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Review: Southwest Business Credit Card
July 24, 2018
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Review: Southwest Business Credit Card

Choosing a business credit card involves balancing costs with benefits. If you frequently travel for business, then you may want to consider an airline sponsored credit card. With dozens of airline credit cards to choose from, it’s important to do your research before making any decisions.

With the right credit card, your business can significantly save on a variety of different expenses. In this post, we’ll review the Southwest Rapid Rewards Premier Business Credit Card. We’ll also discuss the application process and explain how this card can be effectively used to enhance your business.

Is The Southwest Business Credit Card Right For You?

Overview

The Southwest Rapid Rewards Premier Business Credit Card is a VISA card that is issued via Chase Bank. The card is available for both personal and business uses. The card’s target market appears to be business professionals who frequently spend money on airfare.

The card’s widespread popularity is likely because when used, you can rapidly accumulate points. By spending $3,000 within the first 3 months of being a cardholder, you’ll immediately be rewarded with 60,000 bonus points. You’ll also be eligible to receive an additional 6,000 bonus points following your cardmember anniversary.

As long as your account remains open, your points won’t expire. Additionally, you’ll receive unlimited points on every purchase, and double points on Southwest Airlines purchases. Other benefits include travel perks, flight discounts, and no foreign transaction fees. The primary drawback of this card is that annual fees are above average ($99, which is applied to the first billing statement).

Application Process

Applying for the Southwest Rapid Rewards Premier Business Credit Card is relatively simple. The card can be directly applied for using Chase’s main website. When applying as a business owner, both your business and personal financial information will be considered. This business information will include your business type, number of employees, tax identification number, and other relevant information. The personal information that you’ll need to submit will include contact details, gross annual income, and your current Rapid Rewards Number (if applicable). If you’re currently not a Rapid Rewards member, you’ll be automatically enrolled upon approval.

Qualifications

When compared to other travel credit cards, qualifying for the Southwest Rapid Rewards Premier Business Credit Card is more difficult. In order to qualify, you’ll typically need to have an excellent credit score (750 or above). Also, your business’ financial details may affect your ability to be approved. If your credit is less than excellent, you may want to consider waiting to apply.

Fees and Limitations

The Southwest Rapid Rewards Premier Business Credit Card has numerous benefits, but it also has a substantial number of fees. As previously mentioned, the card has a $99 annual fee. Contrary to some comparable alternatives, the annual fee applies to the first year of cardholding unless otherwise waived.

The card also imposes a variable APR between 17.74 and 24.74 percent. Like the annual fee, the APR is applied on the day the card is opened. Other relevant fees include a balance transfer fee ($5 or 5 percent) and a cash advance fee ($10 or 5 percent). However, as stated, all foreign transaction fees will be waived.

Possible Uses

Naturally, a benefit-heavy card like this one will have several possible uses. If your business frequently flies on Southwest, then you’ll have the opportunity to quickly earn free flights. Between the initial points for opening, cardmember anniversary points, and double points accumulated through Southwest purchases, earning usable points is relatively easy.

The points can be used for flights, hotel stays, gift cards, and access to certain events. Planning company retreats, presentations in other cities, and attending industry conferences are all tasks that can be made easier with this card. Generally speaking, the larger your business, the more beneficial this card can be.

Conclusion

Overall, the Southwest Rapid Rewards Premier Business Credit Card can be very beneficial for certain businesses. The primary drawbacks of this card are the annual fee and relatively high APR.  Additionally, this card can be difficult to qualify for if you don’t have excellent credit. Still, if airfare and hotel stays are among your business’ largest expenses, this may be exactly the card you’ve been looking for.

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Andrew Paniello
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Andrew is an experienced writer with a degree in Finance from the University of Colorado. His primary interests are investing, entrepreneurship, and economics.
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