Full Review

The Southwest Airlines Rapid Rewards Premier Credit Card is like jet fuel for your travel budget, thanks largely to its big initial bonus, which is only available for a limited time. But that still doesn’t necessarily mean it will be the most rewarding option. Credit card rewards are historically valuable these days, and many cards are capable of taking your earnings to great heights.

Here's what you need to know:

Strong initial bonus. Spending at least $1,000 within 3 months of opening the Premier Southwest Card will score you 40,000 points. That’s a pretty nice haul, good for at least a free flight or two. The downside is that you have to book directly through Southwest and perhaps pass up all of the other lucrative credit card deals that are currently available.

Not the only Southwest credit card in town. There are three Southwest Airlines credit cards: the Southwest Rapid Rewards® Premier Credit Card, the Southwest Rapid Rewards® Plus Credit Card and the Southwest Rapid Rewards® Priority Credit Card. This review will focus on the former, but you can see how these Southwest cards compare to one another here.

Modest ongoing rewards. In addition to its sizable initial bonus, this Southwest rewards card gives you 6,000 points each account anniversary. This supplements the 2 points per $1 spent that you will earn on Southwest purchases along with hotel and car rental from partners and the 1 point per $1 spent that you'll get on everything else. Those purchase-based earning rates equate to 1.37% to 2.74% cash back, as Southwest Rapid Rewards points are worth an average of about $0.0137 apiece. Considering the average credit card offers roughly 1.07% cash back, this Southwest Airlines card is really only worthwhile for Southwest purchases.

Fairly high annual fee. At $99, the Premier Southwest Credit Card’s annual fee is about five times higher than the market average of $19.49. And it's even above what some of the rewards market's heaviest hitters charge.

Unimpressive interest rates. This Southwest Rapid Rewards card does not offer 0% introductory interest rates. Considering you need good or excellent credit for approval, and the average credit cards for people with good and excellent credit charge 19.28% and 13.03%, respectively, it's clear you'll be overpaying if you carry a balance from month to month with your Southwest card. So don't.

No penalty for foreign use. If you plan on visiting any of Southwest’s international destinations (or making purchases through internationally based merchants), you'll be glad to know that this Southwest credit card does not charge a foreign-transaction fee. Most credit cards have such a charge, after all, with the average being 1.46% of each purchase.

Good credit required. All three Southwest Rapid Rewards credit cards require good or excellent credit for approval. So make sure to check your credit score, and thus gauge your odds of acceptance, before applying.


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Southwest Rapid Rewards® Premier Credit Card Review

Sams Credit Card

The Sam’s Club Credit Card, issued by Synchrony Bank, is a basic store credit card for Sam’s Club members with a less-than-stellar credit profile. The Sam’s Club Credit Card can only be used at Sam’s Club and Walmart stores and doesn’t offer any rewards on purchases, so it’s mainly for borrowers who aren’t likely to qualify for a better credit card that can be used more broadly. If your credit is just fair (if you have a FICO score of 580 to 669) and you shop at Sam’s Club and Walmart frequently, this card can be a worthwhile financing tool, albeit with a steep interest rate.

Big Lots Credit Card

The Big Lots Credit Card is a good choice for frequent Big Lots shoppers who want the flexibility to pay for their purchases over time. If you can handle the deferred-interest financing deals properly, you can save a lot of money and gain the flexibility around paying your credit card bill. Most people, however, will be better off with a cash-back card that works anywhere and earns rewards of some kind. Try the CardCruncher tool to find the right card for you.

Surge Mastercard Credit Card

The Surge Mastercard® is one of the easiest credit cards to get if you have bad credit, but the card's annual and monthly fees may reduce its appeal. If you're considering the Surge Mastercard® to build credit, here's what you need to know before you submit your application.

Menards BIG Credit Card

Menards has been one of the leading stores for home improvements for over five decades now. Many people rely on this store for their home improvement needs where they spend thousands of dollars. The Menards Big Card is designed to help all the Menards loyalists to get more rewards from making their purchases in the store and a few other selected gas stations. The card offers different types of rewards from cash back to in-store financing making it a very valuable tool especially if you tend to do a lot of home improvement.

Stein Mart Credit Card

The Stein Mart Platinum Mastercard® offers additional savings on items that fly off the rack at the discount retailer's store.The card, issued by Synchrony Bank, earns rewards at the retailer online and in-store and everywhere that Mastercard is accepted. It also offers perks such as exclusive savings events, birthday surprises and the chance to earn even more rewards with Elite status. The card's annual fee is $0.

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