Introduction
The Southwest Rapid Rewards Premier credit card sits in an awkward middle spot. It is more card than the $99 Plus and less card than the $229 Priority. For a long time, that middle spot was hard to recommend with conviction, because the Premier did not do anything dramatically better than its siblings. Then Southwest changed its checked-bag policy in May 2025, and the math shifted.
If you are deciding whether the Premier card belongs in your wallet for 2026, the question is no longer "does this card earn enough on Southwest flights?" The real question is whether the bag perk, the anniversary points, and the Companion Pass progress justify the $149 annual fee for the way you actually fly. Let me walk you through it.
Quick Summary
Best For: Occasional Southwest flyers, two to four round-trips a year, who want free first checked bag coverage and steady Companion Pass progress without committing to the $229 Priority card.
Standout Benefit: Free first checked bag for the cardholder and up to 8 additional passengers on the same reservation.
Biggest Drawback: The earning structure is shallow outside of Southwest spend. You will not want this as your primary card for everyday purchases.
Current Offer: Chase's current new cardmember offer is 55,000 bonus points after you spend $1,500 on purchases in the first 3 months from account opening. Southwest co-brands cycle promotions frequently, so confirm the offer on Chase's site before you apply.
Southwest Premier Card Overview
The Southwest Rapid Rewards Premier is issued by Chase. It is the mid-tier of the three Southwest personal credit cards, sitting between the Plus ($99 annual fee) and the Priority ($229 annual fee). All three earn Rapid Rewards points, all three help you make progress toward the Companion Pass, and all three carry the same fundamental relationship with Southwest: this is a co-brand card, not a flexible-points card.
The Premier has a $149 annual fee (applied to your first billing statement) and no foreign transaction fees, and it grants you 6,000 anniversary points each year on your cardmember anniversary. It earns 3x on Southwest Airlines purchases, 2x at grocery stores and restaurants on the first $8,000 in combined purchases per anniversary year, and 1x on everything else.
That earning structure is fine. It is not what makes the card worth carrying.
Key Features and Benefits
The 6,000 Anniversary Points
Every year on your cardmember anniversary, you get 6,000 Rapid Rewards points. Southwest points are revenue-based, so what they buy moves with the cash fare.
So the anniversary points cover part of the fee before you swipe the card a single time. The rest has to come from the bag benefit, the seat and flight-discount perks, and your own spending.
Free First Checked Bag (Post-2025 Policy)
In May 2025, Southwest ended its longstanding "two bags fly free" default policy. That policy was a load-bearing reason a lot of casual flyers picked Southwest in the first place, and removing it changed the calculus for the Southwest co-brand cards.
The Premier grants a free first checked bag to the cardholder and up to 8 additional passengers on the same reservation. Chase puts the saving at up to $90 round trip ($45 per bag per trip). Say you and a companion each check a bag on one round trip: that's up to $180 in bag fees you don't pay, which can exceed the annual fee.
If you fly Southwest with a partner or family even occasionally, this is the single biggest reason to hold a Southwest co-brand card in 2026. The $99 Plus has the same first-bag benefit, so the Premier's case rests on what it adds on top.
25% In-Flight Purchase Discount
Premier cardholders get 25% back as a statement credit on in-flight purchases, including Wi-Fi, drinks, and snacks. It is a small benefit. If you buy Wi-Fi twice a year at $8 a session, that is $4 back. Useful, not load-bearing.
Preferred Seat and 15% Flight Discount
Chase lists a few more perks. You can select a complimentary Preferred seat within 48 hours before departure, when available. And each year on your cardmember anniversary you get a 15% flight discount promo code (Basic fares excluded). Cardholders and up to 8 additional passengers on the same reservation also board with Group 5.
No Foreign Transaction Fees
The Premier charges no foreign transaction fees. Chase's own example: spend $5,000 internationally and you avoid $150 in foreign transaction fees. The Plus and the Priority also list no foreign transaction fees, so this isn't a reason to pick the Premier over its siblings.
Companion Pass Progress
Every Rapid Rewards point you earn on the Premier counts toward the Companion Pass, which lets a designated companion fly with you for just taxes and fees on every Southwest flight for the rest of the calendar year you earn it plus the entire next year. As of the most recent program update, the Companion Pass threshold is 135,000 qualifying points or 100 qualifying one-way flights in a calendar year.
The 6,000 anniversary points count. The welcome bonus counts. Your Southwest spend at 3x counts. Chase also adds a 10,000 Companion Pass qualifying points boost each year. Companion Pass is the single biggest reason serious Southwest flyers carry these cards, and the Premier participates fully in that ecosystem.
Earning Structure and Real Spending Math
Here is what the earning structure looks like in points:
Say you spend $4,000 a year on Southwest flights at 3x: that's 12,000 points. Say you also spend $8,000 a year at grocery stores and restaurants, the cap for the 2x category: another 16,000 points. Add the 6,000 anniversary points.
