Southwest Performance Business Card Review: Is The $299 Annual Fee Worth It?

The Southwest® Rapid Rewards® Performance Business Credit Card is the most premium card in the Chase and Southwest co-brand card portfolio. This card currently has a $299 annual fee and comes with many helpful perks when you fly Southwest, including a free checked bag, complimentary upgrades to Preferred seating when available, and an anniversary bonus of 9,000 points every year. If you frequently travel with Southwest and qualify for a small business credit card, this card is worth a closer look. That’s especially true now, because not only is it offering a welcome bonus of 80,000 bonus points, but now is also your last chance to earn a Southwest credit card welcome bonus that counts toward the Companion Pass. I’ll get into all of that and more below, as this is my in-depth Southwest Performance Business Card review. Link: Learn more about the Southwest® Rapid Rewards® Performance Business Credit Card Southwest Performance Business Card summary & key details for November 2026Southwest Performance Business Card bonus, eligibility, & feesSouthwest Performance Business Card welcome bonusSouthwest Performance Business Card eligibility restrictions & rulesSouthwest Performance Business Card annual fee & authorized user feeSouthwest Performance Business Card foreign transaction feeSouthwest Performance Business Card rewards structureEarning points on spendingEarn unlimited Tier Qualifying Points toward statusNo more Companion Pass qualification through welcome bonusesRedeeming points from the Southwest Performance Business CardSouthwest Performance Business Card perks & benefits9,000 anniversary Rapid Rewards bonus pointsGet a free first checked bagComplimentary Preferred seat selection at bookingUnlimited upgrades to extra legroom seatsEarly boarding25% savings on inflight drinks & Wi-FiGlobal Entry, TSA PreCheck, or NEXUS creditsIs the Southwest Performance Business Card worth it?Southwest Business Performance vs. Southwest Premier Business card comparisonTip: Earn Ultimate Rewards points insteadSouthwest Performance Business Card FAQsBottom line Southwest Performance Business Card summary & key details for November 2026 Before I cover the Southwest Performance Business Card perks in detail, here’s a high-level view of this business credit card’s key details: Southwest Performance Business Card annual fee: $299 Southwest Performance Business Card welcome offer: 80,000 bonus points after you spend $5,000 on purchases in the first three months from account opening Southwest Performance Business Card earning rate: 4x points on Southwest purchases, 2x points at gas stations and restaurants, 2x points on hotel accommodations booked directly with the hotel, 2x points on local transit, and 1x points on all other purchases Southwest Performance Business Card foreign transaction fee: None Southwest Performance Business Card benefits with Southwest: First checked bag for free, complimentary Preferred seat when available at booking, extra legroom upgrade when available within 48 hours prior to departure, board no later than Group 5, 25% back on inflight purchases, earn 2,500 Tier Qualifying Points toward status for every $5,000 spent on the card (through 2026), get 9,000 points every year on your cardmember anniversary Southwest Performance Business Card travel perks: Up to $120 statement credit for Global Entry, TSA PreCheck, or NEXUS every four years Best for: Frequent Southwest flyers who qualify for a business credit card and want as many perks with the airline as possible I also put together my pros and cons for the Southwest Performance Business Card: Southwest Rapid Rewards Performance Business Card prosSouthwest Rapid Rewards Performance Business Card consStrong bonus categories beyond Southwest purchasesWelcome bonus won’t count toward Companion Pass qualification starting in 2027Generous Southwest perks, including space available Preferred and extra legroom seatsHigh annual fee of $299Solid welcome bonus Southwest Performance Business Card bonus, eligibility, & fees When applying for a credit card, major considerations include the welcome bonus, the eligibility rules, and the fees, so let’s start by taking a look at those details for the Southwest Performance Business Card. Southwest Performance Business Card welcome bonus The Southwest Performance Business Card currently has a welcome bonus where you can earn 80,000 bonus points after spending $5,000 within the first three months. Southwest Rapid Rewards is a revenue-based frequent flyer program, based on my latest miles & points valuations, I consider the points to be worth 1.2 cents each. That means I consider the 80,000 points to be worth $960, which is a solid bonus for a card like this (though admittedly we’ve seen slightly better limited time offers in the past). Earn lots of points with the Southwest Performance Business Card Southwest Performance Business Card eligibility restrictions & rules When it comes to Southwest credit card eligibility rules, you’re potentially eligible for the Southwest Performance Business Card (including the welcome bonus) if you don’t currently have this card, and if you haven’t received a new cardmember bonus on this card in the past 24 months. You can have any of the Southwest personal cards, and/or the Southwest Premier Business Card, and they won’t impact eligibility for this card. Beyond that, be aware of