Southwest Premier Card Review: Is the $149 Fee Worth It for Southwest Flyers?

The Southwest Rapid Rewards Premier Credit Card (Chase-issued) targets travelers who fly Southwest at least a few times a year and want an easier path to free flights and the popular Companion Pass. Here’s what I found it sits between the entry-level plus card and the more premium priority card. At a $149 annual fee, the Premier card now demands stronger justification from value-seekers. The carrot is a solid welcome bonus and anniversary perks tied to Southwest. In the first year, if you fully maximize the bonus (30,000 points ≈ $330 at ~1.1¢/pt) plus extra perks (like the Companion Pass), you could see roughly $300–$500 in value. In later years, however, you must use the annual 6,000-point bonus, DoorDash credits, the 15% flight discount code, baggage savings, and inflight credits to even approach that. Without regular Southwest travel, the fee can easily outweigh the benefits. Our conservative model shows break-even requiring diligent use of every perk.

The Numbers: Is the Annual Fee Worth It?

Using a conservative Southwest point value of about 1.1¢ each (a low-end expert estimate), the $149 fee can be offset by the built-in perks alone. Each year you get 6,000 anniversary points (≈$66), a $40 total DoorDash credit (with activated DashPass), and a 15% off flight promo code (worth around $60 if used on a fair-priced ticket). Simply redeem your 6,000 points ($66) and use all $40 of DoorDash credits and at least $60 of flight discount, and you reach ~$166 in value-exceeding the fee. That’s a relatively easy break-even.

If you skip some perks (no DoorDash or promo code) but check bags on a couple of flights ($35/flight free; $70 round-trip), you’d net ~$126 in saved baggage fees-just under the fee. In practice, mixing inflight drink credits or upgraded seating might push you over. Conversely, if you rarely fly Southwest or ignore the ancillary credits, your real value could be well below the fee.

This analysis assumes full redemption of points for flights (1.1¢ value) and full use of all credits. “Breakage” (unused benefits) will lower returns. But structurally, the card can pay for itself if you treat the anniversary points, DoorDash credits, and codes as real value-anything beyond that’s bonus.

Welcome Bonus: Can You Realistically Earn It?

The Premier card’s current public offer is 30,000 Rapid Rewards points plus a Companion Pass (valid through Feb. 28, 2027) after spending $4,000 in the first 3 months. These points typically post within 8 weeks of meeting the spend requirement. At ~1.1¢/point, 30k points ≈ $330. On top of that, even a few trips under the Companion Pass can easily add hundreds of dollars in savings (a companion flies free for taxes/fees only, typically from $5.60 one-way).

Chase’s terms explicitly note that certain transactions don’t count toward the $4k spend: balance transfers, cash advances, cash equivalents, and fees (including the annual fee) are excluded. In other words, stick to ordinary purchases. As with any new card, monitor your statements to ensure everything posts correctly; if the bonus or pass is missing after 8–10 weeks, call Chase’s bonus fulfillment team.

Worth noting: higher Southwest bonuses have surfaced occasionally. Chase has run offers up to ~85k+ points on personal cards (as of late 2025). If you’re not in a rush and can wait, a higher offer could emerge-but these swings aren’t guaranteed on any schedule.

Finally, be sure you can meet $4k in 3 months with normal spending (and that it won’t hurt your credit utilization). There’s no shortcut around that $4k in 3 mo. If you can meet it comfortably (groceries, bills, rent, etc.), the bonus is achievable. If not, the offer may not be worth pursuing.

Who Is Eligible to Use the Card?

What’s interesting is Chase’s published rules for the Premier card match those of Southwest’s other personal cards. The bonus is unavailable if you currently hold any Southwest personal Rapid Rewards card or if you have received a Southwest personal card new-member bonus in the past 24 months. (Southwest business or employee cards aren’t counted here; having a business card does not disqualify you.) In practice, it means you need to be out of the 24-month “bonus clock” on all Southwest personal cards.

For credit approvals, Chase just says you generally need “good to excellent” credit (around 700+ FICO). Though, in practice, many applicants report denials when over Chase’s unofficial 5/24 threshold. Here’s what I found chase does not offer an official pre-approval for this product, so self-audit your history: check that you meet the above bonus rules and that you haven’t opened too many cards recently. If you’re denied and believe you qualify, calling Chase’s reconsideration line is always an option.

