Is the Southwest Performance Business Card worth its annual fee?

As the top-tier option among Southwest's cobranded cards, the Southwest® Rapid Rewards® Performance Business Credit Card comes with an annual fee of $199.

While this fee is significantly lower than those for most premium options offered by other airlines, it represents a noticeable increase compared to the Southwest® Rapid Rewards® Premier Business Credit Card and the three Southwest personal cards.

If you own a business and prefer flying with Southwest Airlines, you might be curious about the value of adding the Southwest Performance Business card to your collection. Here’s what you should know.

Southwest Performance Business Welcome Bonus

Currently, the Southwest Performance Business card is offering a welcome bonus of 80,000 bonus points after you spend $5,000 on purchases within the first three months of account opening.

As of September 2024, TPG values Southwest Rapid Rewards points at 1.4 cents each, which makes this bonus worth $1,120. You can increase this value further by using the points to help qualify for a Companion Pass. To earn this sought-after pass, you'll need to accumulate 135,000 points within a calendar year. This bonus will get you more than halfway there, and by combining it with a personal Southwest card, you could automatically qualify for a Companion Pass after earning the bonuses on both cards.

Before applying, be sure to verify your eligibility. As a Chase card, the Southwest Performance Business is subject to Chase's 5/24 rule and Southwest bonus eligibility restrictions.

Earning Rewards with the Southwest Performance Business Card

The Southwest Performance Business card allows you to earn 4 points per dollar spent on Southwest purchases, 3 points per dollar on Rapid Rewards hotel and car rental transactions, and 2 points per dollar on advertising via social media and search engines, as well as on internet, cable, phone services, and local transit (including ride-hailing services). All other purchases earn 1 point per dollar.

As expected from the premium version of a cobranded card, the Southwest Performance Business card offers higher earnings on Southwest purchases compared to any other cobranded Southwest card. Additionally, the points accumulated can be even more valuable if they contribute towards qualifying for a Companion Pass.

However, if a large part of your spending is on general travel or business expenses and you're not primarily aiming for a Companion Pass, you may find a more advantageous earning structure with a different card.

Southwest Performance Business Card Benefits

With the Southwest Performance Business card, you can enjoy these exclusive Southwest perks:

• 9,000 points awarded each year on your cardmember anniversary
• Four Upgraded Boardings each year, subject to availability
• Earn 1,500 tier qualifying points towards A-List status for every $5,000 spent
• $500 fee credit for transferring points each year
• Up to 365 inflight Wi-Fi credits annually

Additionally, you'll receive a fee credit of up to $100 ($120 starting October 1, 2024) for Global Entry, TSA PreCheck, or Nexus every four years.

TPG values the 9,000 anniversary points at $126, which covers more than half of the card's $199 annual fee. If you can utilize at least eight Wi-Fi credits (typically $8 each), you will have gained sufficient value from just these two benefits to justify the annual fee.

However, this card provides less value compared to many other airline cobranded cards. While it offers a quicker route to earning a Companion Pass, it lacks benefits such as additional free checked bags or airport lounge access. Furthermore, Southwest elite status is considerably less valuable than the status available with other airlines, mainly due to limited seating options. If you travel frequently, you might find it worthwhile to switch your airline loyalty for more rewarding perks.

Southwest Performance Business Card Alternatives

If you're looking for Southwest-specific benefits with a lower annual fee, the Southwest Premier Business card may be a better fit. It has a reduced $99 annual fee, easily justified by its anniversary points and complimentary Early-Bird check-ins. For further information, take a look at our comprehensive review of the Southwest Priority Business card.

If you allocate more of your budget towards business and general travel expenses, you might find the earning structure of the Ink Business Preferred® Credit Card more appealing. This card offers 3 points per dollar on the first $150,000 spent annually on travel, shipping, internet, cable, phone services, and advertising through social media and search engines. It has a lower annual fee of $95 and earns Chase Ultimate Rewards points, which can be transferred to Southwest or any of Chase's other travel partners. For more information, check out our comprehensive review of the Ink Business Preferred.

Bottom Line

If you are a business owner who frequently flies Southwest, the anniversary points, Upgraded Boardings, and fee credits offered by the Southwest Performance Business card are likely to provide enough value to justify its $199 annual fee.

Additionally, if you leverage the welcome bonus to help you earn a Companion Pass, you’ll gain even more value from the card. However, if you don’t travel with Southwest often, a general travel card may offer better value for you.

For additional details, read our complete review of the Southwest Performance Business card.