That's 34,000 points before the bag benefit.
Whether that clears the $149 fee depends on what each point buys you on the routes you fly. The catch is the 1x rate on non-bonus spend. If you put $25,000 of general spend on this card hoping for value, you are leaving real money on the table compared to a 2x flat-rate card like the Capital One Venture, which earns transferable miles you can move to over a dozen partners.
Pros and Cons
Pros
- 6,000 anniversary points and 3x on Southwest purchases.
- Free first checked bag for the cardholder plus up to 8 additional passengers on the same reservation is a meaningful post-2025 perk.
- No foreign transaction fees, plus a complimentary Preferred seat within 48 hours of departure, when available.
- Full Companion Pass earning, including from the welcome bonus.
Cons
- The 1x rate on general spend makes this a poor primary daily-driver card.
- The 2x grocery and restaurant category stops at $8,000 in combined purchases per anniversary year.
- Heavy Southwest flyers earn more long-term value from the Priority card's 4x on Southwest, 7,500 anniversary points and 2,500 TQPs per $5,000 spent.
How the Premier Compares
Premier vs. Plus ($99 AF): The Plus gives 3,000 anniversary points, 2x on Southwest, a Standard rather than Preferred seat within 48 hours of departure, and a 10% rather than 15% anniversary flight discount. Both have the free first checked bag and no foreign transaction fees. If you want the cheapest Southwest card and fly rarely, the Plus works. For more regular flyers, the Premier's $149 fee buys 3x earning on Southwest, 6,000 anniversary points instead of 3,000 and TQPs toward A-List.
Premier vs. Priority ($229 AF): Priority is the right pick for people who fly Southwest a lot. It earns 4x on Southwest and 2x at gas stations and restaurants, and includes 7,500 anniversary points (instead of 6,000), a complimentary Preferred seat at booking and unlimited Extra Legroom seat upgrades within 48 hours of departure (both when available), and 2,500 TQPs toward A-List for every $5,000 spent, versus 1,500 on the Premier. If you fly Southwest more than four or five times a year, run the Priority math.
Premier vs. Chase Sapphire Preferred ($95 AF): The Chase Sapphire Preferred is the better choice for travelers who fly multiple airlines. It earns Ultimate Rewards points that transfer 1:1 to Southwest plus a dozen other partners, gives you stronger trip protections, and is not locked to a single carrier. The Premier wins only if you are committed to flying Southwest.
This comparison pattern is the same one we run in our broader airline card analysis: co-brand cards win when you are loyal to the airline and lose when you are not.
Who Should Get the Premier
Great Fit For:
- Occasional Southwest flyers (two to four round-trips a year) who want the bag perk and Companion Pass progress.
- Travelers upgrading from the Plus who want 3x on Southwest and a Preferred seat.
- People who want a Southwest card to anchor their Companion Pass strategy without committing to the Priority's $229 fee.
Not Ideal For:
- Heavy Southwest flyers (five-plus round-trips a year). The Priority is a better dollar-for-dollar deal.
- Travelers who fly multiple airlines. A flexible-points card earns more on the same spend.
- People looking for a card to put all their everyday spend on. The 1x base rate is uncompetitive.
Application Notes
Chase applies the 5/24 rule to all Southwest co-brand applications. Chase says the Premier is available to you if you don't have a current Southwest Rapid Rewards credit card and haven't received a new cardmember bonus within the last 24 months, and that this does not apply to Business Card and Employee Credit Card products. If you already have the Plus or the Priority, ask Chase about a product change instead. Our credit card application guide walks through the timing rules in more detail.
If you are pursuing the Companion Pass through a card welcome bonus, plan your application timing carefully. Earning the bonus in January gives you the longest possible Companion Pass window, since the pass is good for the rest of the year you earn it plus all of the next year.
For a broader look at which co-brand cards still grant free checked bags after the 2025 policy shifts across the industry, our checked bag credit card roundup covers the field.
Final Verdict
The Southwest Premier earns a recommendation in 2026 for a narrow but real audience: regular Southwest flyers who want the bag perk, 3x on Southwest, the Companion Pass earning and a Preferred seat without paying for the Priority. The 6,000 anniversary points cover part of the $149 fee, and the bag benefit can handle the rest after a single round-trip with a companion who checks a bag. If you fly Southwest more than that, size up to Priority. If you fly other airlines too, a flexible-points card serves you better. Pick the card that matches how you actually travel, not the one with the most benefits on paper.
Updated October 1, 2026: Corrected the three cards' annual fees ($99, $149, $229), the Premier's welcome offer, earning and benefits, and the Plus comparison (Chase lists no foreign transaction fees on the Plus), from Chase's card pages.