Earning: How You Rack Up Value

The Southwest Premier card’s earning structure is straightforward, but it has some caps and quirks. Per Chase’s terms, you get:

• 3X points on Southwest purchases: This includes flights, in-flight Wi-Fi, drinks, Southwest gift cards, and Southwest Vacation packages. (Excluded from 3X are non-airline items like Southwest Cruises, charters, and cargo freight.)
• 2X points per $1 at grocery stores and restaurants: You earn 2 points per $1 on groceries and restaurants combined, but only on the first $8,000 of such spend per anniversary year. After $8,000, those categories revert to 1X.
• 1X point on everything else: All other purchases earn 1 point per $1.
• 1X on balance transfers: Up to $15,000 in balance transfers within the first 90 days will earn 1 point per $1. (Earning stops after $15k or 90 days.)

As with many co-brand cards, merchant coding can trip you up. Large retailers (warehouse clubs, some supermarkets, etc.) or mixed-category stores might not code as “grocery” or “dining,” meaning you might only get 1X where you expected 2X. If you rely on category bonuses, it’s wise to test a few transactions and watch your statements, or call Chase to verify codes. Also, Chase doesn’t provide a real-time tracker for the $8,000 cap, so heavy grocery/dining spenders must self-monitor to avoid surprises.

Elite Bonuses and Status Credits

Beyond points, the card accelerates loyalty. Currently, you earn 1,500 Tier Qualifying Points (TQPs) toward Southwest A-List status for every $5,000 spent on the card (in practice a high hurdle). There’s no published cap on this spend; any TQPs stack toward A-List or A-List Preferred once you reach Southwest’s thresholds. Keep in mind, the $5k/$1,500 rate is relatively steep compared to the flight-based requirements, so it’s mostly a small aid unless you’re very close to status anyway.

Importantly, the Premier card also grants a 10,000-point Companion Pass boost each year. Specifically, every calendar year the card deposits 10,000 Companion Pass qualifying points into your Rapid Rewards account (by Jan 31). Since you need 135,000 qualifying points for a Companion Pass, that 10,000-point boost can make the final steps a bit easier, especially if you’re near the goal from flights or credit card spend.

Aside from spending, the card itself does not automatically confer any Southwest airline status. Here’s what I found any elite status (A-list, etc.) must be earned via flying or tqp boosts as noted above. The Premier card does, however, count all points earned toward Companion Pass qualification as usual.

Automatic Elite Status

The Premier card offers no automatic Southwest status. All status must come from the earned TQPs above or from flying. Cardmembers don’t jump to A-List or A-List Preferred by virtue of having this card alone.

Benefits: What Matters, What Doesn’t

Southwest-centric perks dominate the Premier card. Here’s a quick grade of the main benefits:

High Value:

• 6,000 Anniversary Points (≈$66): Earned each account anniversary year. These posts automatically and effectively offset a portion of the annual fee. (At 1.1¢/pt, 6,000 pts ≈ $66.)
• Checked Bag:Let me tell you, you (the primary cardmember) and all companions on your reservation get the first checked bag free. (Each bag is normally $35 each way / $70 round-trip in baggage fees, so you “save” up to ~$70 per round-trip flight per person.) In practice, Southwest offers a free first bag even without this card for anyone with ANY Southwest ticket, but having the perk confirmed simply means your Rapid Rewards profile is automatically credited.
• 15% Flight Discount Code: Each year you receive a single-use promo code for 15% off the base fare of one Southwest flight (other than the lowest “Wanna Get Away” fares). Used on a pricier ticket, it can save $30–$60+ off the ticket. (Be sure to apply it at booking-it does not auto-apply.)

Medium Value:

• 25% Back on Inflight Purchases: You receive a statement credit for 25% of any inflight Wi-Fi or drink purchases made with the card. Credits post in 6–8 weeks. If you regularly buy in-flight snacks or Wi-Fi, this can add up (e.g. a $10 extra purchase nets $2.50 back).
• DoorDash DashPass (12 months free): Activate by 12/31/2027 and get 12 months of DashPass (for both DoorDash and Caviar) on us. DashPass provides free delivery on orders and up to $10 off non-restaurant orders each quarter (see next bullet). After the free year, DashPass auto-renews at the then-current rate unless you cancel.
• $10 Off Quarterly on DoorDash: Once you activate DashPass with your card, you get $10 off one non-restaurant DoorDash order each calendar quarter (up to $40 per year in DoorDash credits, with activation and quarterly use). You must log in to the DoorDash app/site, select the offer, and use your Premier card at checkout. Remember to opt in each quarter-any unused $10 does not roll over. Collecting the full $40/year requires proactive use.

