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.

Positives

* 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.

Negatives

* Cannot earn miles on Southwest vacation packages.,br>* High annual fees and APR.
* 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 date).

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
Miles Benefits
Sign-on BonusEarn 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 Accumulation1 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 Bonus1 free roundtrip ticket for every 19,200 reward dollars accumulated in one calender year
Miles Expiration1 year. $50.00 fee for 1 year extension of expired miles
Caps on milesunlimited
Credit Limitsno 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
Roadside dispatch
Other Benefits
Dining privileges>
Cost/Fees/Interest rates
Introductory ratenone
Annual Fees$59.00
Purchase APRPrime Rate plus 8.65%
Balance Transfer APRPrime Rate plus 8.65%
Cash Advance APRPrime Rate plus 15.99%
Penalty/Default RatePrime Rate plu 20.99%, min 25.99%
Overdraft Advance Rate13.99% fixed (not available in some states>
Min Finance Charge$1.00
Grace Period20 days
Balance Calculation MethodAverage Daily Balance
Balance Transfer Fee3% min $5.00 max $50.00
Convenience checks fee3% min $5.00 max $50.00
Cash Advance fee3% min $10.00
Other Cash Advance fee3% min $15.00
Foreign Currency Conversion fee2%
Over-the-credit-limit feenone
Late Payment fee$15.00 up to $249.00
$35.00 for more than $250.00





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