh ongoing rewards, introductory rewards, and additional features heaviest. We also consider the annual fee, introductory no-interest period, and ongoing annual percentage rates (APRs).

Grading Criteria
Card Score
Highest Possible Score
Ongoing Rewards
18
25
Introductory Rewards
25
25
Additional Features
25
25
Annual Fee
15
15
Introductory APR
0
5
Ongoing APR
3
5
Total Score
88
100

Southwest Rapid Rewards® Premier Business Credit Card Fees

  • Introductory APR: None
  • Ongoing APR: 15.99% to 22.99% variable, which adjusts with the prime rate
  • Annual fee: $99
  • Balance transfer fee: Either $5 or 5% of the amount of each transfer, whichever is greater
  • Foreign transaction fee: None
  • Cash advance fee: $15 or 5% of the amount of each transaction, whichever is greater; APR is 24.99%

Southwest Rapid Rewards® Premier Business Credit Card Rewards

  • 2 points for every dollar spent on purchases made directly with Southwest Airlines®, including flights, in-flight purchases, Southwest gift cards, and Southwest Vacations package purchases
  • 1 point for every dollar spent on all other purchases
  • 6,000 points after each cardmember anniversary

Welcome offer: Earn 60,000 bonus points after spending a minimum of $3,000 on purchases during the first three months of account opening

You can redeem your points for any available seat on any Southwest Airlines flight. The number of points needed for a flight depends on the fare. The number of points will vary based on your destination, schedule of travel, demand, and fare type. You’ll be responsible for paying all taxes and fees levied by the government on plane tickets.

Southwest Rapid Rewards® Premier Business Credit Card Features

Bags Fly Free®

When you fly with southwest airlines, your first and second bags fly free. Perks like this are commonly seen on co-branded airline cards, which can save you tons of money, especially if you or your employees travel often for work.

Baggage Delay Insurance

If your checked baggage is delayed or misdirected by a carrier for more than six hours, you and your immediate family members are eligible for a benefit of $100 per person per day for up to three days. The coverage is limited to purchases of essential items like clothing, toiletries, and charging cables for cellphones. This insurance does not cover certain items like prosthetics, tickets, documents, cash, jewelry, and electronic equipment.

Lost Luggage Reimbursement

Checked or carry-on luggage that is lost or damaged while on a flight or traveling with another covered carrier, such as a passenger train, are eligible for reimbursement of up to $3,000 for each covered person. The cardholder and immediate family members are eligible for coverage that includes a $500 maximum benefit for jewelry, watches, cameras, video recorders, and other electronic equipment. Loss of papers, money, or tickets is not covered.

Purchase Protection

Chase may repair, replace, or reimburse items purchased with your Chase business credit card that are damaged or stolen within 120 days of purchase. Coverage is limited to $10,000 per item, up to $50,000 per year. Certain items are not covered like animals, living plants, collectibles, motorized vehicles, computer software, jewelry stored in checked baggage, medical equipment, real estate, and items for resale.

Extended Warranty Protection

Chase will extend the original manufacturer’s warranty by an additional year on warranties of three years or less up to a maximum of $10,000 per claim and $50,000 per account. To be eligible, you must have charged a portion of the purchase to your card or used reward points to make the purchase. Some purchases are not covered, including motorized vehicles, computer software, medical equipment, rented items, real estate, and items purchased for resale.

Southwest Rapid Rewards® Premier Business Credit Card Alternatives

Chase Ink Business PreferredSM Credit Card

Ink Business Preferred® Credit Card

Apply Now

on Ink Business Preferred® Credit Card's secure website.

Fit Small Business Review
Rating 4.5 4.5
?Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.

Best For: Maximizing travel rewards at a lower annual fee

Intro APR Regular APR Annual Fee Credit Needed
N/A 15.99% to 20.99% Variable $95 Good to Excellent
  • New Offer! Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,250 toward travel when redeemed through Chase Ultimate Rewards®
  • Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year
  • Earn 1 point per $1 on all other purchases - with no limit to the amount you can earn
  • Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards
  • Redeem points for travel, cash back, gift cards and more - your points don't expire as long as your account is open
  • No foreign transaction fees
  • Employee cards at no additional cost
  • $95 Annual Fee

Note: The information related to the Chase Ink Business Preferred® Credit Card has been collected by fitsmallbusiness.com and has not been reviewed or provided by the issuer of this card.

Pros
  • Opportunity to boost the value of reward points
  • Offers cellphone protection and trip cancellation insurance
Cons
  • Does not offer an interest-free financing period
  • Charges an annual fee
  • Auto rental collision damage waiver: Coverage is primary—meaning it replaces any coverage your personal insurance might offer—when renting for business purposes. It provides reimbursement up to the actual cash value of the vehicle for theft and collision damage for most cars in the U.S. and abroad.
  • Cellphone protection: You and the employees named on the phone bill you pay for with your card are covered for up to $600 in theft or damages per claim. You are limited to three claims per 12-month period, with a $100 deductible per claim.
  • Trip cancellation and delay insurance: If your trip is canceled, you can be compensated up to $15,000 for prepaid expenses such as airfare or hotels. If your trip is delayed for 12 hours or more, you can be reimbursed up to $500 for your hotel room, meals, and transportation.

