Please note: the offers mentioned below are subject to change at any time and may not be available.

Editor’s note: This post has been updated with current offers. Keep in mind that some comments below may refer to older offers.

Starting Feb. 11, 2020, you can earn up to 100,000 points on the Southwest Rapid Rewards Performance Business Card with a new sign-up bonus offer. First, earn 70,000 points when you spend $5,000 in the first three months with the card. You can also earn an additional 30,000 points after you spend $25,000 in the first six months.

TPG values Southwest Rapid Rewards® points at 1.5 cents each, which means this bonus is worth $1,500 when you hit both tiers. But even small businesses or freelancers that may not be able to grab that second tier will get $1,050 in value from the first tier after spending $5,000 in three months.

The first tier of this offer is the same as the standard sign-up bonus the Performance card was offering new cardholders previously. So the additional tier added to this offer is just another way for business owners to earn bonus Rapid Rewards points.

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The card itself also earns 3x on Southwest Airlines flights and its hotel and car rental partners; 2x on social media and search engine advertising and internet, cable and phone services; and 1x on all other purchases. You’ll also get perks like 9,000 bonus points every card anniversary, a Global Entry or TSA PreCheck fee credit, inflight Wi-Fi credits and four upgraded boardings every year (subject to availability). You’ll pay a manageable $199 annual fee.

Related reading: Southwest Rapid Rewards Performance Business Credit Card review

You won’t be able to earn this sign-up bonus if one (or more) of the following statements is true:

• You are a current Southwest Performance Business Cardholder.
• You’ve earned a new cardmember bonus on the Southwest Performance Business Card in the last 24 months.
• You’re over the Chase 5/24 rule — meaning you’ve opened five or more credit cards in the last 24 months across all issuers. This is a Chase policy that means there’s virtually zero chance you’ll be accepted for most of its cards if you’re over the 5/24 limit.

Using this offer to get the coveted Companion Pass

Most cobranded airline credit cards have a tough time holding their own against cards that earn transferable points, but Southwest’s diverse portfolio of personal and business cards is a notable exception. That’s because points earned with Southwest cobranded cards count toward earning a coveted Southwest Companion Pass, which offers a year or more of flying for your designated travel companion.

This one of the most sought-after travel perks in the industry. It requires either flying 100 one-way flights or earning 125,000 qualifying points in one calendar year, but with this new welcome offer, you can earn the Companion Pass simply by applying for the card and reaching the $25,000 in spending to earn the full sign-up bonus. With the 100,000-point bonus plus the regular earnings from spending $25,000 (at least 25k points, depending on the bonus categories of your purchases), you’ve hit the qualification threshold, and the Companion Pass is yours.

Remember that the pass is valid for the rest of the year in which you qualify and the full calendar year after that. So if you earn the Companion Pass in the first part of 2020, it will be valid through Dec. 31, 2021, giving your companion a year and a half of free travel.

Related reading: How to quickly earn the Southwest Companion Pass

Bottom line

The number of Southwest Rapid Rewards points required to book a flight is directly tied to the current fare of the flight, and you often get good deals if you know when and where to look for redemptions. And because of Southwest’s policy against any cancellation or change fees on its flights, you can actually reprice a Southwest flight if you book a trip and then find the same itinerary at a lower price before departure. While Southwest operates primarily domestic routes in the continental U.S., those looking for a tropical getaway can use points to book flights to a number of Caribbean and Hawaiian destinations as well.

Official application link: Don’t miss out on the chance to earn up to 100,000 after qualifying spend on the Southwest Rapid Rewards Performance Business Credit Card

Additional reporting by Katie Genter and Ethan Steinberg.