Southwest's top-tier credit card, the Rapid Rewards Performance Business Card issued by Chase, carries a $299 annual fee and is currently offering 80,000 bonus points after $5,000 of spending in the first three months. At a rough valuation of 1.2 cents per Rapid Rewards point, that welcome offer is worth around $960 in airfare. But the real urgency is a rule change: from 1 January 2027, credit card welcome bonuses will no longer count toward Southwest's famous Companion Pass, so bonuses earned before the end of 2026 are the last ones that do.
The Companion Pass is one of the best deals in US travel. Earn 135,000 Rapid Rewards points in a calendar year and a designated companion flies with you for free (taxes only) for the rest of that year and the following one, on both cash and award tickets. You can even swap companions up to three times a year. Historically, card welcome bonuses, anniversary points and referral bonuses have all stacked toward the 135,000-point threshold. From 2027, qualification shifts to earning 140,000 Tier Qualifying Points or 100 qualifying flights, tied to a revamped three-tier status programme (Silver, A-List's successor, and a new top Platinum tier that includes unlimited Companion Pass travel).
So what does $299 a year buy? Frequent Southwest flyers get a first checked bag free for themselves and up to eight passengers on the same reservation, which matters now that bags cost $45 each way for non-elite travellers. The card also includes complimentary Preferred seating when available at booking, extra legroom upgrades within 48 hours of departure, boarding no later than Group 5, 25% back on inflight purchases, and 9,000 anniversary points each year, worth roughly $108. Spending earns 4x points on Southwest purchases and 2x at gas stations, restaurants, direct hotel bookings and local transit including rideshare. Every $5,000 spent also earns 2,500 Tier Qualifying Points toward status through the end of 2026, after which all Southwest cards will earn a flat 1 TQP per dollar.
There's no foreign transaction fee, no cost for authorised users, and a statement credit of up to $120 every four years for Global Entry, TSA PreCheck or NEXUS. Eligibility follows the usual Chase rules, including the 5/24 restriction, though business cards often don't count toward it. You're eligible if you don't currently hold this card and haven't earned a bonus on it in the past 24 months; holding Southwest personal cards or the Premier Business card doesn't get in the way.
For travellers, the takeaway is simple: if you fly Southwest regularly, run a small business, and have ever fancied the Companion Pass, applying before 2027 is the only window where a big card bonus fast-tracks you there. Redeem the points on Basic fares for best value, with international routes to places like Costa Rica and Aruba typically offering the strongest redemptions, and remember Southwest award bookings have no change or cancellation fees.
