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I was browsing around Southwest.com the other day and saw an ad for an offer for a Southwest credit card that I had not seen before – one that offered a $200 statement credit as well as 10,000 bonus points.

Typically, the bonus offers for the Southwest credit cards cycle from 25,000 to 50,000 points (and I’ve seen it as high as 60,000 points).  There are Premier and Plus versions of the Southwest cards, both personal and business (so 4 cards in total).  One common travel hacking strategy is to get 1 personal and 1 business card in a calendar year, in order to get you most of the way towards the 110,000 Rapid Rewards points needed to earn the Southwest Companion Pass

(SEE ALSO: What is the Southwest Companion Pass (and how to get it))

(SEE ALSO: Using your Southwest Companion Pass)

New Southwest credit card offer

I did not see any links to this new Southwest credit card offer on Southwest’s front page, but noticed it when I was in the middle of making a booking.  You can make any sample booking, and then down at the bottom of the page, you should see

southwest-statement-credit-offer

Clicking on that banner takes you to the following URL – https://creditcards.chase.com/a1/southwest/iccigprice200

As far as I can tell, that is a publicly accessible link and does not pay me (or anyone else) any commission.

Southwest statement credit offer details

The Southwest statement credit offer details are shown below.  As you can see, it’s for the Southwest Premier (personal) card

southwest-statement-credit-offer-details

 

  • You get a $200 statement credit after your first purchase
  • 10,000 Rapid Rewards points after spending $500 in the first 3 months
  • The annual fee of $99 is NOT waived the first year (I believe this is consistent with the other Premier card offers)

Comparing $200 + 10,000 points to the 50,000 point offer

So how does this statement credit offer compare to the offers of 50,000 points?  Southwest’s points can be redeemed anywhere from 70-80 points per dollar (depending on the flight).  That means a Southwest point is worth about 1.25 to 1.43 cents per point.  So the 40,000 extra points would be worth anywhere from $500 to $572 in travel.  And of course Southwest Rapid Rewards points can be used towards the Southwest Companion Pass, which effectively doubles the value of your points

All in all, if you’re looking for a Southwest card, I’d generally prefer the offer that gives 50,000 bonus points, but it’s always good to have options!

Checking the Current credit card churning rules and best practices, the bonus offers are available to you as long as you have not received a new Cardmember bonus for this product in the past 24 months.  Although Chase has been cracking down on churning, reports that I have seen indicate that is primarily for the Chase branded products such as the Sapphire, Freedom and Ink cards.

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