the general restrictions on applying for Chase cards. This includes the Chase 5/24 rule, whereby you generally won’t be approved for a Chase card if you’ve opened five or more cards in the last 24 months. That said, business credit cards aren’t always included on your credit report, so they often don’t count toward 5/24. The Southwest Performance Business Card has a $299 annual fee, making it the highest annual fee Southwest Airlines credit card. However, it also comes with plenty of perks that can justify it, as I’ll explain below. There is no cost to add authorized users on the card, so you can add authorized users to your card, and be rewarded for their spending. Southwest Performance Business Card foreign transaction fee The Southwest Performance Business Card has no foreign transaction fees, so it’s a good card to use for purchases abroad. Use the Southwest Performance Card with no foreign transaction fees Southwest Performance Business Card rewards structure One of the main reasons you’ll want to consider picking up a card is because of its return on spending, so you’re sure it aligns with what you’re looking for. In the case of the Southwest Performance Business Card, it has a limited number of bonus categories, and spending can also help you toward earning elite status with Rapid Rewards. So let’s cover those details. Earning points on spending The Southwest Performance Business Card offers some potentially useful bonus categories, as follows: Earn 4x points per dollar spent on Southwest Airlines purchases Earn 2x points per dollar spent at gas stations and restaurants Earn 2x points per dollar spent on hotel accommodations booked directly with hotels Earn 2x points per dollar spent on local transit and commuting, including rideshare Earn 1x points per dollar spent on all other purchases These are some pretty solid bonus categories, though in general, I would only use this card for everyday spending if trying to earn Southwest Airlines status. Based on my valuation of 1.2 cents per point, this is like earning a 4.8% return on the 4x points categories, 2.4% return on the 2x points categories, and a 1.2% return on the 1x points categories. Earn unlimited Tier Qualifying Points toward status The Southwest Performance Business Card lets you earn unlimited Tier Qualifying Points (TQPs) toward elite status. Specifically, you can earn 2,500 TQPs toward A-List status for every $5,000 spent on the card. Southwest A-List status offers perks like priority boarding, a 25% points bonus, same-day standby, priority check-in and security lane access, and a dedicated phone number. A-List status ordinarily requires earning 35,000 TQPs in a calendar year, so spending on a Southwest Performance Business Card could help you earn that. Whether or not that’s worth it depends on how much you’d otherwise fly with Southwest. Do note that Southwest recently announced some big changes to its loyalty program, including new status level names and the introduction of a third tier called Platinum. Starting in 2027, A-List status will become Silver status, and earning it will require 35,000 TQPs or 25 qualifying flights. According to the Southwest Performance Business Card’s terms & conditions, cardholders can earn TQPs on card spending at the current rate of 2,500 TQPs per $5,000 spent through December 31, 2026. After that date, A-List status will become Silver status, and every co-branded Southwest credit card will earn 1 TQP per dollar spent, so $35,000 in spending would get you to Silver. No more Companion Pass qualification through welcome bonuses One of the best values in travel is the Southwest Airlines Companion Pass. For those of you not familiar with Southwest’s Companion Pass, it allows someone else to travel with you for the entire year anywhere Southwest flies. You still have to pay the taxes on their ticket, but the Companion Pass is valid on both award and revenue tickets. You can change your designated companion three times in a year, so you can potentially even use this for different people. Historically, you’ve been able to get the Companion Pass by earning 135,000 Rapid Rewards points in a calendar year — and Southwest credit card welcome bonuses counted toward this, along with referral bonuses, anniversary points, bonus points from spending on the card, and more. Starting January 1, 2027, this will no longer be the case. Southwest is updating its elite status program to have three tiers, the highest of which is called Platinum and gets you unlimited Companion Pass trips. At that time, credit card welcome bonuses and all the other points earning mentioned above will no longer count toward qualifying for the Companion Pass (or any level of status). To earn Platinum, and therefore the Companion Pass, you’ll instead need to earn 140,000 TQPs or take 100 qualifying flights. This change isn’t specific to the Southwest Performance Business Card, as it applies to welcome bonuses across all Southwest credit cards. But the good news is that welcome bonuses earned before the end of 2026 do count toward Companion Pass qualification, so now is your last chance to take advantage before this opportunity is closed. Redeeming points from the Southwest Performance Business Card I have an entire post on how to redeem Southwest Rapid Rewards points for maximum value, but I’ll briefly cover how redemptions work and how to get the most value out of your points here. Rapid Rewards is a revenue-based