Update: This offer for the Southwest Rapid Rewards® Premier Credit Card has expired. Learn more about the current offers here.
Since January, Chase has been offering a 50,000 point sign-up bonus after spending $2,000 within three months on their co-branded Southwest Airlines® Rapid Rewards® Premier Credit Card.
Anyway just a quick heads up that this offer will be expiring in a couple of days, so if you’ve been eying it you’ll want to apply very soon. In fairness, Chase has run this offer with at least some frequency the past year or so, so I wouldn’t be surprised to see it return fairly soon. So this isn’t a total “use it or lose it” offer, since this is their “standard” increased sign-up bonus.
Southwest has a revenue based frequent flyer program, and presently you have to redeem 60 points per dollar of airfare on “Wanna Get Away” fares. On March 31, 2014, they’ll be devaluing their program by ~15%, and you’ll instead need to redeem 70 points per dollar of airfare.
That means under the current program 50,000 points is enough for ~$833 worth of airfare, while starting March 31, 2014, it’ll be enough for ~$714 worth of airfare. Since it’s already March, if you apply now, chances are you’ll get your points after March 31.
Still, $714 worth of airfare (minus a $99 annual fee) is still not bad just for applying for a credit card and meeting the minimum spend.
In January I even wrote about why I’m applying for the Southwest Visa, which I’ll hopefully be doing in the next couple of days.
Also keep in mind that if you rack up 110,000 points in a year you’ll earn Companion Pass with Southwest, which allows someone else to travel with you for the entire year. This is really one of the most compelling values in the airline industry, and frankly I’m amazed that they still offer it given just how generous it is. Now’s a great time to get the card, since the Companion Pass status you earn would be valid through 2015. I’d argue this is possibly the single biggest value that can be had from the card.