Southwest Rapid Rewards® Premier Business Credit Card Review

The Southwest Rapid Rewards® Premier Business Credit Card is best for owners who primarily fly Southwest Airlines. It offers ongoing rewards on Southwest purchases, but is most valuable when used to earn free airfare for a companion traveler. The annual fee is $99, and you’ll pay an ongoing APR as low as 17.49%.

The best business cards for travel pay up to 5x points on travel spending. This co-branded Chase business credit card offers a lower return on travel spending than the best cards. However, its real value lies in how it can help you earn a companion pass. This perk could save you hundreds or thousands of dollars in flight costs annually. After assessing its costs and benefits, we give the Southwest Rapid Rewards® Premier Business Credit Card 4 out of 5 stars.

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How We Evaluated the Southwest Rapid Rewards® Premier Business Credit Card

We evaluated all aspects of the Southwest Rapid Rewards® Premier Business Credit Card. It offers ongoing rewards on Southwest Airlines purchases as well as on hotel and rental car partners. It also offers ongoing annual bonuses that could help you achieve elite status on the airline.

We considered the following criteria when grading this business credit card:

• Ongoing rewards: The points you’ll earn by using the Southwest Rapid Rewards® Premier Business Credit Card. You’ll earn 2x points on all Southwest purchases and on hotel and rental car partners. Compare that return with the best small business credit cards.
• Introductory rewards: The points you’ll earn by reaching minimum spending requirements over the first few months of card ownership. The Southwest Rapid Rewards® Premier Business Credit Card offers 60,000 bonus points after you spend $3,000 within the first three months.
• Annual fee: How much you’ll pay each year to own the card. Southwest Rapid Rewards® Premier Business Credit Card charges a $99 annual fee.
• Additional benefits: Whether the card comes with free perks that may increase its value. This Chase business credit card offers free perks like lost luggage reimbursement and baggage delay insurance.
• Introductory APR: Whether the card offers a period of no-interest financing on purchases or balance transfers. The Southwest Rapid Rewards® Premier Business Credit Card offers no introductory APR.
• Ongoing APR: How much it will cost to finance purchases on the card. This card charges an ongoing APR as low as 17.49%.

Other travel rewards credit cards, like the American Express Business Platinum Card®, offer higher rewards for Southwest flight purchases. However, the Southwest Rapid Rewards® Premier Business Credit Card still has real value. The introductory rewards will get you more than halfway to the 110,000 points you’ll need to earn a companion pass. The pass allows you to bring one person with you on a flight for free when you purchase a ticket.

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

The Southwest Rapid Rewards® Premier Business Credit Card is best for owners who frequently fly Southwest Airlines. You’ll earn rewards on Southwest purchases that can be redeemed for free airfare.

This is the only business card that can help you quickly earn benefits offered by the airline’s loyalty program, including a companion pass and elite status. Elite status, or A-List status, includes priority boarding and a 25% earning bonus on flights you purchase using this card.

Southwest Rapid Rewards® Premier Business Credit Card Costs

The Southwest Rapid Rewards® Premier Business Credit Card charges a high ongoing APR, even for a travel rewards credit card. Travel cards often charge above-average APRs to help pay for rewards and perks. If you have to carry a balance, choose a travel rewards card with a significantly lower APR, like the Bank of America® Business Advantage Travel Rewards World Mastercard®, which charges an ongoing APR as low as 12.99%.

Financing costs and fees on the Southwest Rapid Rewards® Premier Business Credit Card include:

• Introductory APR: None
• Ongoing APR: 17.49% to 24.49%, which will adjust with the prime rate
• Annual fee: $99
• Balance transfer fee: Either 5% of the amount of the transfer or $5, whichever is greater
• Foreign transaction fee: None
• Cash advance fee: 5% of the advance or $15, whichever is greater
• Late payment fee: $39
• Returned payment fee: $39
• Penalty APR: 29.99% if you fail to make a payment by the due date or make a payment that is returned; the penalty APR may apply indefinitely

Unlike other co-branded airline credit cards, this Chase business credit card doesn’t waive its annual fee the first year. Both the CitiBusiness® / AAdvantage® Platinum Select® World Mastercard® ($99 annual fee) and the United^SM Explorer Business Card ($95 annual fee) waive their annual fees during the first year.

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 weight ongoing rewards, introductory rewards, and additional features heaviest. We also take into account the annual fee, introductory no-interest period, and ongoing APRs. This Southwest Airlines card suffers in our ratings because it offers no 0% APR period.

We graded the Southwest Rapid Rewards® Premier Business Credit Card using the following methodology:

Based on our 5-star rating system, where 20 points equals 1 star, the Southwest Rapid Rewards® Premier Business Credit Card would need a no-interest period or improve its ongoing rewards to earn more than 4 stars. In cases where cards receive perfect scores in most categories, we may award bonus points to boost the card’s rating.

