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Travel rewards credit cards are a dime a dozen. Southwest Airlines alone offers five, each with its own perks. Rewards debit cards, on the other hand, are much harder to come by. But now Southwest Airlines has one of its own, and it’s open for applications.
Here’s everything you need to know about the Southwest Rapid Rewards® Debit Card, including its benefits, fees, and how to apply.
Southwest Launches a New Rapid Rewards Debit Card
After teasing the card a few months ago, the Southwest Rapid Rewards Debit Card is finally here and open for applications. And this card has more to offer than you might expect.
Sign-up bonus
The Southwest Rapid Rewards Debit Card looks a lot like a credit card, and part of that is because it comes with a sign-up bonus. But unlike Southwest’s credit cards, this bonus is easier to earn.
You’ll receive a one-time bonus of 2,500 Rapid Rewards points when you meet the following requirements within 90 days of opening your account:
- Establish and receive at least two direct deposits, recurring monthly or more frequently, and
- Make at least $100 in qualifying purchases using your card within 90 days of account opening.
Qualifying purchases include all regular purchases made with the card. Transactions that do not count include ATM withdrawals, purchases with cash back, cash-equivalent or peer-to-peer payment app transactions, lottery tickets, casino gaming, disputed or unauthorized charges, returns or refunds, and any fees (including monthly fees).
Benefits
On top of the sign-up bonus, the Southwest Rapid Rewards Debit Card also comes with several perks. These include:
- Annual spend bonus: Earn up to 7,500 bonus points each year on your anniversary, based on your annual net purchases.
- 2,500 bonus points: Spend $5,000.00 to $9,999.99
- 5,000 bonus points: Spend $10,000.00 to $14,999.99
- 7,500 bonus points: Spend $15,000.00+
- Yearly 20% promotion code: Receive a 20% off promotion code every January to save on Southwest flights. The code is valid for one year and does not apply to Basic fares.
- Annual $35 statement credit: Get a $35 statement credit each year when you use your Southwest Rapid Rewards Debit Card for Southwest Airlines purchases. This excludes Upgraded Boarding and inflight purchases.
- Yearly Companion Pass point bonus: Receive 7,500 Companion Pass qualifying points in your Rapid Rewards account each calendar year.
- All points count toward Companion Pass: All points earned with your Rapid Rewards Debit Card count toward Companion Pass qualification, including sign-up and annual spend bonuses.
- No fees at two million ATMs worldwide: You will not pay ATM surcharges at any of the ATMs in the Cirrus network.
In addition, Sunrise Banks issues the card, and funds are FDIC-insured up to $250,000. This is the standard coverage limit per account.
Earning rates
The Southwest Rapid Rewards Debit Card is a decent option if you want to earn Rapid Rewards points without using a credit card. You can earn unlimited points at the following rates:
- Earn 1 point per $1 spent on eligible Southwest Airlines purchases and qualifying dining and subscription purchases, including cable, internet, phone, streaming services, utilities, and insurance premiums.
- Earn 1 point per $2 spent on other qualifying everyday purchases.
All points earned with your Rapid Rewards Debit Card count toward Companion Pass qualification, including the sign-up and annual spend bonuses.
Monthly fee (and how to waive it)
The Southwest Rapid Rewards Debit Card may look and feel like a credit card, but it’s not. However, that doesn’t mean it’s free to carry. This card comes with a $6.99 monthly fee, which adds up to $83.88 per year.
You can waive the monthly fee by maintaining a minimum average monthly balance of $2,500 in your account.
How to Apply for the Southwest Debit Card
The Southwest Rapid Rewards Debit Card is now open for applications at southwestdebit.com. Unlike a credit card, there’s no credit check required when you apply, so you won’t see a hard inquiry on your credit report. However, all accounts are subject to approval, so approval is not guaranteed.
If you decide to apply, the process is quick and straightforward. You’ll just need to enter your email address, provide your personal information, and create your account credentials.
Our Take
The Southwest Rapid Rewards Debit Card is a surprisingly impressive product. It offers a solid mix of short- and long-term benefits for Southwest flyers of all types in exchange for a reasonable monthly fee. And you can even avoid that fee entirely by keeping a sufficient average monthly balance.
It’s a solid option if you don’t qualify for a traditional credit card, want to enjoy Southwest perks for a fee that's lower than the airline's most affordable credit card, or simply just prefer to avoid another hard pull on your credit report.
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