Southwest Rapid Rewards Performance Business Card Review: 80k Bonus Offer and Perks for Southwest Loyalists

The Southwest® Rapid Rewards® Performance Business Credit Card is Southwest Airlines' most expensive business card with an annual fee. But it's loaded with perks, including a nice sign-up bonus, an anniversary bonus, and travel perks. Read our full Southwest® Rapid Rewards® Performance Business Credit Card review to see if this is the rewards card for you.

This credit card is a good fit for: Southwest Airlines loyalists with business expenses that align with the rewards earning categories.

Top perks

The Southwest® Rapid Rewards® Performance Business Credit Card has some notable features.

Generous sign-up bonus

New cardmembers: Earn 80,000 points after you spend $5,000 on purchases in the first 3 months from account opening. If you can meet this minimum spend, it's an excellent way to boost your points balance for future rewards.

READ MORE: Best Sign-Up Bonus Credit Cards

9,000 anniversary bonus points

The Southwest® Rapid Rewards® Performance Business Credit Card offers 9,000 bonus points at every card anniversary. Since Rapid Rewards points are valued at around $0.015 each, this yearly bonus is worth about $135.

Earn rewards in several spending categories

You'll earn rewards on your spending with the Southwest® Rapid Rewards® Performance Business Credit Card. Select bonus categories pay at a higher rewards rate.

Here's a breakdown of how this credit card earns rewards:

• Earn 4 points for every $1 spent on Southwest Airlines purchases
• Earn 3 points for every $1 spent with Rapid Rewards hotel and car rental partners
• Earn 2 points for every $1 spent on social media and search engine advertising, internet, cable, and phone services, as well as on local transit and commuting, including rideshare
• Earn 1 point for every $1 on other purchases

If these spending categories make sense for you, this rewards credit card offers excellent earning potential -- and points are unlimited.

Four Upgraded Boardings every year when available

As a cardholder, you'll be reimbursed for up to four Upgraded Boardings per year, when available. Southwest Airlines offers this perk to fliers at the cost of $30 to $50 per flight. Upgraded Boarding gives you an A1 to A15 boarding position, so you'll be able to get on the plane sooner. You can purchase Upgrade Boardings at the departure gate or ticket counter.

Up to $100 credit for TSA PreCheck or Global Entry application fees

The Southwest® Rapid Rewards® Performance Business Credit Card provides cardmembers with a statement credit of up to $100 to cover the TSA PreCheck or Global Entry application fees. This benefit is available once every four years.

SEE MORE: Best Airline Credit Cards

No foreign transaction fees

If you plan to use the Southwest® Rapid Rewards® Performance Business Credit Card while traveling internationally, you won't be charged foreign transaction fees. This perk can save you money if you travel abroad often.

Up to $500 yearly fee credit for points transfers

Southwest Airlines charges Rapid Rewards members to send points to other Rapid Rewards members. With the Southwest® Rapid Rewards® Performance Business Credit Card, you'll get a $500 fee credit for point transfers every year. Without this perk, Rapid Rewards members pay $10 for every 1,000 points transferred.

Earn extra tier qualifying points

For every $10,000 points spent annually with your Southwest® Rapid Rewards® Performance Business Credit Card, you'll earn 1,500 tier qualifying points (TQPs). Southwest's A-List status requires 35,000 TQPs per year, so this benefit could help you achieve A-List status sooner. A-List status loyalty members get extra perks, like a 25% increase in points earned on Southwest flights, priority check-in, and priority boarding.

Get a jump start on earning a companion pass

This Southwest® Rapid Rewards® Performance Business Credit Card may help you earn a companion pass sooner. Once earned, a companion pass allows one pre-chosen companion to fly with you on Southwest flights for free (excluding taxes and fees). You can earn a companion pass after flying 100 one-way flights or earning 135,000 qualifying points in a calendar year.

The sign-up bonus points available with the Southwest® Rapid Rewards® Performance Business Credit Card could provide a great jump start toward earning this benefit.

Travel and consumer protections

This credit card offers travel and consumer protection, including the following:

• Lost luggage reimbursement
• Baggage delay insurance
• Extended warranty protection
• Purchase protection

These extra benefits add value to the Southwest® Rapid Rewards® Performance Business Credit Card.

What could be improved

The Southwest® Rapid Rewards® Performance Business Credit Card has at least one drawback worth noting.

$199 annual fee

This credit card has a $199 annual fee. This is a significant initial outlay in exchange for the benefits offered, and the highest annual fee for all Southwest cards. If you're looking to avoid paying a yearly fee, you'll want to look elsewhere.

This card is intended for consumers with good to excellent credit. When applying for the Southwest® Rapid Rewards® Performance Business Credit Card, aim for a FICO® Score of 670 or higher. It may be possible to get approved with a lower credit score or be denied with a higher credit score. Other factors, like income and current debt, are also considered.

Since this is a business credit card, applicants need to have a business. But card issuers are flexible and accept various types of businesses. Applicants who are entrepreneurs, freelancers, or small business owners may also qualify for this type of card.

Because this is a Chase credit card, Chase's 5/24 rule applies. If you've opened five or more credit cards within the last 24 months, you likely won't qualify for this credit card.

• You own a business and fly with Southwest Airlines regularly
• You can afford the annual fee
• You can meet the minimum spend to earn the bonus
• You spend in the eligible rewards categories

However, if you want a card with an affordable annual fee or don't fly with Southwest often, another travel rewards credit card may be a better option.

Our credit card methodology

At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.