frequent flyer program, which means that the value you’ll get from your points is tied to the cash cost of Southwest tickets. That said, there are a few different levels, ranging from Basic tickets to Choice Extra fares, with Basic awards usually offering the highest redemption value. In my experience, the best-value Southwest point redemptions are usually for international routes to destinations like Costa Rica and Aruba. Southwest also flies to Hawaii, which can be a good use of points, but I’ve found that the redemption value is often a bit lower on these in-demand routes. And of course, if you have the Companion Pass your points become twice as valuable because a friend can travel for free minus taxes and fees. There are no change or cancellation fees on Southwest award bookings, and rebooking a fare when the price drops gets you a refund equal to any difference in points. Just note that Basic fares can only be changed by upgrading to a higher fare bundle, so for a cheaper Basic award you’d want to cancel and rebook rather than change your existing itinerary. Use the Southwest Companion Pass to travel to Hawaii Southwest Performance Business Card perks & benefits While the Southwest Performance Business Card has a great bonus, the main reason you want to get this card is because of the perks that it offers. For those who fly Southwest with any frequency, the perks should more than cover the annual fee. In fact, for those who are frequent Southwest flyers, this card is almost too good to be true. 9,000 anniversary Rapid Rewards bonus points Just for having the Southwest Performance Business Card, you’ll receive 9,000 Rapid Rewards points on your account anniversary every year. As I said above, Southwest points can be redeemed for ~1.2 cents each toward airfare, so that’s the equivalent of ~$108 toward airfare annually. Redeem anniversary bonus points for even more travel Get a free first checked bag The Southwest Performance Business Card offers a free first checked bag for you and up to eight additional passengers on your same reservation. If you usually check bags on Southwest — especially if you don’t have Southwest status, which gets you a free first checked bag — this benefit alone can quickly help you recoup the annual fee. For non-elite Southwest travelers, a checked bag costs $45 one-way. If you maxed this benefit out with eight other travelers on a round-trip itinerary with checked bags, you’d be looking at over $800 in value. Complimentary Preferred seat selection at booking When you book a Southwest flight as a Performance Business cardholder, you can select a Preferred or Standard seat at the time of booking, if they’re available. This benefit also extends to eight travelers on your same reservation. The cost for a Preferred seat can vary from $28 to nearly $50 depending on the flight, so this benefit can also save you some real money. The Southwest Performance Business Card also offers unlimited upgrades to extra legroom seats for cardholders and up to eight travelers on the same reservation. These upgrades are space available and will start within 48 hours of departure. This is another nice elite-style benefit that can noticeably improve your travel experience on Southwest. Early boarding Southwest Performance Business cardholders can board with Group 5, or earlier if they have status or a fare that entitles them to a higher boarding group. Once again, this perk extends to eight additional travelers on the same reservation. 25% savings on inflight drinks & Wi-Fi The Southwest Performance Business offers 25% savings on inflight purchases of Wi-Fi and drinks. To take advantage of this, simply pay with your card. You’ll automatically receive a statement credit on eligible inflight purchases. Global Entry, TSA PreCheck, or NEXUS credits For having the Southwest Performance Card you receive a credit towards TSA PreCheck, Global Entry, or NEXUS. You can take advantage of this benefit once every four years. (up to $120 as of 10/1/24) If you are going to use this perk, I’d highly recommend registering for Global Entry over TSA PreCheck. For those of you not familiar, TSA PreCheck gets you expedited US security screening, while Global Entry gets you expedited US immigration clearance. Why register for Global Entry and not PreCheck? Because Global Entry also comes with TSA PreCheck, while the inverse isn’t true (signing up for TSA PreCheck doesn’t get you Global Entry). Get a Global Entry credit with the Southwest Performance Card If you have a small business and fly Southwest with any frequency, then the Southwest Performance Business Card is a no brainer. To start, the card has an excellent welcome bonus that could get you a lot of travel, and could even help you earn Companion Pass — at least until the end of 2026, which is coming up very fast. On an ongoing basis, the card is worth it as well. It has a $299 annual fee but offers 9,000 points per year (which I value at ~$108) and more. This card should pay for itself for anyone who flies Southwest often. The Performance Card can make your travel on Southwest better Southwest Business Performance vs. Southwest Premier Business card comparison In addition to the Southwest Performance Business Card, Southwest also has the Southwest® Rapid Rewards® Premier Business Credit Card (learn more). How does that card compare? Here’s a quick look: The Southwest Rapid Rewards Premier Business Card has a lucrative welcome