This co-branded Chase business credit card offers a lower return on travel spending than the best travel rewards credit cards. But its real value lies in how it can help you earn a companion pass, which could save you hundreds or thousands of dollars in flight costs annually. In comparison, Chase Ink Business Preferred^SM offers 3x points on all travel spending.

How to Avoid Paying Interest on the Southwest Rapid Rewards® Premier Business Credit Card

Your payment due date is at least 20 days after you receive your bill. Pay your balance in full by the due date to avoid interest charges. This card doesn’t carry a minimum interest charge.

The potential due date on the Southwest Rapid Rewards® Premier Business Credit Card could be shorter than other cards, like the Platinum Delta SkyMiles® Business Credit Card, which has a payment due date at least 25 days after the close of the business cycle.

Southwest Rapid Rewards® Premier Business Credit Card Rewards

The Southwest Rapid Rewards® Premier Business Credit Card offers bonus category rewards on Southwest flights and on purchases at partner hotels and rental car agencies. You’ll also earn ongoing points toward qualifying for elite status in Southwest’s loyalty program, an annual bonus, and introductory rewards worth at least $600 in travel.

You’ll earn the following introductory and ongoing rewards for using your card:

Introductory Rewards

You’ll earn 60,000 points when you spend $3,000 within the first three months after account opening. The introductory rewards on the Southwest Rapid Rewards® Premier Business Credit Card are very good.

You’ll earn more than the Capital One® Spark® Miles for Business, which offers 50,000 miles when you spend $4,500 within three months. The Chase Ink Business Preferred^SM card offers one of the best introductory bonuses—80,000 points after you spend $5,000 in three months.

Ongoing Rewards

You will earn the following ongoing rewards when using the Southwest Rapid Rewards® Premier Business Credit Card:

• 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
• 2 points at participating Rapid Rewards hotel and rental car partners
• 1 point on all other purchases
• 6,000 bonus points each account anniversary
• 1,500 tier-qualifying points for each $10,000 in purchases, up to $100,000 in purchases annually

You’ll earn higher rewards on airfare purchases with the Chase Ink Business Preferred^SM card (3x points). Those points are directly transferable to Southwest’s frequent flyer program or can be used to book flights on other airlines through the Chase travel portal. The United^SM Explorer Business Card also offers annual bonus points, but you’ll have to make at least $25,000 in purchases each calendar year to earn 10,000 points.

This Southwest business credit card’s tier-qualifying points can be used to qualify for Rapid Rewards A-List or A-List Preferred status. You can qualify for A-List status by flying 25 one-way qualifying flights or earning 35,000 tier-qualifying points per calendar year. You’ll need to fly 70 flights or earn 70,000 points to qualify for A-List Preferred status. The American Express Platinum Delta SkyMiles® Business Credit Card offers a similar program for earning status.

Southwest Rapid Rewards® Premier Business Credit Card Companion Pass

This card’s best features is perhaps the ability to earn a companion pass. You’ll receive a companion pass when you earn 110,000 points during a calendar year through card purchases or introductory rewards. You’ll also earn a pass by flying 100 qualifying one-way flights.

The companion pass allows you to bring one person with you on any Southwest flight on which you purchase a ticket, and is valid for the remainder of the year in which you earn it and the following calendar year. You’ll be responsible for taxes and fees from $5.60 each way.

Other travel rewards credit cards or frequent flyer programs offer companion passes, but none are as generous. The Alaska Airlines Visa® Business credit card, for example, offers one companion fare each year on your account anniversary. It’s good for a single flight, but you’ll have to pay at least $121 for the ticket.

Rewards Restrictions

The Southwest Rapid Rewards® Premier Business Credit Card won’t pay rewards for the following:

• Balance transfers (with the exception of the first 90 days)
• Cash advances, travelers checks, foreign currency, or money orders
• Wire transfers
• Lottery tickets, casino gaming chips, race track wagers, or similar betting transactions
• Interest and fees of any kind, including an annual fee
• Unauthorized or fraudulent charges

All of this card’s rewards restrictions are fairly standard compared with other small business credit cards, except for how it handles balance transfers. During the first 90 days after account opening, you’ll earn one point for each dollar transferred from another credit card account, up to $15,000. No other small business credit card that we’ve reviewed offers rewards on balance transfers.

Chase will transfer rewards points and tier-qualifying points from your credit card account to your Rapid Rewards account monthly. Your points will not expire as long as your credit card account is open or you earn points on your Rapid Rewards account at least once every 24 months.

