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From May 28 through July 1, 2026, all three personal Southwest credit cards from Chase have elevated their welcome bonuses by 30,000 points each. The offers range from 80,000 points on the Plus card ($99 annual fee) to 90,000 on the Priority card ($229 annual fee). At Southwest’s standard redemption value of approximately 1.3-1.5 cents per point, these bonuses are worth $1,040-$1,350 in flights. But the more important question for anyone considering these cards is whether the bonus gets you close enough to earn a Companion Pass, one of the most valuable perks in domestic travel loyalty programs.
The Three Offers: What You Get and What It Costs
$99
~$1,040
~$941
$1,000
$149
~$1,105
~$956
$2,000
$229
~$1,170
~$941
$3,000
Calculate Your Bonus Value and Companion Pass Progress
Southwest points are worth approximately 1.3-1.5 cents each when redeemed for Wanna Get Away fares, the cheapest fare class. But the most important calculation is how far the bonus gets you toward a Companion Pass, which requires 135,000 qualifying points in a calendar year and lets a designated companion fly free on every flight you take for the rest of that year and all of the next year.
The Companion Pass: Why These Bonuses Matter More Than the Dollar Value
The headline value of 80,000-90,000 Southwest points at 1.3-1.5 cents each ($1,040-$1,350) is genuinely good but not exceptional by premium travel card standards. What makes these offers potentially extraordinary is their relationship to the Companion Pass.
Southwest’s Companion Pass requires earning 135,000 qualifying points in a single calendar year. Welcome bonus points from Southwest credit cards count as qualifying points. Someone who opens the Southwest Plus card and earns the 80,000-point bonus has completed 59% of the Companion Pass requirement with one credit card application. Someone who opens a second Southwest card (either another personal card or the Southwest business card) and earns another substantial bonus in the same calendar year can potentially earn the Companion Pass entirely from welcome bonuses, without booking a single flight.
The Companion Pass allows a designated companion to fly free on every Southwest flight you take for the remainder of the year you earn it and all of the following calendar year. For a couple that flies Southwest regularly, this can easily be worth $1,000-$3,000+ in free flights over the 12-24 month benefit period. The Companion Pass is widely considered the best deal in domestic travel loyalty.
The math for Companion Pass via two cards: Open a Southwest personal card and earn 80,000-90,000 bonus points. Open the Southwest Rapid Rewards Business Card (currently offering 60,000 bonus points for $3,000 spend) in the same calendar year. Total qualifying points: 140,000-150,000, clearing the 135,000 threshold. Both cards require Chase 5/24 eligibility (you have not opened 5 or more personal credit cards in the past 24 months).
Which Card Is Best Value: The Honest Comparison
The net year-1 value across all three cards is nearly identical once the annual fee is subtracted:
| Card | Bonus | Bonus value (1.5 cpp) | Annual fee | Net yr 1 value | Spend req. | Best for |
|---|---|---|---|---|---|---|
| Southwest Plus | 80,000 | $1,200 | $99 | $1,101 | $1,000 | Lowest spend requirement, lowest fee |
| Southwest Premier | 85,000 | $1,275 | $149 | $1,126 | $2,000 | Balance of bonus size and ongoing perks |
| Southwest Priority | 90,000 | $1,350 | $229 | $1,121 | $3,000 | Frequent fliers who use the $75 travel credit and upgraded boardings |
The net year-1 value across all three cards is within $25 of each other (approximately $1,100-$1,130). The decision should therefore be based on two factors: how much you can comfortably spend in 3 months, and how much you value the ongoing annual perks.
The Southwest Plus is the right card for most people who primarily want the welcome bonus. The $99 annual fee is the lowest, the $1,000 spend requirement is easily met with one month of normal spending, and the net value is essentially equal to the more expensive cards in year 1. For year 2 and beyond, the Plus earns fewer ongoing points and has no travel credit, so downgrading after the first year is a common strategy.
The Southwest Priority makes more sense if you fly Southwest at least 5-6 times per year and will use the $75 annual travel credit (which reduces the effective annual fee to $154) and the 4 upgraded boardings ($25 each value, potential $100 value). Those ongoing perks combined with the higher anniversary points (7,500 vs 3,000) can make the higher fee worthwhile for frequent fliers.
