Review of Southwest Airlines Rapid Rewards Visa Signature
The Southwest Airlines Rapid Rewards Visa Signature was last reviewed on : 7th December 2004
Summary - The Southwest Airlines Rapid Rewards Visa Signature from Bank One
allows you to earn double miles from direct purchases from Southwest Airlines (excluding vacation packages). You get 4,800 signing bonus miles
and potentially up to 6,000 miles if you transfer up to $6,000 in balance transfers within the first 90 days.
(we do not recommend that you carry a balance for this credit card). You can also earn unlimited miles with this
credit card. As with most airline travel credit cards, you have to pay an annual fee ($59.00) and the APR is high.
As Southwest Airlines Rapid Reward miles expire in 1 year, you should make sure you are a definite frequent flier
to fully make use of this credit card. Otherwise, it cost you $50.00 to rollover expired miles.
* Earns double miles.
* Lets you earn miles on balance transfers though
we do not recommend you carry a balance with this credit card.
* Earn unlimited miles.
* Cannot earn miles on Southwest vacation packages.,br>* High annual fees and
* Miles expire in 1 year.
Southwest Airlines Rapid Rewards Visa Signature Credit Card Benefits
Reward Structure - The Southwest Airlines Rapid Rewards Visa Signature credit card from Bank One
lets you earn the standard 1 mile for every dollar spent on purchases and double miles on Southwest Airline purchase
made directly from Southwest Airlines (excluding vacation packages). As a signing bonus, you will get 4 "Rapid Rewards Credits"
which is equivalent to 4,800 miles (1 Rapid Rewards Credit is equal to 1,200 miles). If you transfer any
balance to this credit card within the first 90 days, you will earn 1 Rapid Reward Credit for every $1,200
of balance transfers. You can earn up to 5 Rapid Reward Credits this way (ie 6,000 miles). You can earn
unlimited miles with this credit card. Southwest rapid rewards miles expire in 1 year (very short expiration
Credit Card Benefits - You will get standard Bank One Visa Signature benefits like travel insurance
of up to $1,000,000, up to $3,000 lost luggage insurance, auto rental insurance, travel and emergency insurance,
airport parking guarantee, concierge service, warranty manager, zero liabilities on unauthorized purchases, dining
privileges, year-end account summary statement.
Cost and Interest rates - The annual fee is $59.00. The APR is Prime Rate plus 8.65% (slightly lower than
the usual plus 9.99% in other airline credit cards, but still considered high).
|Southwest Airlines Rapid Rewards Visa Signature|
|Sign-on Bonus||Earn 4800 reward dollars after first purchase|
Earn Reward Dollars on balance transfers within first 90 days (up to $6,000, ie up to 6,000 reward dollars
|Miles Accumulation||1 mile for every $1 spent on purchases|
2 miles for every $1 spent on Southwest Airlines purchased directly from Southwest Airlines. (excludes Southwest Vacation)
|Anniversary Bonus||1 free roundtrip ticket for every 19,200 reward dollars accumulated in one calender year|
|Miles Expiration||1 year. $50.00 fee for 1 year extension of expired miles|
|Caps on miles||unlimited|
|Credit Limits||no preset spending limits|
|Travel and Insurance Benefits|
|Up to $1,000,000 Travel Insurance|
Up to $3,000 lost luggage insurance
Auto rental insurance
Airport parking guarantee
|Purchase APR||Prime Rate plus 8.65%|
|Balance Transfer APR||Prime Rate plus 8.65%|
|Cash Advance APR||Prime Rate plus 15.99%|
|Penalty/Default Rate||Prime Rate plu 20.99%, min 25.99%|
|Overdraft Advance Rate||13.99% fixed (not available in some states>|
|Min Finance Charge||$1.00|
|Grace Period||20 days|
|Balance Calculation Method||Average Daily Balance|
|Balance Transfer Fee||3% min $5.00 max $50.00|
|Convenience checks fee||3% min $5.00 max $50.00|
|Cash Advance fee||3% min $10.00|
|Other Cash Advance fee||3% min $15.00|
|Foreign Currency Conversion fee||2%|
|Late Payment fee||$15.00 up to $249.00|
$35.00 for more than $250.00