How to Redeem Your Rewards

You can redeem Rapid Rewards 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 destination, time, day of travel, demand, and fare type. You’ll be responsible for paying all taxes and fees levied by the government on plane tickets.

Redeeming on Southwest is straightforward, more so than on most other carriers. All flights show the cost to fly in points and in U.S. currency. We looked at flights from Los Angeles to Chicago and found one-way fares for as low as 11,877 points or $187.

Frequent flyer programs and redeeming airline miles can be confusing. The J.D. Power 2018 Airline Loyalty Program Satisfaction Study measured program member satisfaction based on earning and redeeming rewards, program benefits, account management, and member communication. Southwest’s program ranked second among six airlines ranked.

Southwest Rapid Rewards® Premier Business Credit Card Additional Features

The Southwest Rapid Rewards® Premier Business Credit Card offers several travel and purchase protections common to small business credit cards, like extended warranty protection. It also offers coverage a smaller number of cards offer, like baggage delay insurance and lost luggage reimbursement. In general, however, this card offers fewer benefits than other co-branded airline cards, like the United^SM Explorer Business Card.

This Southwest business credit card includes the following additional benefits:

Southwest Rapid Rewards® Premier Business Credit Card Baggage Delay Insurance

If your checked baggage is delayed or misdirected by a carrier for more than six hours, you’re eligible for a $100 per day benefit for up to three days. The coverage is limited to purchases of essential items like clothing, toiletries, and charging cables for cell phones. The cardholder and the cardholder’s immediate family are eligible for coverage.

What’s Excluded From Southwest Rapid Rewards® Premier Business Credit Card Baggage Delay Insurance

The following coverage exclusions apply:

• Contact lenses, eyeglasses, or hearing aids
• Artificial teeth, dental bridges, or prosthetic devices
• Tickets, documents, money, securities, checks, travelers checks, and valuable papers
• Jewelry and watches
• Cameras, video recorders, cellular telephones, and other electronic equipment

The exclusions on this card’s baggage delay protection are similar to what other cards with this type of coverage exclude.

Southwest Rapid Rewards® Premier Business Credit Card Lost Luggage Reimbursement

If your checked or carry-on luggage is lost or damaged while on a flight or traveling with another covered carrier, like a passenger train, you’re eligible for reimbursement of up to $3,000 for each covered person. That coverage includes a $500 maximum benefit for jewelry, watches, cameras, video recorders, and other electronic equipment. Loss of papers, money, or tickets isn’t covered. The cardholder and immediate family members are eligible for coverage.

This type of coverage is nearly identical to what the CitiBusiness® / AAdvantage® Platinum Select® World Mastercard® offers, although that card’s benefit is capped at $10,000 per trip, regardless of how many covered travelers file claims.

Southwest Rapid Rewards® Premier Business Credit Card Purchase Protection

Chase may repair, replace, or reimburse for items purchased with your 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.

What Purchases the Southwest Rapid Rewards® Premier Business Credit Card Covers

Items stolen or damaged or that “in which the item’s location is known but recovery is impractical to complete” will be covered by this protection. This coverage is similar to what other small business credit cards that offer purchase protection cover.

What Purchases the Southwest Rapid Rewards® Premier Business Credit Card Excludes

The following purchases with this Southwest business credit card are not covered:

• Animals and living plants
• Antiques or collectible items
• Boats, aircraft, automobiles, and any other motorized vehicles
• Computer software
• Items purchased for resale
• Items that are lost or that vanish in an unexplained manner without evidence of a wrongful act
• Items under the care and control of a common carrier like the U.S. Postal Service or an airline
• Jewelry and watches stored in checked baggage
• Theft or damage resulting from abuse, fraud, hostilities of any kind, confiscation by the authorities, risks of contraband, illegal activities, normal wear and tear, flood, earthquake, radioactive contamination, or damage from inherent product defects
• Medical equipment
• Perishables or consumables
• Real estate
• Rented or leased items
• Traveler’s checks, cash, tickets, credit or debit cards, and any other negotiable instruments
• Used or pre-owned items

Business credit cards that offer this coverage typically limit coverage to either 90 or 120 days after purchase. The Southwest Rapid Rewards® Premier Business Credit Card offers a longer coverage window than Capital One® Spark® Miles for Business. Exclusions here are common across small business credit cards.

Southwest Rapid Rewards® Premier Business Credit Card 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. You must have charged some portion of the purchase to your card or used reward points to make the purchase. Some purchases are not covered, including motorized vehicles and items purchased for resale.