American Express Business Platinum Card®

The Business Platinum Card® from American Express

Apply Now

on The Business Platinum Card® from American Express's secure website.

See Rates and Fees

Fit Small Business Review
Rating 5 5
?Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.

Best For: Gaining access to unrivaled travel rewards and luxury travel perks like airport lounge access

Intro APR Regular APR Annual Fee Credit Needed
N/A N/A $595 Good, Excellent
  • Earn 75,000 Membership Rewards® points after you spend $15,000 on qualifying purchases within your first 3 months of Card Membership.
  • Get 5X Membership Rewards® points on flights and prepaid hotels on amextravel.com.
  • Get 50% more Membership Rewards® points. That's an extra half point per dollar, on each eligible purchase of $5,000 or more. You can get up to 1 million additional points per year.
  • Enroll to get up to $200 in statement credits annually by getting up to $100 semi-annually for U.S. purchases with Dell. Terms apply.
  • 35% Airline Bonus: Use Membership Rewards® Pay with Points for all or part of a flight with your selected qualifying airline, and you can get 35% of the points back, up to 500,000 bonus points per calendar year when you book on amextravel.com.
  • Terms Apply
Pros
  • Free access to over 1,200 airport lounges worldwide
  • Global Entry or TSA Pre✓® membership fee reimbursements
Cons
  • Balance is due in full monthly
  • Steep $595 annual fee
  • American Express lounges: Free access to American Express’ network of Centurion lounges located in slightly less than one dozen U.S. airports.
  • Other airport lounges: Priority Pass Select membership, which gets you free access to more than 1,000 lounges worldwide for you and two guests.
  • Airport screening: Either a $100 statement credit for Global Entry every four years or $85 statement credit for TSA Pre✓® once every 4½ years.
  • Travel credit: A $200 annual statement credit toward air travel expenses like baggage fees and inflight food and drink.
  • Rental status: Elite status at a number of car rental agencies.
  • Free Wi-Fi: 10 annual free Gogo inflight Wi-Fi passes.
  • Rebate for redeemed points: 35% points rebate if you book a business or first-class flight, up to 500,000 bonus points per calendar year.
  • Dell statement credit: Up to $200 in statement credits annually for Dell purchases.

Capital One® Spark® Miles for Business

Capital One® Spark® Miles for Business

Apply Now

on Capital One® Spark® Miles for Business's secure website.

Fit Small Business Review
Rating 4 4
?Fit Small Business's ratings are calculated by industry experts of our editorial team. Our grading rubric considers the type of credit card (such as cash back or travel), and the card's rates, fees, rewards, and additional features like insurance.

Best For: Unlimited 2x miles with every swipe

Intro APR Regular APR Annual Fee Credit Needed
N/A 20.99% (Variable) $0 intro for first year; $95 after that Excellent, Good
  • Introductory reward worth $500 in travel after you spend $4,500 within the first three months
  • 2x miles per $1 spent
  • 5x miles on hotel and rental car bookings through the issuer
  • Issue employee cards for free
Pros
  • No foreign transaction fees
  • TSA Pre✓® or Global Entry application fee credit
Cons
  • You’ll pay an annual fee after the first year
  • Doesn’t offer interest-free financing
  • Airport security screening reimbursement: Either a $100 statement credit for Global Entry or an $85 statement credit for TSA Pre✓® once every four years.
  • Purchase assurance:  Most purchases made entirely with your card are covered if damaged or stolen within 90 days from the date of purchase. Coverage is limited to $10,000 per claim and $50,000 per cardholder account per 12 month period.
  • Extended warranty coverage: Doubles the original warranty time period and duplicates the coverage of the original manufacturer’s warranty up to a maximum of 12 months on most items you purchase. 
  • Travel medical emergency assitance: Provide referrals to medical services if you have a medical emergency while traveling. You’re covered if you’re 100 or more miles away from home and from the day you leave until midnight of the 60th day of your trip, or the day you return to your city of residence, whichever is sooner.

Bottom Line

The Southwest Rapid Rewards® Premier Business Credit Card is best for business owners who frequently travel with Southwest Airlines and want to enjoy travel perks. This business credit card allows you to earn rewards that can be redeemed for free flights. If you think this card is not right for you, visit our credit card marketplace to find other top business credit cards.

About the Author

Benilyn Formoso - Suralta

Benilyn Formoso-Suralta is a staff writer at Fit Small Business focusing on finance, accounting, and Small Business Loans. She brings with her 12 years of experience as a banking officer with the Bank of the Philippine Islands with expertise in consumer banking, real estate sales, and foreign exchanges.

@benilynformoso

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