The most premium of Southwest’s cobranded options, the Southwest® Rapid Rewards® Performance Business Credit Card (see rates and fees) carries an annual fee of $299.

While this is significantly less than the fees you’ll see on most premium options from other airlines, it is a notable increase from the Southwest® Rapid Rewards® Premier Business Credit Card (see rates and fees) and the three Southwest personal cards.

Plus, the Southwest Performance Business (along with all the Southwest cards) was refreshed in 2025 as part of the carrier’s sweeping business model changes. These changes include the end of open seating, the introduction of checked bag fees and the restructuring of the Rapid Rewards loyalty program.

If you’re a business owner who prefers to fly Southwest Airlines and wonder whether you should add the Southwest Performance Business to your wallet, here’s what you need to know about its value.

Southwest Performance Business welcome offer

The Southwest Performance Business card is currently offering a welcome bonus of 120,000 bonus points after spending $10,000 on purchases in the first three months from account opening.

TPG’s September 2025 valuations place Southwest miles at 1.35 cents each, making this bonus worth $1,620, which is the best welcome bonus we’ve ever seen on the card.

But before applying, be sure to check your eligibility. As a Chase card, the Southwest Performance Business is subject to Chase’s 5/24 rule and Southwest bonus eligibility restrictions.

Related: Southwest Rapid Rewards: Guide to earning and redeeming points, elite status and more

Earning rewards with the Southwest Performance Business

The Southwest Performance Business provides high earning rates as the premium business card for Southwest loyalists.

Here’s what current cardholders can expect:

• 4 points per dollar spent on Southwest Airlines purchases
• 4 points per dollar spent on Southwest Cruises*
• 3 points per dollar spent on Rapid Rewards hotel and car rental partners*
• 2 points per dollar spent at gas stations and restaurants
• 2 points per dollar spent on hotel accommodations booked directly with the hotel
• 2 points per dollar spent on local transit and commuting, including ride-hailing services
• 2 points per dollar spent on social media and search engine advertising, internet, cable and phone services*
• 1 point per dollar spent on all other eligible purchases

*Ends Dec. 31.

Current cardholders will have access to both new and expiring bonus categories.

As is expected with the most premium version of a cobranded card, the Southwest Performance Business earns more on Southwest purchases than you would be able to earn with any other cobranded Southwest card.

However, at the end of this year, the card will lose its business-specific bonus categories. Instead, it will leave more categories oriented toward earning more on everyday purchases, such as gas stations and restaurants.

This could be a negative change for business owners who frequently spend on expenses such as advertising and internet services.

Related: How to quickly earn the Southwest Companion Pass

Southwest Performance Business benefits

With the Southwest Performance Business card, you’ll get these Southwest-specific perks:

• First checked bag free: A standard first checked bag costs $35 since Southwest started charging for bags on May 28.
• Inflight discounts: Cardholders receive 25% back on inflight food and beverage or Wi-Fi purchases.
• Preferred seat selection at booking: Cardholders and up to eight passengers traveling on the same reservation can select preferred seating at the time of booking (for flights operating in 2026 and beyond), when available.
• Priority boarding: Cardholders and up to eight passengers traveling on the same reservation receive Group 5 priority boarding (for flights operating in 2026 and beyond). A-List status members can board with an earlier group.
• Unlimited extra-legroom upgrades: Cardholders and up to eight passengers traveling on the same reservation can select extra-legroom seats when available within 48 hours prior to departure (for flights operating in 2026 and beyond).
• Up to 2,500 tier qualifying points toward A-List status for every $5,000 spent in purchases annually
• 9,000 bonus points every year on your cardmember anniversary, worth $122 per TPG’s September 2025 valuations
• 10,000 Companion Pass qualifying points boost annually: Cardholders will only need to earn 45,000 more companion qualifying points to earn the coveted Companion Pass with this boost.

The following perks will expire on Dec. 31, as these benefits are more tailored toward Southwest’s previous business model:

• Four Upgraded Boardings when available
• $500 fee credit for points transfers per year
• Up to 365 inflight Wi-Fi credits per year

Plus, cardholders receive a statement credit of up to $120 for their Global Entry, TSA PreCheck or Nexus application fee and pay no foreign transaction fees.

Business owners pay no fee for additional employee cards and earn Rapid Rewards points on employee spending. Spending limits can be set on employee cards by calling cardmember services.

The Southwest Performance Business added multiple perks to help provide value for cardholders amid the carrier’s multiple changes to the inflight experience (such as charging for seat assignments and checked bags).

If you fly Southwest frequently, these benefits could stack up quickly and offset the $299 annual fee.

Related: How to still get a free checked bag on Southwest flights

Southwest Performance Business Alternatives

If you want Southwest-specific perks for a lower annual fee, you might prefer the Southwest Premier Business card.

Its lower $149 annual fee is easily justified by its anniversary points, free checked bag perk, preferred seat selection at booking and more. To learn more, read our full review of the Southwest Priority Business card.

If you spend more of your budget on business and general travel expenses, you might prefer the earning structure of the Ink Business Preferred® Credit Card.

It earns 3 points per dollar on the first $150,000 spent annually on travel, shipping, internet, cable, phone services and advertising with social media and search engines. It carries a lower $95 annual fee and earns Chase Ultimate Rewards points, which you can transfer to Southwest or any of Chase’s other travel partners. To learn more, read our full review of the Ink Business Preferred.

The information for the Ink Business Preferred has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

Related: Southwest Performance vs. Premier: Which Rapid Rewards business credit card is right for you?

Bottom line

If you’re a business owner who frequently flies Southwest, you’ll likely get enough value from the anniversary points, first checked bag free, seat selection and priority boarding benefits on the Southwest Performance Business card to justify its $299 annual fee.

Plus, the current welcome bonus is the best we’ve seen in the card’s history. This makes now an excellent time to apply if you want to leverage these benefits and earn a haul of Southwest points.

For more information, read our full review of the Southwest Performance Business card.

Apply here: Southwest Rapid Rewards Performance Business Card