Southwest Rapid Rewards® Premier Business Credit Card Review

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A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

The Southwest Rapid Rewards® Premier Business Credit Card can help you earn rewards for everyday purchases and flying Southwest.

When you include the card’s generous welcome bonus and travel-specific perks, the Premier Business easily gives top business travel cards a run for their money.

Here are the details:

You’ll earn 2X points on Southwest® purchases and 1X points on all other purchases for a $99 annual fee.

There’s also a 60,000-point sign-up bonus when you spend $3,000 on purchases within your first three months. When you include your business’ everyday spending, the sign-up bonus could help you reach the 110,000 points required to earn the Southwest Companion Pass.

Employee cards are free and rewards earned on these cards will be deposited in the main cardholders account.

Is this card right for you?

The Premier Business card was made for business owners who frequently fly Southwest and/or are aiming for the airline’s companion pass.

If you’d rather earn more points on Southwest purchases or want to earn rewards for purchases related to running your business (think: advertising and Internet service), you may want to consider Southwest’s newest business card.

With the Southwest Rapid Rewards® Performance Business Credit Card, you’ll earn 3X points on Southwest Airlines®️ purchases, 2X points on social media and search engine advertising, Internet, cable and phone services and 1X points on all other purchases.

The Performance Business offers a stellar 80,000-point welcome bonus after spending $5,000 in your first three months from account opening, along with up to a $100 Global Entry or TSA Pre✓®️ Fee Credit. But with the added perks, you’ll pay a higher annual fee of $199 per year.

Overall, if you only fly Southwest Airlines occasionally, you’re probably better off with a business credit card that pays flexible rewards in the categories you typically spend.

Advantages

• 60,000 bonus points when you spend $3,000 in your first three months from account opening
• Get 6,000 bonus points after your cardmember anniversary
• Check your first and second bag for free (weight and size limits apply)
• $0 change fee (fare differences may apply)
• No foreign transaction fees or blackout dates on travel
• Unlimited reward seats to more than 100 destinations

Disadvantages

• $99 annual fee
• Southwest does not offer airline partners, so flights must be booked through the Southwest site
• You can’t pay for flights with a combination of points and cash

How much are the rewards worth?

If you spent 5,000 a month on Southwest flights with your Premier Business card, you’d earn $1,200 worth of points by the end of your first year. Keep in mind the rewards earned from spending on employee cards funnels into your account.

That also means you’d earn 10,000 points a month, or 120,000 points for your first year of card membership. When you include the 6,000-point bonus you’ll receive after your cardmember anniversary, that’s 126,000 points earned in your first year ⁠— more than enough to qualify for Southwest’s Companion Pass.

How to use this card

The Premier Business comes with Visa Signature benefits, including auto and travel protections, insurance and hotel discounts and benefits at participating properties. It also provides extended warranty protection on qualifying purchases.

To redeem your points, simply visit Southwest.com and log into your Rapid Rewards account. When searching for your itinerary choose the “Points” option instead of Dollars. Select the fare you want and then check out using points to pay. Unfortunately, you cannot pay with a combination of points and cash.

Rapid Rewards cardmembers can also redeem their points for hotel stays, rental cars, gift cards, event tickets, merchandise, and other unique experiences. Our guide to Southwest Rapid Rewards goes into further detail about the program, including how to best utilize your points and how the benefits stack up against other frequent flyer offers.

The bottom line

The Premier Business can help you earn rewards for your business-related spending on Southwest flights.

Thanks to its hefty welcome bonus and 6,000-point bonus after each account anniversary, you can quickly accrue enough points for the coveted Southwest Companion Pass offer.

The information about the Southwest Rapid Rewards Performance Business Credit Card and the Southwest Rapid Rewards Premier Business Credit Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

Small-Business Loans

The recovering economic environment has meant that small businesses have had to be more creative when looking for loans.

However, companies with sound business strategies still can borrow. Options include loans from traditional banks and institutions affiliated with the Small Business Administration, as well as financing from Internet-based lenders.

“For creditworthy, high-scoring small businesses, there is money available,” says George Cloutier, CEO of American Management Services, a consultant to small businesses.

Bank loans

The best place to get a small-business loan is still a bank, says Cloutier. Banks typically offer the lowest interest rates and many have established reputations as trustworthy lenders.

RATE SEARCH: Compare business credit card rates.

“Many small businesses try three or four banks and then stop looking,” Cloutier says. A more persistent approach has better odds of success.

Calculate business loan payment

Want to calculate your small-business loan payment? Go to Bankrate’s loan and amortization calculator.

“Take out the phone book, target 10 banks and work through that list,” he says.

That strategy worked for Michael McKean. He is founder of The Knowland Group, a company that helps hotels fill up their meeting space.

A few years ago, as the success of The Knowland Group grew, McKean began searching for a bank that would give the growing company expanded access to credit.

“We talked to every bank in our area, at least a dozen,” McKean says. “Many came back with proposals, but the terms were very onerous. Or sometimes they shifted terms.”

Finally, M&T Bank came through.

“They just wanted to get our business,” McKean says.

McKean says his company did not approach M&T any differently than it had approached the other banks. It was just a matter of being persistent until the right deal came along, he says.

“We did everything right, approaching the right person at each bank,” he says. “We’re a profitable business. I think it was just the … credit crunch that prevented us from getting a loan.”

Cloutier says the key to success with banks is to show past profitability, and to describe a well thought-out plan for future profits.

“If you aren’t making a profit now, you must be able to tell the bank how you will change that in the short term, or you really won’t be able to get a loan,” he says.

He also recommends that businesses start small in their loan requests.

“If you need money for four trucks, ask for two,” Cloutier says. “The bigger the loan request, the harder it is to get it approved.”

SBA loans

Another way to find a bank loan is through the Small Business Administration, or SBA. The SBA can direct you to banks that offer loans guaranteed by the agency. This way, you’ll have the advantage of approaching banks specifically interested in lending to small businesses.

Interested businesses should contact the SBA office nearest to them, which can be found on the agency’s website. Jeanne Hulit, the SBA’s acting administrator, urges businesses to seek a bank that is an experienced SBA lender.

Banks granting SBA loans place increased emphasis on business plans, cash flow and profit forecasts in deciding whether to lend, she says. The SBA also can refer businesses to free counseling centers to improve their performance.

Online opportunities

Another source for loans is the Internet. There are several sites where businesses can seek alternative lenders, such as individuals and small companies.

Interest rates are generally a little higher than what a bank will charge, but it’s much less than what you’ll have to pay on many credit cards.

Look around at different sites, some may charge a one-time fee to list your business, while others are free to list but might have fees reflected in loan rates.

If you’re going to list your company on one of these sites, describe your business in clear and concise language.

Lastly, make sure to investigate the company you are looking to post your business on. These kinds of companies were successful in 2008 and during the recession, but times have changed. Many have since gone out of business. Before paying for anything, make sure the company is legit.