What Southwest Rapid Rewards® Premier Business Credit Card Extended Warranty Protection Covers

Extended warranty protection covers eligible items with a valid original manufacturer-written U.S. repair warranty of three years or less. This is a smaller window of additional coverage than some other small business credit cards offer. American Express Blue Business℠ Plus, for example, offers two years’ extra warranty protection if the original manufacturer’s warranty is between two and five years.

What Southwest Rapid Rewards® Premier Business Credit Card Extended Warranty Protection Excludes

The following purchases with this Southwest business credit card are not covered by extended warranty protection:

• Boats, automobiles, aircraft, and any other motorized vehicles
• Any costs other than those specifically covered under the terms of the original manufacturer’s written U.S. repair warranty
• Items purchased for resale
• Computer software
• Medical equipment
• Real estate
• Rented or leased items
• Used or pre-owned items

These exclusions to this card’s extended warranty protection are similar to what other cards that offer warranty protection exclude.

Adding Southwest Rapid Rewards® Premier Business Credit Card Employee Credit Cards

Although the Southwest Rapid Rewards® Premier Business Credit Card charges a $99 annual fee, you may add employee credit cards at no cost. Most small business credit card issuers charge no fee on employee credit cards, even if the primary card carries an annual fee. Chase does not limit the number of employee cards you can get, but says you should consider a corporate credit card if you need more than 100.

What the Southwest Rapid Rewards® Premier Business Credit Card Is Missing

The Southwest Rapid Rewards® Premier Business Credit Card offers lower rewards on airfare than other small business credit cards, like the American Express® Business Gold Card. That card offers 4x points on airfare booked directly with a commercial carrier. This also isn’t a good card if you carry a balance because the ongoing APR is quite high. If you think you won’t be able to pay your bill in full each month, consider a 0% APR business credit card.

Southwest Rapid Rewards® Premier Business Credit Card Reviews

We searched the internet for Southwest Rapid Rewards® Premier Business Credit Card user reviews. Users love that introductory rewards count toward earning a companion pass, the most valuable perk this card offers. Some users are disappointed the card doesn’t offer ongoing bonus rewards for spending not related to travel. You’ll earn just one point per dollar on everyday spending.

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

Before opening a business credit card, learn what you need to do to prepare. Apply for the Southwest Rapid Rewards® Premier Business Credit Card online either through Chase or Southwest Airlines by filling out a basic application. You’ll need to provide both business and personal information, like your Social Security number and business address.

You may be approved instantly. If you’re not, check your application status online if you’re an existing Chase customer; otherwise, call 800-453-9719. If you’re approved, you’ll receive your card in the mail within seven to 10 days.

How to Log In to Your Southwest Rapid Rewards® Premier Business Credit Card Account

Log in to your Southwest Rapid Rewards® Premier Business Credit Card account by providing your user ID and password. You can also contact customer service from the number on the back of your card.

Other Chase Business Credit Cards

Chase offers five other business credit cards, all of which offer rewards. Some cards are partner cards that reward you for airline travel expenses. The others offer points or cash back on all purchases. You may consider a different Chase card if you don’t frequently fly Southwest Airlines or your business spending favors other cards’ rewards categories.

The other Chase small business credit cards include the:

• Chase Ink Business Preferred^SM: This card is best for businesses with large travel budgets. You’ll earn 3x points on the first $150,000 spent in combined purchases on travel, shipping, internet, cable and phone services, and advertising purchases each account anniversary year. You’ll pay a $95 annual fee.
• Chase Ink Business Cash^SM: This card is best for owners with big office supply expenses. You’ll earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, cellular phone, and landline services each account anniversary year. You’ll pay no annual fee.
• Chase Ink Business Unlimited^SM: This card is best for owners who don’t want to track bonus category spending. You’ll earn 1.5% cash back on all purchases. You’ll pay no annual fee.
• United^SM Explorer Business Card: This card is best for owners who frequently use United Airlines for business travel. It pays 2x miles on United purchases and at restaurants, gas stations, and office supply stores. You’ll pay a $95 annual fee, waived the first year.
• United MileagePlus Club Business Card: This card is best for heavy travelers who primarily fly United Airlines. It pays 2x miles on United purchases and 1.5x miles on everything else. You’ll also receive free access to United Clubs and two free checked bags per flight. The annual fee is $450.

Alternatives to the Southwest Rapid Rewards® Premier Business Credit Card

Other travel rewards credit cards may offer better rewards or perks, like airport lounge access, than the Southwest Rapid Rewards® Premier Business Credit Card. You should also consider a card that offers rewards on all flights, no matter the carrier.

3 Alternatives to the Southwest Rapid Rewards® Premier Business Credit Card

The information related to the United^SM Explorer Business Card and the United MileagePlus Club Business Card has been collected by fitsmallbusiness.com and has not been reviewed or provided by the issuer of these cards.