The
Southwest® Rapid Rewards® Performance Business Credit Card is a good credit card for business owners with
good credit or better who travel regularly and always fly with Southwest Airlines. It’s worth paying the
$299 annual fee because you can earn
1 - 4 points per $1 spent on purchases, plus an initial bonus of
80,000 points for spending $5,000 in the first 3 months. You also get perks like upgraded boarding.
In terms of weaknesses, the
Southwest Performance Business Card is not very good for financing new purchases or balance transfers, thanks to a fairly high APR and balance transfer fee. But you’re probably not interested in the card for those types of things, anyway.
What I Like About the Southwest® Rapid Rewards® Performance Business Credit Card
80,000-point initial bonus
New cardholders can earn
80,000 points for spending $5,000 in the first 3 months. Those points are worth an average of
$1,192 in Southwest airfare, according to our calculations.
This is a pretty good deal. WalletHub’s latest
Credit Card Landscape Report shows that the average credit card with rewards points gives just
35,124 points as an initial bonus.
4 points / $1 spent with Southwest Airlines
This card’s maximum rewards rate of
4 points / $1 applies to Southwest Airlines purchases, as you might expect. This does not include Southwest flights booked through third-party booking sites, however. You need to book directly through Southwest.
2 points / $1 spent on everyday purchases
This part of the
Southwest Performance Business Card rewards package applies to gas station and restaurant purchases, hotel stays booked directly with the hotel, and local transit and commuting, including rideshare. There is no limit to the amount of rewards you can earn.
1 point / $1 spent on all other purchases
This is a standard base rewards rate for a credit card. But Southwest points are
worth more than standard credit card points, so you still come out ahead with this card.
First checked back free and boarding benefit
Cardmembers and up to 8 companions on the same reservation can check their first bag for free and will board with Group 5.
$0 foreign transaction fee
If you travel abroad or make online purchases from foreign merchants, you’ll be pleased to know that using the
Southwest Performance Business Card will save you from foreign transaction fees. Most other credit cards charge at least 3% for purchases processed outside of the U.S.
Up to $120 credit for faster airport screening
Every four years, you can apply for either TSA PreCheck® Global Entry or NEXUS and get a refund of up to $120.
Numerous other perks
From 2,500 tier qualifying points for every $5,000 spent, to in-flight WiFi credits, there are plenty of useful benefits that come with the
Southwest Performance Business Card. Make sure to review the benefits guide that comes with the card if you get approved, so you can take advantage of the full slate of perks.
What I Don’t Like About the Southwest Performance Business Card
$299 annual fee
The
Southwest Performance Business Card’s
$299 annual fee is much higher than average, but it’s still worth paying if you can take advantage of the card’s rewards and other perks. Plus, you can get cards for employee authorized users at no additional cost.
19.24% - 27.74% (V) APR
If you are approved for an account, you will be assigned an interest rate from
19.24% to 27.74% (V), depending on your overall creditworthiness. Unfortunately, you’re probably going to get a rate that’s higher than the business credit card average of
21.03%.
Good credit score requirement
You need at least
good credit personally to qualify for the
Southwest® Rapid Rewards® Performance Business Credit Card. Based on our research, that means you need a credit score of
700 or higher for good approval odds. You can
check your latest credit score for free right here on WalletHub to assess your chances.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
