On Jan. 9, 2020, Chase introduced that the introductory provide on all three private Southwest bank cards will enhance to 75,000 Fast Reward Factors. The frequent flyer program of Southwest Airways is named Fast Rewards.
The three bank cards with this elevated welcome provide are:
Southwest Fast Rewards® Plus Credit score Card (Annual price: $ 69)
Southwest Fast Rewards® Premier Credit score Card (Annual price: $ 99)
Southwest Fast Rewards® Precedence Credit score Card (Annual price: $ 149)
Earlier provide on all three playing cards: Earn 40,000 factors after you spend $ 1,000 on purchases within the first three months your account is open.
New provide on all three playing cards: Earn 40,000 factors after spending $ 1,000 on purchases within the first three months. Earn a further 35,000 factors after spending a complete of $ 5,000 on purchases within the first 6 months the account is open.
Whereas the preliminary a part of this bonus is identical as earlier than, you’ll have to spend an additional $ 4,000 to earn the incremental 35,000 Fast Reward factors. Importantly, this bonus provide nonetheless counts towards the Companion Go, which is a superb perk that means that you can choose a companion to fly with you free of charge on a income or award ticket (after paying taxes and charges).
A Companion Go is awarded after incomes 125,000 factors, so you’ll nonetheless have to earn a further 45,000 Fast Reward factors after qualifying for this sign-up bonus.
That stated, let’s check out why Southwest Fast Reward factors present some helpful redemptions and what you are able to do to maximise your elevated rewards.
Fast Rewards fundamentals
NerdWallet at the moment values Fast Rewards factors at 1.7 cents apiece, Relying on the way you redeem your factors, you’ll be able to anticipate to extract a worth of 1.5 cents to three cents per mile on Southwest’s Wanna Get Away fares, Since Southwest primarily flies domestically, you’ll seemingly by no means see the very excessive cents-per-mile values that we generally get with worldwide premium cabin awards on different carriers.
In contrast to many airways, Southwest doesn't use an award chart. Much like JetBlue, the variety of factors required for a Southwest award flight is tied to the income value of the ticket (excluding sure charges which can be charged on income tickets however not on award tickets).
What’s the welcome bonus value?
After assembly the $ 5,000 minimal spend to earn the complete bonus, you’d find yourself with not less than 80,000 Southwest Fast Reward factors (75,000 from the sign-up bonus plus 5,000 from spending you needed to full to earn it).
Assuming you may redeem on the low finish of NerdWallet’s valuation for 1.5 cents per level, these 80,000 factors are value $ 1,200 in flights. If you happen to finally earn the Companion Go, these factors develop into much more profitable.
Chicago to Fort Lauderdale
Need to get away from the chilly for an extended weekend in January? A nonstop round-trip flight from Chicago-Halfway to Fort Lauderdale prices 19,095 factors + $ 11.20 in taxes.
If you happen to had been to pay in money and snag a Wanna Get Away fare, that very same ticket would set you again $ 292.
This redemption will get you nearly 1.5 cents per level; should you redeemed all of your factors equally, the introductory bonus can be value 4 round-trip flights.
New York to Denver
If you happen to just like the chilly and are contemplating a ski journey, you may e book a round-trip award ticket from New York-LaGuardia to Denver throughout peak ski season for 11,476 factors + $ 11.20 in taxes.
The identical flight prices $ 187 if paid in money.
Utilizing factors once more ends in a 1.5 cent per mile valuation, however the cheaper flight means your welcome bonus might be value seven comparable round-trip flights.
Distinctive Southwest advantages
Though a redemption worth of 1.5 cents per mile can appear low, lots of Southwest’s worth is derived from its particular perks. Right here’s what we imply:
1. No cancellation charges on award or income tickets
So long as you cancel your ticket not less than 10 minutes earlier than departure, you may get a refund (or credit score towards a future flight), whether or not you paid in money or factors. Southwest successfully treats tickets like they’re refundable, which is a way more versatile coverage than you’ll discover on different main U.S. airways.
Delta Air Traces, for instance, fees a $ 200 cancellation price (relying in your standing degree) on nonrefundable tickets if the ticket is canceled after 24 hours of reserving. As well as, Delta fees non-elite flyers a $ 150 award redeposit price, and tickets canceled lower than 72 hours from departure are nonrefundable. American Airways and United Airways additionally cost excessive cancellation charges for nonrefundable tickets. To keep away from these charges, you'd have to buy a refundable financial system ticket, which in lots of instances is extraordinarily costly.
2. Two free checked luggage
Even with out elite standing, Southwest means that you can verify as much as two luggage free of charge (as much as 50 kilos). As well as, it’s also possible to deliver a small private merchandise and a carry-on bag. Comparatively, for non-elite flyers on home financial system tickets, Delta, United and American all cost $ 30 for the primary and $ 40 for the second checked bag, respectively. Carry-on luggage are allowed on some tickets, however not on probably the most restrictive (e.g. primary financial system). This Southwest perk is a giant cash saver should you prefer to journey with checked baggage.
In case your alternative is between flying with the main U.S. carriers or Southwest, the flexibleness of canceling a ticket with Southwest together with two free checked luggage is motive sufficient to present Southwest an opportunity.
Whenever you incorporate these two distinctive advantages, your Southwest factors can develop into much more helpful than a easy 1.5 cents per mile.
The underside line
The limited-time introductory provide of 75,000 factors on all three Southwest bank cards ends in a redemption worth of $ 1,200 as soon as the minimal spend is met. If you happen to can earn the Companion Go, that redemption worth will increase significantly.
Given Southwest’s wonderful cancellation coverage and beneficiant baggage allowance, flying on Southwest could be preferable to flying on financial system with one of many legacy carriers, particularly should you don’t have elite standing. If you happen to reside in a metropolis serviced by Southwest, now’s definitely an excellent time to contemplate making use of for a Southwest bank card.
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