bonus, though it’s slightly lower: 60,000 points after you spend $3,000 in the first three months The Southwest Rapid Rewards Premier Business Card has an annual fee of $149 The Southwest Rapid Rewards Premier Business Card offers 6,000 points on your anniversary every year If you fly Southwest only a handful of times a year, you might prefer this card and its lower annual fee to the more premium Southwest Performance Business. Tip: Earn Ultimate Rewards points instead In addition to comparing the Southwest Performance Business with other Southwest business credit cards, I want to take a minute to recommend another points strategy if you occasionally book award flights on Southwest. Chase Ultimate Rewards is a transfer partner with Southwest Rapid Rewards, and points transfer at a 1:1 ratio. This means that you could earn points at a faster rate through Ultimate Rewards than through Rapid Rewards, and your points will be more flexible (since you can also transfer them to other airlines and hotel programs). So, should you earn Rapid Rewards points directly with a Southwest Airlines credit card, or with a Chase Ultimate Rewards credit card? If you’re trying to earn Southwest status, then you have to spend on a Southwest card, since Ultimate Rewards points don’t earn TQPs If you don’t care about Southwest status and just want to earn as many Rapid Rewards points as possible, earn points with Ultimate Rewards, and then transfer them over For context, some of the best cards for earning Chase Ultimate Rewards points include the following: The Chase Sapphire Preferred® Card (learn more) offers 3x points on dining, online grocery stores, gas & EV charging, select vacation rentals (including Airbnb, VRBO, and more), and select streaming services, and 2x points on travel; the card has a $95 annual fee The Chase Sapphire Reserve® (learn more) offers 8x points on Chase Travel℠ bookings, 4x points on direct flight & hotel bookings, 3x points on dining, plus a $300 annual travel credit; the card has a $795 annual fee The Ink Business Preferred® Credit Card (learn more) offers 3x points on the first $150,000 spent in combined purchases annually on travel, shipping purchases, internet, cable, and phone services, advertising purchases made with social media sites and search engines; the card has a $95 annual fee The Ink Business Preferred Card could be an especially strong pick, considering you’re reading a review of a business credit card — and it has a significantly lower annual fee than the Southwest Performance Business Card. On top of that, the following four no annual fee cards earn points that can be converted into Ultimate Rewards points at a 1:1 ratio in conjunction with one of the above cards: The Chase Freedom Flex® (learn more) offers 5x points in rotating quarterly categories, on up to $1,500 of spending per quarter, plus 3x points at drugstores The Chase Freedom Unlimited® (learn more) offers 3x points at drugstores and 1.5x points on everyday spending The Ink Business Cash® Credit Card (learn more) offers 5x points on the first $25,000 spent in combined purchases each anniversary year on cellular phone, landline, internet and cable TV services, plus 2x points on the first $25,000 spent in combined purchases each anniversary year on gas stations and restaurants The Ink Business Unlimited® Credit Card (learn more) offers 1.5x points on all business spending Southwest Performance Business Card FAQs What are the benefits of the Southwest Performance Business Card? The benefits of the Southwest Performance Business Card include a first bag checked free, space available Preferred and extra legroom seats, a strong welcome bonus, and 9,000 bonus points each year on your cardmember anniversary. What is the annual fee for the Southwest Performance Business Card? The Southwest Performance Business Card has an annual fee of $299. What credit score do I need to get the Southwest Performance Business Card? While Chase doesn’t share an exact credit score requirement for the Southwest Performance Business Card, you’ll have the best chances of getting approved if you have a credit score of 700 or higher, in the good to excellent range. What is the best Southwest business credit card? The best Southwest business credit card for you depends on how often you fly Southwest. The Southwest Rapid Rewards Premier Business Card has a $149 annual fee and offers benefits like a first checked bag free, complimentary Preferred seats when available within 48 hours prior to departure, and 6,000 points every year on your cardmember anniversary. The Southwest Rapid Rewards Performance Business Card has a $299 annual fee and enhanced benefits, including complimentary Preferred seats when available at booking, 9,000 points every year on your cardmember anniversary, and an application fee credit for Global Entry, TSA PreCheck, or NEXUS. Bottom line The Southwest Performance Business Card is an exceptional option for those who frequently fly Southwest and want the best-possible experience with the airline. In addition to the solid bonus, the card also offers 9,000 anniversary bonus points, space available Preferred and extra legroom seats, and more. The value of that should add up quickly if you fly Southwest frequently. This is especially true now that Southwest charges fees for checked bags and charges for assigned seats. If you want to learn more about the Southwest Performance Business Card, follow this link.