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If you're hoping to travel more this year, one of the Southwest Rapid Rewards cards could be just the ticket -- or rather tickets.Â
The Southwest Rapid Rewards® Plus, Premier and Priority Consumer Credit Cards from Chase are offering 85,000 Rapid Rewards points after spending $3,000 within the first three months of account opening through June 26, 2024. According to Chase, this bonus is potentially worth three round trips in the US.
Here's what you need to know before you apply.
Which is the best Rapid Rewards card?
There are three Southwest Rapid Rewards cards that can help you earn the new bonus: Southwest Rapid Rewards® Plus Credit Card, Southwest Rapid Rewards® Premier Credit Card and the Southwest Rapid Rewards® Priority Credit Card. Each carries an annual fee -- $69, $99 and $149 respectively.Â
Despite charging the highest annual fee, the Southwest Rapid Rewards Priority card will likely provide the greatest value.
It offers up to $75 in Southwest travel credits each year, 25% back on inflight purchases, 7,500 bonus points on each card anniversary and four upgraded boardings per year when available -- the most out of any of the three Southwest cards.
However, if you're simply looking for a card that lets you earn the welcome offer and has the lowest annual fee card, the Southwest Plus card could be worth it. Though, compared with other options, it doesn't offer much beyond its current welcome offer.
How to earn a welcome bonus
Earning a welcome offer with a credit card is pretty straightforward -- the purchases you make with the card go toward the welcome bonus' threshold. After you reach that amount, the welcome bonus should be added to your account.
For example, when I earned the Chase Sapphire Preferred® Card's welcome bonus, it was added to my account the following statement period.
However, keep in mind any overspending you do outside of your planned budget will impact the value you get from the bonus.Â
If you charge $3,000 to your card and can't pay it off right away, that balance will accrue interest according to the card's annual percentage rate. The interest charges you'll pay could wipe out the value of your rewards.
It's best to either account for the spending you'll need to do ahead of time or try to reach the threshold with your typical spending habits.
A good way to earn a welcome bonus (and the way I earned mine) is to put all of the spending for a planned trip onto the card. Dining, lodging and experiences can go a long way toward earning a card's welcome offer.
The bottom line
These welcome bonuses could make it worth applying for a new card. However, you should first make sure you can safely spend $3,000 in three months, so at least $1,000 in spending monthly.
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It’s a good plan to either have that money already set aside so you can pay off your purchases right away or to work $1,000 into your monthly budget.
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Each card also carries an annual fee, so you’ll want to account for the fee in your annual spending or ensure that you can get enough value from the card to cover the cost.
