Is the Southwest Performance Business Card Worth Its Annual Fee?

The Southwest® Rapid Rewards® Performance Business Credit Card stands out as the most premium option among Southwest’s co-branded offerings, featuring an annual fee of $299. While this fee is lower than many premium airline credit cards, it marks a significant increase compared to the Southwest® Rapid Rewards® Premier Business Credit Card and the three personal Southwest cards.

In 2025, Southwest revamped its card offerings as part of a broader business model overhaul. This included the elimination of open seating, the introduction of checked bag fees, and a restructuring of the Rapid Rewards loyalty program. For business owners who frequently fly Southwest Airlines, evaluating the value of the Southwest Performance Business Card is essential.

Currently, the card offers a generous welcome bonus of 120,000 bonus points after spending $10,000 within the first three months of account opening. According to TPG’s September 2025 valuations, Southwest miles are valued at 1.35 cents each, making this bonus worth approximately $1,620—arguably the best welcome bonus the card has ever offered.

Before applying, it’s crucial to verify your eligibility. As a Chase card, the Southwest Performance Business is subject to Chase’s 5/24 rule and restrictions on bonus eligibility.

Current cardholders can expect favorable earning rates, particularly on Southwest purchases. The Performance Business card earns more points on these transactions than any other co-branded Southwest card. However, it’s important to note that by the end of this year, the card will lose its business-specific bonus categories, shifting focus to everyday spending categories like gas stations and restaurants. This change may not be ideal for business owners who often incur costs in areas such as advertising and internet services.

Among the perks offered by the Southwest Performance Business card, cardholders will receive a statement credit of up to $120 for Global Entry, TSA PreCheck, or Nexus application fees, as well as no foreign transaction fees. Additionally, business owners can obtain employee cards at no extra charge, earning Rapid Rewards points on employee spending while setting individual spending limits through customer service.

These benefits are particularly valuable given Southwest’s recent changes to its inflight experience, including fees for seat assignments and checked bags. For frequent Southwest flyers, the accumulated benefits can quickly offset the $299 annual fee.

If you’re looking for Southwest perks at a lower annual fee, consider the Southwest Premier Business card, which has a $149 annual fee and offers anniversary points, free checked bags, and preferred seat selection. Alternatively, if your business expenses are more varied, the Ink Business Preferred® Credit Card might be a better fit. It offers 3 points per dollar on the first $150,000 spent annually on travel, shipping, internet, cable, phone services, and advertising through social media and search engines, all for a lower $95 annual fee. Plus, it earns Chase Ultimate Rewards points, which can be transferred to Southwest or any other Chase travel partners.

In summary, if you frequently fly Southwest and take advantage of the card’s anniversary points, free checked bags, priority boarding, and seat selection benefits, the Southwest Performance Business Card could justify its $299 annual fee. With the current welcome bonus, now is an excellent time to consider applying and maximizing your Southwest points.

For more insights, you can read our comprehensive review of the Southwest Performance Business Card.