Chase · Visa · travel
Southwest Rapid Rewards Premier
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Terms read from Chase's page on Oct 16, 2026.
Year 1, after fees
estimated value, about $1,194, based on 1.25 cents per point
Year 2+, after fees
estimated value, about $581, based on 1.25 cents per point
every year after
3 years, after fees
estimated value, about $2,356, based on 1.25 cents per point
Break-even
Month 1
Earn rate by category
Points at 1.25¢ each (lowest published value); published range 1.25¢ to 1.3¢. Source: The Points Guy monthly valuations, October 2026.
All values are after each card's annual or monthly fee, and foreign transaction fees when you set foreign spending. Additional-card fees and memberships some benefits need (such as Amazon Prime or Instacart+) aren't included.
Values for points and miles are estimates based on published redemption valuations; actual value depends on how you redeem.
On each spending preset
After fees; points at their cash value. "~" marks estimates.
| Spending | Year 1 | Year 2+ | 3 years | Break-even |
|---|---|---|---|---|
| Student ($985/mo) | ~$781 | ~$168 | ~$1,117 | Month 2 |
| Couple ($2,555/mo) | ~$1,067 | ~$454 | ~$1,975 | Month 1 |
| Family ($3,350/mo) | ~$1,194 | ~$581 | ~$2,356 | Month 1 |
| Frequent traveller ($3,880/mo) | ~$1,341 | ~$728 | ~$2,797 | Month 1 |
| Big spender ($7,960/mo) | ~$1,983 | ~$1,370 | ~$4,723 | Month 1 |
Who it suits
- People who spend a lot on groceries and dining, where it earns above its base rate.
- Even light spenders: on a student's $985 a month it still earns back its fee.
- Spending abroad: no foreign transaction fee.
Who should skip it
- Nothing stands out on the presets; check it against your own spending.
Fees and rates
- Annual fee
- $149
- Foreign transaction fee
- None
- Purchase APR
- 19.49% to 27.99% (variable)
Rewards
- 3x on southwest purchases (assumed half of your flight spending is with Southwest)
- 2x on grocery stores and restaurants, first $8,000 a year combined
- 1x on everything else
Credits, as counted
- Instacart credit ($10 a month): $120 a year25% used
Eligibility and availability
- Income
- None published
Published requirements only. We don't estimate approval odds.
Assumptions
- Point value: Southwest Rapid Rewards points at 1.25 cents each: no redemption style chosen, so its lowest published value (it has no cash redemption). Source: The Points Guy monthly valuations, October 2026.
- Welcome bonus: 55,000 points after $1,500 in purchases in the first 3 months. Your spending meets it in month 1.
- Credits: Each credit counts at the share a typical cardholder uses (listed on the card's page).
- Note: 3x on Lyft rides isn't split out from transit.
Perks, listed but not valued
- First checked bag free
- 25% back on inflight purchases
- 15% flight discount code each anniversary
Earns more every year after year 1
On a family's spending, these keep more value from year 2 than this card's ~$581.
Chase IHG One Rewards PremierYear 2+ ~$1,243
Wells Fargo One Key CardYear 2+ $864
Chase Marriott Bonvoy BoundlessYear 2+ ~$809
Frequently asked questions
Is the Chase Southwest Rapid Rewards Premier worth it?
On a family's spending ($3,350 a month, points at their cash value), it's worth ~$1,194 in year 1 and ~$581 a year after that, after a $149 annual fee. It covers its fee by month 1.
What is the Chase Southwest Rapid Rewards Premier welcome offer?
55,000 points after $1,500 in purchases in the first 3 months.
Does the Chase Southwest Rapid Rewards Premier charge foreign transaction fees?
No. The issuer states no foreign transaction fee.
Sources
Rates, fees and offers are set by the issuer and may change. Check the issuer's terms before you apply. We don't estimate approval odds.
Compare it with 59 other cards on the US card comparison or read how cards are valued.