Low Value / Unlikely:

• Group 5 Boarding: You (primary cardmember) will board in Group 5 on Southwest (unless you already have a better group by status/fare). In practice, many Southwest fares get complimentary EarlyBird check-in or A-List makes this irrelevant.
• Preferred Seat Selection: Primary cardmember (and up to 8 traveling companions) can choose a “Preferred” seat starting 48 hours before departure (these are the extra-legroom or prime window/aisle seats). This benefit is small unless you place high value on an aisle/window or legroom, and only if seats are still available.
• No Foreign Transaction Fee: there’s no foreign transaction fee on the Premier card . This is standard for a $149 annual fee card and doesn’t distinguish it (Plus at $69 has a 3% fee, Priority also has none).

To maximize value, mark your calendar each anniversary month to redeem your 6,000 points and apply the 15%-off code on a flight. Immediately upon approval, activate the DashPass benefit (and overlay the $10-off-Quarter offers) so you don’t lose them. Use the card for all Southwest purchases. Don’t assume authorized users get these perks-most travel benefits apply only to the primary cardmember’s itinerary (the exceptions like bag fees apply broadly on the reservation).

Protections Deep-Dive

As a mid-tier travel card, the Premier card includes several travel/purchase protections (per Chase’s official benefits guide):

• Lost Luggage Reimbursement: Up to $3,000 per covered person for lost/damaged/stolen baggage on a covered trip. Reimbursement requires filing with the airline’s own insurance first, then Chase covers the remaining loss.
• Baggage Delay Insurance: If your bags are delayed 6+ hours, the card reimburses $100 per day for up to 3 days of emergency purchases (toiletries, clothing, etc.). This helps bridge the gap if luggage is temporarily delayed.
• Extended Warranty: Extends U.S. manufacturer warranties on eligible new items by 1 year (on warranties up to 3 years). Honestly, if an item (tv, appliance, etc.) breaks under warranty within 3 years, you get an extra year of coverage.
• Purchase Protection: Covers eligible new purchases (charged to the card) against damage or theft for 120 days from purchase, up to $500 per item (with an aggregate limit across all claims in the year).

These are solid standard protections. There’s no primary rental car insurance and no trip delay/cancellation insurance on this card. So if those coverages matter, you would rely on other cards or travel insurance.

Is the Card Worth It?

First Year: In year one, the Premier card can definitely pay for itself if you take advantage of everything. The 30,000-point bonus (~$330 value) alone exceeds the $149 fee. Add in using the Companion Pass on at least a couple of trips (the tax/fee savings themselves can exceed the fee), your $40 in DoorDash credits, $66 from anniversary points, and any checked-bag savings, and it’s a net positive for regular Southwest travelers. In short, if you know you’ll fly Southwest 2+ times on paid or points tickets (so the Companion Pass is usable), and you meet the spend, the bonus + perks likely outweigh the fee.

Subsequent Years: After year one, you must re-earn that $149 through use. The truth is, key annual benefits are the 6,000 points ($66), the $40 doordash, and the 15% promo code. If you use all of those and also check at least one bag on two round-trips ($70 total), you can just about hit ~$176 in value. That beats $149, but it requires effort. If you skip a perk (say, forget to activate DoorDash) or only fly once/year (only $35 bag fee saved), you’ll end up in the red. The rule of thumb: treat the 6,000 pts + $40 + 15%-code as real cash value. If you won’t use those, or you rarely fly Southwest, the Premier card is a poor deal.

Runner’s Flow: Are you eligible and planning to fly SW ≥2 round-trip a year? Apply. Can’t meet $4k in 3 mos or won’t use the perks fully? Walk away or get the $69 Plus card instead. Already hold a Southwest personal card? Your bonus should be saved for post-24 months. Frequent SW flyer who values flexible travel perks? The $199 Priority card may give more in the long run (75,000 points arrival + $75 SW credit, 4 upgrades, etc). If all you want is the cheapest sworn involvement and occasional SW trips, the $69 Plus card (no foreign fee) might be the simplest choice.

