Southwest Credit Cards Roll Out Big Limited-Time Bonuses

These new sign-up bonuses add hundreds of dollars in value to each card.

Southwest and Chase have several co-branded credit cards, and these cards just got much better for new customers. Each consumer credit card is offering a new sign-up bonus that gives you a lot more Southwest Rapid Rewards points. Not only does that mean more points for booking flights, it also puts you closer to earning a Southwest Companion Pass.

Here's how many points you can earn and the rules for qualifying.

More bonus points on Southwest credit cards

The new sign-up bonus offer is 40,000 points for spending $1,000 on purchases in the first three months. It's available with the following Southwest credit cards:

• Southwest Rapid Rewards® Priority Credit Card ($149 annual fee)
• Southwest Rapid Rewards® Plus Credit Card ($69 annual fee)
• Southwest Rapid Rewards® Premier Credit Card ($99 annual fee)

There's no clear end date listed for this offer, but these offers have a tendency to change, so it makes sense to apply soon if it's a good fit for you.

Rapid Rewards points from credit card sign-up bonuses are considered qualifying points toward the Southwest Companion Pass. Since that requires you to earn at least 125,000 qualifying points in a calendar year, this bonus will have you more than halfway there.

How much are Southwest points worth?

Southwest Rapid Rewards points are worth about $0.015 per point. Unlike most other types of airline miles, Southwest's points are based on the cash price of the ticket, so you get a fairly consistent value no matter what you book.

Using that value, the 40,000-point sign-up bonus is worth about $600. That's extremely impressive, and compares favorably to the best sign-up bonuses, especially considering the affordable annual fees with Southwest's credit cards.

How to qualify

You're eligible if you don't currently have a Southwest Rapid Rewards® Credit Card and you have not received a sign-up bonus with any of those cards in the last 24 months. Note that this rule does not apply to business or employee credit card products.

Because Chase is the card issuer, the Chase 5/24 rule is in effect for your application. That means you'll likely only be approved if you've opened fewer than five credit cards in the last 24 months.

These Southwest cards are aimed at consumers with a good credit score. Aim for a FICO® Score of at least 670.

A great deal for Southwest's frequent flyers

Considering that travel still isn't back to normal from the coronavirus pandemic, it may sound strange to say there's no better time to apply for an airline credit card. But a 40,000-point offer is quite a bit more than what these travel credit cards usually give you.

If you travel with Southwest much, then you should consider getting one of its credit cards. Whether you book a flight later this year or wait longer, you'll have a big balance of points to help cover the cost.