Update 8/8/2011: This promotion has ended. There's another hot credit card promotion that's still available. It's worth at least $500. Please refer to the Chase Sapphire Preferred Credit Card Bonus Review for more details.
A credit card bonus that's worth over $500 is a lot more attractive than a bank account paying 1.XY% interest. So that's why I've started to post on credit card deals such as the Chase Sapphire Preferred Card. In today's post I'll review the Southwest Airlines Rapid Rewards® Premier Card and its bonus which can be worth over $800.
Southwest Airlines Rapid Rewards Premier Card Bonus
A bonus value of over $800 comes from the 50,000 Bonus Points that you receive when you apply for the Southwest Airlines Rapid Rewards Premier Card and make your first purchase. You can redeem those 50,000 points for two free roundtrip "Wanna Get Away" flights which have a value of over $800. You can also redeem those 50,000 points into $500 in gift cards for stores like Home Depot, Amazon and Walmart.
Southwest Airlines Rapid Rewards Premier Card Benefits
The credit card has other perks in addition to the bonus. You earn 2 points for every dollar spent on Southwest Airline purchases and on all Southwest Rapid Rewards hotel and car rental partner purchases. All other purchases earn 1 point per each dollar spent.
There's also an anniversary bonus of 6,000 points each year when you renew your card. Those 6,000 points can be redeemed for $100 toward a "Wanna Get Away" fare.
These points that you earn don't expire and there are no blackout dates.
Southwest Airlines Rapid Rewards Premier Card Annual Fee
With such a large sign-up bonus, you might expect that there's a catch. And you would be right. There's a $99 annual membership fee with no first year waiver. It's likely charged on your first statement. One thing that can help offset this fee is the anniversary bonus of 6,000 points. That can be redeemed for $100 toward a "Wanna Get Away" fare.
There's another downside, but this is true with any credit card application. The credit card company will do a hard pull which will slightly ding your credit score. However, it's only a small hit that goes away within six months.
Southwest Airlines Rapid Rewards Premier Card Application
The 50,000 point bonus is only valid for first-time Southwest Airlines Rapid Rewards personal Cardmembers. Another important thing to note is that this is a Chase Visa credit card. In the small print of the application, it states the following:
Chase cardmembers currently receiving promotional pricing, or Chase cardmembers with a history of only using their current or prior Chase card for promotional pricing offers, are not eligible for a second Chase credit card with promotional pricing.
More and Bigger Credit Card Bonuses?
Why are we seeing such big credit card bonuses? Consumers with good credit scores are in demand. During the last few years of high unemployment, there has been a large increase of people with bad credit. That has made credit card companies hungry for consumers with excellent credit. So if you have maintained good credit history, this is your chance to profit from it. I just wish banks needed deposits this badly.