Poor Fit: If you seldom fly Southwest or dislike hypothetical restrictions (like limited airline), this card’s annual fee will quickly bite you. Also, skip if you can’t use the Companion Pass or just want cash-back style redemption. In those cases, a general travel card (e.g., Chase Sapphire, which earns Ultimate Rewards) will offer more versatile value.

Brief Comparison: Premier vs. Priority vs. Plus

A quick side-by-side of Southwest’s personal cards (2026) shows how Premier stacks up:

Plus is cheap but barebones (no 15% code, only 3k pts/yr, 3% FX fee). Priority (next tier) adds a $75 Southwest credit and 4 Business Select upgrades in addition to slightly better points, which typically makes it better for flying often despite the $199 fee. The Premier is the middle child: it’s worth it if you’ll use about a mid-range level of SW perks, but it can be outclassed by Priority for big flyers or Plus for dabblers.

Combining with Other Cards in the Ecosystem

The Premier card only earns Southwest Rapid Rewards points. It makes sense to pair it with a flexible travel card for non-Southwest spend (e.g. Chase Sapphire Preferred or Ink). That way, you maximize your overall travel return. Note two important restrictions:

• One Southwest Card Rule: You can’t hold more than one Southwest personal credit card at a time. If you want multiple bonuses, you must wait out the 24-month rule between apps.
• Point Transfer Policy: Points earned on this card stay in Southwest’s program-you can’t convert Rapid Rewards points to another airline or hotel currency. Conversely, Southwest is a Chase Ultimate Rewards partner, so any Chase UR points you have (from, say, Sapphire/Ink) can be transferred 1:1 to Southwest Rapid Rewards via the Chase portal. This means you could combine outside Chase points into your SW account if needed, though that’s separate from what the Premier card itself directly earns. By the way, remember, once points are in Rapid Rewards, their best value is on Southwest bookings (pay yourself back redemptions yield only ~1¢/pt).

Transfer of Points

Southwest Rapid Rewards points from this card are meant for Southwest flights. They can’t be transferred to other airline or hotel programs (Rapid Rewards is a closed currency). Your main options are:

• Flights: Redeem points for Southwest award seats. This typically gives the highest value (often >1.1¢ each).
• Pay Yourself Back: Through Chase’s Pay Yourself Back feature, you can use points to cover recent card charges. Officially, you can turn a recent eligible purchase-notably including your Southwest Premier card’s annual fee-into a statement credit. In practice, the card’s annual fee is an always-eligible category. Other eligible categories are offered quarterly on some Chase cards (often things like groceries, dining, or charities), but for Southwest cards, the guaranteed category is the annual fee. As of early 2026, eligible Pay Yourself Back categories for the Southwest Premier card are:
  • Southwest Premier card annual fee (always available)

Redemption via Pay Yourself Back is roughly at 1¢/point (meaning 6,000 points would only cover about $60 of fees), so it’s usually a lower-value option. Unless you need a quick cash-equivalent, booking flights with points is generally better value.

Use your points for Southwest travel whenever possible. Save Pay Yourself Back for the annual fee or other high-balances you can clear in the Chase portal (and remember that these redemptions will only credit your SW account within 90 days of the original charge).

Bottom Line

The Southwest Premier Card is a win for Southwest enthusiasts who will thoroughly use its perks. In year one, the 30,000-point bonus plus the Companion Pass (and your normal spend) can easily exceed the $149 fee. In subsequent years, success depends on redeeming all your annual benefits. If you fly Southwest ≥2x/year, check bags, use DoorDash, and apply the flight discount code, you can squeeze out ~$150+ in value. The card then justifies its cost.

Yet, diligence is required. Forget an anniversary perk or neglect Southwest travel, and the fee looms large. If you’re indifferent to Southwest’s perks or won’t use the Companion Pass, look elsewhere. Frequent Southwest flyers wanting more should jump up to the Priority card, and infrequent flyers should stick to no-fee or generic travel cards. The Premier card shines only when its Southwest-centric offerings are actively used.