The Chase 5/24 Rule: You May Not Qualify
Southwest credit cards are issued by Chase and subject to Chase’s 5/24 rule: if you have opened 5 or more personal credit cards from any issuer in the past 24 months, Chase will automatically deny your application. This is the primary reason why otherwise eligible people cannot get Southwest cards. Business cards from most issuers (including Chase’s own business cards) typically do not count toward your 5/24 total. Personal cards from all issuers count.
If you are at or near 5/24, prioritize your remaining Chase card slots carefully. Southwest cards are worth a slot if you fly Southwest regularly or are pursuing Companion Pass. The Chase Sapphire Preferred is worth a slot for broader travel rewards. Most other Chase cards (Freedom Flex, Freedom Unlimited) are less time-sensitive and can be acquired after 5/24 eligibility improves.
Check your Chase application history and count personal cards opened in the last 24 months from all issuers before applying. If you are at 4/24, adding a Southwest card brings you to 5/24 and closes the Chase pipeline for 24 months after that.
When to Apply: The July 1 Deadline
These elevated offers expire July 1, 2026. The standard bonuses (without the 30,000-point elevation) are 50,000-60,000 points depending on the card. The current offers are 30,000 points higher than normal, worth approximately $390-$450 in additional value at 1.3-1.5 cpp. If you have been considering a Southwest card, this window is the highest-value time to apply in at least 12 months.
Practical application timing: apply at least 2-3 weeks before the July 1 deadline to allow processing time and ensure your approval and welcome bonus terms are locked in before the offer expires. Welcome bonuses are locked to the offer active at the time of application, not at the time the spend requirement is met.
Who Should Not Apply for a Southwest Card
Southwest cards are not the right choice for everyone, even with elevated bonuses:
You primarily fly airlines other than Southwest. Southwest Rapid Rewards points are only redeemable on Southwest flights. They cannot be transferred to other airlines or used for hotels. If you primarily fly United, Delta, American, or international carriers, a flexible points card (Chase Sapphire Preferred, Capital One Venture X) that transfers to multiple airlines will serve you better.
You want premium cabin redemptions. Southwest operates a single cabin with no first class or business class. If premium cabin upgrades or international business class redemptions are your goal, Amex Membership Rewards or Chase Ultimate Rewards with airline transfer partners are far more valuable currencies.
You are at 5/24 or close. Using a Chase 5/24 slot on any card is a meaningful opportunity cost. Evaluate whether a Southwest card is the highest-value use of that slot before applying.
You will not use the points within 24 months. Southwest Rapid Rewards points expire if your account has no earning or redemption activity for 24 months. If you rarely fly and plan to accumulate points for a future trip more than 2 years away, plan to use some points or earn occasional points before the expiration clock runs out.
Frequently Asked Questions
Do Southwest credit card welcome bonuses count toward Companion Pass?
Yes. Welcome bonus points from Southwest personal and business credit cards count as qualifying points toward the 135,000-point Companion Pass threshold. This is the most efficient path to Companion Pass for most people: earning two substantial welcome bonuses in the same calendar year. Welcome bonus points from non-Southwest Chase cards (Sapphire, Freedom) do not count toward Companion Pass, even though those points can be transferred to Southwest.
Can I get more than one Southwest card to earn more bonus points?
You can hold multiple Southwest cards simultaneously, and many people do to accelerate toward Companion Pass. However, Chase typically requires 24 months between receiving welcome bonuses on the same card product. You can hold the Southwest Plus and Premier simultaneously and earn the welcome bonus on each. Chase’s 5/24 rule still applies to each application.
What happens to Southwest points if the airline is acquired or goes bankrupt?
Southwest is a major U.S. carrier with no current signs of financial distress. In 2024, Southwest faced activist investor pressure and made several management changes. The airline completed a strategic review and returned to profitability. Loyalty program points in general carry some counterparty risk if an airline fails, but for Southwest specifically the risk is not elevated above other major U.S. carriers.
Are these the highest Southwest bonuses ever offered?
The 90,000-point Priority offer matches or exceeds previous elevated offer periods. The typical pattern is for Southwest to run elevated bonuses once or twice per year, usually in spring and fall. The current May-July window is the highest offer available in at least 12 months for all three personal cards. If you miss this window, the next elevated offer may not appear until late 2026 at the earliest.
Sources: Chase Southwest credit card offer page (May 28-July 1, 2026); Southwest Rapid Rewards program terms; The Points Guy Southwest Rapid Rewards valuation; NerdWallet Southwest card news report May 28, 2026. Offer terms are subject to change. See card offer page for full terms and conditions. Finance Pulse may earn a commission if you apply through links on this page.
