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Three days ago, my inbox contained an unpleasant surprise: Starting March 31, 2014, Southwest Points would be devalued from 1.67 cents each to 1.43 cents when redeemed for Wanna Get Away fare. This is unfortunate, because the Southwest Rapid Rewards® Premier Credit Card offers a 6,000-point anniversary bonus. At a value of 1.67 cents per point, that bonus is worth $100, enough to wipe out the card’s $99 annual fee. Now, the anniversary bonus is worth $89, so it doesn’t quite cover the whole thing. Not bad – in fact, quite good relative to other travel and airline cards – but still greater than zero.
Now, that doesn’t mean the Southwest Rapid Rewards® Premier Credit Card is a bad deal. With a rewards rate of 2.86% on Southwest and its partners and 1.43% elsewhere, And the bonus is still quite high.
I still recommend the Southwest Rapid Rewards® Premier Credit Card, but be conscious of the points devaluation. If at all possible, try and book before the March 31 cutoff. Remember that there’s no change fee on Southwest, so if there’s a chance of you traveling, (I never thought I’d say this) book ’em, Danno.