The Performance Business card’s new sign-up bonus should make it much easier for Southwest loyalists to score a Companion Pass, so now is a great time for small-business owners to consider applying.
Chase has launched a new limited-time offer on the Southwest Rapid Rewards® Performance Business Credit Card that should excite rewards-savvy small-business owners and Southwest loyalists alike.
With the card’s new offer, you can earn a sign-up bonus of up to 100,000 points when you spend $25,000 in the first six months (70,000 points for spending $5,000 in the first three months, plus 30,000 additional points for spending $25,000 in the first six months). Even better, when you factor in the rewards you’ll earn on your way to the maximum sign-up bonus, you should end up with enough points to qualify for one of the airline’s most prized travel rewards – the Southwest Companion Pass.
We’ve broken down the Performance Business card’s new sign-up bonus, along with how you can use the card to score a Southwest Companion Pass in 2020.
See related: A complete guide to airline companion passes
Gigantic sign-up bonusNew cardholders can earn a sign-up bonus of up to 100,000 points total with the Performance Business card. You’ll earn 70,000 bonus points after you spend $5,000 in the first three months, plus an additional 30,000 bonus points after you spend $25,000 in the first six months.
We estimate Rapid Rewards points are worth around 1.6 cents each, so the full 100,000-point bonus is worth around $1,600 when redeemed for Southwest Wanna Get Away travel.
We also estimate that the average small-business owner spends about $4,000 per month, so while a $25,000 spend threshold is nothing to sneeze at, it should be achievable for many. Plus, you’ll have a number of great incentives to reach the requirement, including the chance to earn a Companion Pass.
Consider this. You’ll earn 100,000 points after you spend $25,000 on the Performance Business card in the first six months. And since the card earns a minimum of 1 point per dollar on every purchase (and up to 3 points per dollar), you’ll earn at least 25,000 additional points on your way to the bonus. This brings your total potential earnings to a minimum of 125,000 points on a $25,000 spend – just enough to qualify for the pass.
Save money on flights for almost two years
The Southwest Companion Pass lets you bring a friend or family member with you for free (minus taxes and fees) on every Southwest flight you buy with cash or points for up to two years. This means that if you earn the pass this year, your designated companion can fly with you for free through the end of 2021.
While this is an amazing perk, earning the pass is usually tough: You’ll need to rack up 125,000 Rapid Rewards points or take 100 qualifying flights in a year. Luckily, the Performance Business card’s new bonus makes this much easier to achieve. If you spend the $25,000 required to earn the card’s full bonus, you should qualify for the pass.
Additional rewards and bonuses
Along with its terrific new bonus, the Performance Business card offers a generous rewards rate of 3 points per dollar on Southwest purchases, 2 points per dollar on social media and search engine advertising and internet, cable and phone purchases and 1 point per dollar on all other purchases, which is the highest earning rate available on a Southwest card. Based on the average small-business owner’s spending habits, we estimate these ongoing rewards are worth around $1,200 per year.
Cardholders also get an annual bonus of 9,000 points each year on their account anniversary, worth around $144 in airfare when redeemed for a Wanna Get Away ticket.
The Performance Business card also comes with a few travel perks that can take some of the stress out of your next trip. Cardholders get four upgraded boardings per year (when available), in-flight Wi-Fi credits and a statement credit of up to $100 to cover the application fee for Global Entry or TSA Precheck.
Small business owners can also earn Rapid Rewards points on their employee spending, since the Performance Business offers employee cards at no additional cost.
Should you sign up for the Rapid Rewards Performance Business card now?
Though the Performance Business card charges the highest annual fee of any Southwest card, its new bonus offer – which makes it much easier to score a Companion Pass – means it’s a terrific option for small-business owners who frequently fly Southwest or are open to switching loyalty to the airline.
The card’s 100,000-point sign-up bonus doesn’t have a designated end-date, but based on the bonus history of other Southwest credit cards, we predict it won’t be around forever. If you’re chasing the Southwest Companion Pass, now is the perfect time to apply.