Southwest currently has a 50,000 point promo for the Southwest Airlines® Rapid Rewards® Premier Credit Card. Card applicants* can get 50,000 points after you spend $2,000 on purchases in the first 3 months of opening your account. You can redeem 50,000 points directly for airfare with unlimited rewards seats and no blackout dates, or also for $250 in Amazon.com gift cards. Here are the highlights:
- Earn 50,000 points after you spend $2,000 on purchases in the first 3 months your account is open
- Named 2015 Freddie Award Winner for Best Loyalty Credit Card
- NEW – Chip-enabled cards with 24/7 fraud monitoring
- Points Don’t Expire, No Blackout Dates, Bags Fly Free®
- 2 points/$1 spent on Southwest Airlines® purchases and participating Hotel and Car Rental partners
- 1 point/$1 spent on all other purchases
- 6,000 points after your Cardmember Anniversary
* Had this card before? You can get the bonus again if it has been 24 months since you got your last bonus:
This new cardmember bonus offer is not available to either (i) current cardmembers of this consumer credit card, or (ii) previous cardmembers of this consumer credit card who received a new cardmember bonus for this consumer credit card within the last 24 months.
Value of Southwest Rapid Rewards points. Before April 17th, 2015, the redemption ratio for points was set at 70 points = $1 worth of Wanna Get Away airfare, which meant you get 1.43 cents of value per point. But then they made this announcement which applies after April 15, 2015:
We created Rapid Rewards® because we think you deserve to actually feel rewarded. And, from time to time we must make some updates to our program. Beginning April 17, 2015, the number of Rapid Rewards Points needed to redeem for certain flights will vary based on destination, time, day of travel, demand, fare class, and other factors. However, there are still many flights which will stay at the current redemption rate. And don’t forget that when fares go on sale, so do the points needed for redeeming for a reward flight on those fares.
In practice, many flights are still available at around the previous 70 points = $1 worth of Wanna Get Away airfare (1.43 cents per point), but many are now either cheaper or more expensive. Based on a few searches, you can find rewards redemptions between 1.2 and 1.7 cents per point. At the lowest value, that would make 25,000 points worth $300 in Wanna Get Away airfare, broken up into however many flights you wanted. I would use this conservative value myself, even though you could potentially get more value than that.
Another lower boundary would be gift card redemptions. You can still redeem 5,000 points for a $50 a Amazon.com or Wal-Mart gift certificate. That makes 50,000 points still worth $500 in Amazon or Wal-Mart gift cards.
Companion Pass. One of the neater feature of the Rapid Rewards program is the Companion Pass.
Your spouse, your best friend, or maybe your mother. Whomever you choose, your Companion can fly with you when you have Companion Pass status. Simply fly 100 qualifying one-way flights or earn 110,000 Qualifying Points in one calendar year.
Besides a lot of purchases on a Southwest credit card or flying on Southwest Airlines, the small business version of this card also has a 50,000 point bonus. Points earned from Southwest Airlines Rapid Rewards Credit Cards count:
“Companion Pass Qualifying Points” are earned from your revenue flights booked through Southwest Airlines, your points earned on Southwest Airlines Rapid Rewards Credit Cards, and your base points earned from Rapid Rewards Partners.
All those points will also be worth a good chunk of free flights for the non-Companion.
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