Southwest Performance Business Card Review: Semi-Premium Benefits for $199

For business owners who frequently fly Southwest Airlines, Southwest® Rapid Rewards® Performance Business Credit Card A truly valuable travel companion.

The annual fee is $199is the most expensive Southwest Airlines card, but it's also the most lucrative in terms of points-earning ability — and not only that, you also get some handy perks that help make up for the annual fee, like yearly anniversary points, a path to status with the airline, boarding upgrades, Wi-Fi credits, and statement credits for the Global Entry or TSA Precheck programs.

It's not the full luxury experience that some premium credit cards offer, but the annual fees aren't as high as those cards either.

Sign-up bonus: Earn 80,000 points after you spend $5,000 on purchases in the first 3 months after account opening, and earn an additional 40,000 points after you spend $15,000 on purchases in the first 9 months.

• Earn 4 points per dollar spent on Southwest® purchases.

• Earn 3 points for every dollar spent with Rapid Rewards® hotel and car rental partners.

• Earn 2 points for every dollar you spend on local transportation and commuting, including rideshare.

• You can earn two points for every dollar you spend on social media, search engine advertising, internet, cable and phone services.

• On all other purchases, you'll earn 1 point per dollar.

This rewards structure is unique among Southwest's credit card portfolio in that it offers more depth and variety than other Southwest co-branded cards, including personal and business products, which only allow you to earn up to three points per dollar on eligible Southwest purchases and one point per dollar on all other purchases.

Value of NerdWallet Southwest is 1.5 cents This is a baseline derived from real data from hundreds of economy routes, not a maximized value. In other words: 1.5 cents You can earn over 100 cents worth from Southwest Points.

April: The current APR is a variable APR ranging from 21.49% to 28.49%..

Foreign Transaction Fee: none.

• 9,000 bonus points every account anniversary.

• Earn 1,500 tier-qualifying points for every $10,000 you spend on eligible purchases (no annual limit).

• On your anniversary each year, we'll refund your upgraded boarding pass up to four times (if available).

• You will receive up to $100 in statement credits every four years toward your Global Entry, TSA PreCheck®, or NEXUS application fees.

of Southwest® Rapid Rewards® Performance Business Credit Card There are some very generous joining benefits: Earn 80,000 points after you spend $5,000 on purchases in the first 3 months after account opening, and earn an additional 40,000 points after you spend $15,000 on purchases in the first 9 months. That's enough to get them closer to the points needed for the coveted 125,000 points. Southwest Companion PassWith this pass, when you purchase a flight or redeem points for a free flight, you can choose a companion to fly with you for free (excluding taxes and fees). Once earned, a Companion Pass is valid for the remainder of the year and the following calendar year.

In addition to a more generous rewards structure than other Southwest cards, the card also offers 9,000 bonus points every cardmember anniversary and 1,500 tier-qualifying points for A-List and A-List Preferred status for every $10,000 you spend on eligible Southwest purchases. Both statuses come with a variety of perks, including increased bonus points, priority check-in, and free same-day standby.

of Southwest® Rapid Rewards® Performance Business Credit Card As part of the Visa network, it's widely accepted at international merchants, making it perfect for traveling anywhere. Plus, with no foreign transaction fees, you'll save money on purchases abroad. And with Visa Signature benefits, this card is packed with travel protections, including lost baggage coverage, baggage delay insurance, and travel accident insurance.

The card's Global Entry or TSA Precheck benefits also help you get through airport security faster. Every four years, you'll get up to $100 back when you use the card to pay the application fee for one of these programs. You'll get a rebate up to four times for an upgraded boarding pass, if available. If you purchase an upgraded boarding pass, you'll get a rebate worth $30 to $50 per flight. And the card's $8 daily Wi-Fi credits will help you connect to the office (you get one credit per day, for a total of 365 credits per year).

Southwest and Chase offer two types of small business credit cards. Southwest® Rapid Rewards® Premier Business Credit Card The low annual fee makes it a good choice for people who don't travel frequently, while frequent flyers can get more value in the form of higher rewards and rebates. Southwest® Rapid Rewards® Premier Business Credit Card.

Here's a side-by-side comparison of the two cards:

of Ink Business Preferred® Credit Card You can redeem your points for cash, gift cards, travel, and eligible products and services. Chase Ultimate Rewards® There is a portal through which you can transfer your points to several other travel loyalty programs, including Southwest, at a 1:1 ratio. The card earns 3 points per dollar on the first $150,000 in combined spending on travel, shipping, internet, cable, phone services, and advertising purchases on social media sites and search engines per account anniversary. All other purchases earn 1 point per dollar. $95 Annual fee.