The Southwest credit card balance transfer offer gives you 1 point per $1 transferred – up to $10,000 or $15,000, depending on the card – but requires you to pay a balance transfer fee of 5% (min. $5) plus interest at a rate of 17.74% to 24.74%, depending on creditworthiness. There is no 0% introductory APR with a Southwest credit card balance transfer.
The Southwest credit cards’ balance transfer offer is unique in that you earn rewards. Don’t let that sway you too much, though. Southwest points are worth around 1.5 cents each. So transferring a $10,000 balance would get you about $150 in rewards. But you’d have to pay a transfer fee of $500 in the process. That means doing a Southwest credit card balance transfer just to earn rewards would be a money-losing scheme.
All in all, the best type of Southwest credit card balance transfer is when you’re transferring a balance from a Southwest credit card to a 0% balance transfer card. A lower rate can save you much more than Southwest’s balance transfer rewards.
Here is more on Southwest credit card balance transfers:
- Balance transfers, including fees and interest, cannot exceed $15,000 or your available credit limit, whichever is less.
- The Southwest credit cards’ balance transfer APR is APR 17.74% - 24.74% (V), depending on your creditworthiness.
- You earn 1 point for every $1 transferred, up to $15,000 with Premier and Southwest’s business credit cards or $10,000 with the Plus card. Transfers must be completed within 90 days of account opening to be eligible.
- It may take up to three weeks to set up a new account and process any balance transfers. Keep paying your original lender in the meantime.
The Southwest Airlines credit cards accept balance transfers from other credit cards (except those issued by Chase), car loans, student loans, personal loans and more. The Southwest Rapid Rewards Premier and Plus cards offer plenty of incentives for airline travelers. There’s a 40,000-point sign-up bonus, free annual frequent-flyer points and 2 points per $1 on Southwest Airlines purchases. But if you’re interested in balance transfers with a low APR, there are cards out there better for that purpose.
For airline cards, the Barclaycard Arrival Plus has a 12-month, 0% APR on balance transfers with a 3% transfer fee. Good general balance transfer cards include the Chase Slate, which offers 0% for 15 months and does not charge a transfer fee. The Citi Simplicity Card gives you 21 months, interest free on balance transfers, but there’s a 5% transfer fee.