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Last summer, Chase introduced a new premium card in its lineup of Southwest Airlines Rapid Rewards credit cards: the Southwest Rapid Rewards Priority Credit Card. Unfortunately, like all Southwest credit cards, this card is subject to the Chase 5/24 rule (you won't be approved for a Chase card if you've opened five or more credit cards within the past 24 months) - so I can't sign up for it.
But since I already have the Southwest Rapid Rewards Premier Credit Card, I can upgrade to the Priority card and just pay the difference in the annual fee - the Priority card has a $149 annual fee, while my current Premier card has a $99 annual fee. The Priority card is currently offering a bonus of up to 60,000 points (40,000 points after spending $1,000 in the first 3 months, then 20,000 points once you spend $12,000 in the first 12 months) but if I upgrade, I won't qualify for that bonus.
Here's why I'm going to upgrade my card, even though I won't get any bonus points for doing so.
A $75 annual Southwest Airlines travel credit
The Southwest Rapid Rewards Priority card offers a $75 annual travel credit valid for any Southwest purchase except upgraded boarding and in-flight purchases. That means I can just buy a Southwest ticket, pay with my Priority card, and get a $75 credit back on my credit card statement - there's no hoops to jump through, and the credit is applied automatically. This credit alone more than makes up for the difference in the annual fee between the Premier and Priority cards!
I get 7,500 anniversary points every year
The Rapid Rewards Priority Card offers 7,500 bonus points every year on your account anniversary - a decent increase from the Premier card, which only offers 6,000 bonus points. The Points Guy values Southwest Rapid Rewards points at 1.5 cents per point, meaning this bonus is worth $112.50. Between this and the $75 travel credit, I'm basically getting paid to keep this credit card as long as I fly Southwest at least once a year.
I'm eligible for 4 upgraded boardings per year
Another unique perk of the Priority card is that you get reimbursed for the purchase of four upgraded boardings every year. Unlike Southwest Early Bird Check-In, which you purchase in advance, upgraded boarding is sold at the gate. When available, you're guaranteed a spot in group A1 to A15.
Since Southwest seating is first-come, first-serve, upgraded boarding can be a great way to avoid a middle seat if I end up with a boarding number in group C. Upgraded boarding typically costs $30 to $50 per flight, so if I use all four credits I'll get reimbursed between $120 and $200 each year.
I'll have a 20% discount on in-flight purchases
On top of these impressive perks, the Southwest Priority card offers a 20% rebate on in-flight purchases, including drinks, Wi-Fi, messaging, and movies. While I don't usually buy drinks on board, I do purchase Wi-Fi on a regular basis, so that 20% discount will definitely add up over time.
In addition to these benefits, the Southwest Priority card offers two Rapid Rewards points per dollar spent on Southwest purchases, and one point per dollar spent everywhere else. And points earned from spending on the credit card count towards earning the coveted Southwest Companion Pass.
If you're spending a lot with a Southwest Premier, Priority, or Business Performance card, you'll also earn 1,500 Tier Qualifying Points (TQPs) for every $10,000 spent, up to 15,000 TQPs per year.
If you have a Southwest card, you might as well have the Priority
If you fly Southwest frequently enough to hold on to a Southwest Rapid Rewards credit card, you probably fly Southwest enough to get significant value from the benefits offered on the Southwest Rapid Rewards Priority Card. Between the travel credit, the bonus points, and the upgraded boarding, you could get as much as $387.50 in value every year, not including the discounts on in-flight purchases. That's an incredible deal for a $149 annual fee!
You can apply for the card outright if you don't already have a Southwest consumer credit card (business cards are okay) and you meet the requirements of the Chase 5/24 rule - in addition to these benefits, you'll also get a significant welcome bonus as a new cardmember. Otherwise, you can upgrade to the Priority card if you already have a Rapid Rewards Plus or Premier card.
Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.
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Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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