Southwest is offering 60,000 bonus points and 30% off your next trip with new card offers

The offer mentioned below for the for the Southwest Rapid Rewards® Plus Credit Card, Southwest Rapid Rewards® Premier Credit Card and the Southwest Rapid Rewards® Priority Credit Card is no longer available.

Southwest Airlines flyers rejoice. All of the personal Southwest Rapid Rewards credit cards are offering an increased welcome bonus.

You can earn 60,000 Rapid Rewards points and a 30% off promo code after spending $3,000 in the first three months of account opening. This deal is valid for all three consumer Southwest cards:

• Southwest Rapid Rewards® Plus Credit Card
• Southwest Rapid Rewards® Premier Credit Card
• Southwest Rapid Rewards® Priority Credit Card

This offer was initially slated to end on June 26th but has been extended until 9:00 a.m., eastern time on July 10, 2023.

These credit cards are especially great for frequent flyers because the points you earn from the welcome bonus and spending count toward earning a Southwest Companion Pass. Once you have a Companion Pass, you'll be able to bring along a guest on your Southwest flights for almost free (minus any taxes and fees).

CNBC Select details the bonus and what you need to know about qualifying for the offer.

• New offer: Earn 60,000 bonus points and a 30% off promo code for travel on Southwest Airlines after spending $3,000 in the first three months from account opening.
• Old offer: Earn 50,000 bonus points after spending $1,000 on purchases in the first three months from account opening.

All three consumer Southwest cards are offering the same, elevated welcome bonus of 60,000 bonus points and a 30% off promo code after spending $3,000 in the first three months of account opening. The promo code applies to the base fare (excluding taxes and fees) of any new, one-way or round-trip booking and will be valid through Oct. 31, 2024. Even better, Chase has confirmed to CNBC Select that it can be used for both mileage redemptions and paid bookings.

Not only is the amount of bonus points higher than usual, but this is the first time Southwest is also offering a promotional discount as a part of the offer. The promo code will automatically appear in your Southwest.com account after meeting the qualifications.

Each Southwest card has a different annual fee and its own set of benefits, though there are similarities across the cards. For example, all of the Southwest consumer credit cards have the following features:

• 10,000-point boost toward earning a companion pass each year, effectively reducing the number of points you need to earn to 125,000.
• 2X points on Rapid Rewards hotel and car rental partners, local transit and commuting (including rideshare), and on internet, cable, phone services and select streaming services and 1X points on everyday purchases.
• 25% back on inflight purchases

Here's what you need to know about each card so you can make an informed decision on the right fit for you.

Southwest Rapid Rewards® Plus Credit Card

The Southwest Rapid Rewards® Plus Credit Card has a $69 annual fee, the lowest annual fee for any Southwest card. This card is a solid choice if you're not a frequent Southwest flyer. Southwest Plus cardholders get 3,000 points every year on their Cardmember anniversary, two EarlyBird Check-ins per year and earn 2X points on a solid range of spending, including purchases with Southwest.

Southwest Rapid Rewards® Premier Credit Card

The Southwest Rapid Rewards® Premier Credit Card is a mid-tier card with a $99 annual fee, but it has enhanced benefits. For starters, you'll get 6,000 points every year on your Cardmember anniversary and two EarlyBird Check-ins per year.

If you value Southwest A-list status, the Southwest Premier card allows you to earn 1,500 tier qualifying points (TQPs) for every $10,000 you spend on the card. And there's no limit to the number of TQPs you can earn this way. It also earns redeemable Southwest points for all purchases, including 3X points on Southwest purchases.

Southwest Rapid Rewards® Priority Credit Card

The Southwest Rapid Rewards® Priority Credit Card has top-tier benefits that can easily offset its higher $149 annual fee, especially if you frequently travel with Southwest. The Southwest Priority card has the same bonus spending categories as the Premier card but comes with upgraded benefits. Cardholders receive 7,500 points every year on their cardmember anniversary, a $75 Southwest annual travel credit and four upgraded boardings per year (when available).

You'll also be able to spend your way to Southwest A-list status. For every $10,000 you spend on the card, you'll earn 1,500 TQPs and there's no limit to the number of TQPs you can earn.

To qualify for a Southwest credit card welcome offer, you'll likely need at least a good credit score (FICO score of 670 or above) and must:

1. Not be a current consumer Southwest Rapid Rewards Credit Card member, and
2. Not received a new cardholder bonus for any Southwest Rapid Rewards Credit Card in the past 24 months

Additionally, because Southwest credit cards are issued by Chase, you'll have to adhere to its notorious 5/24 rule. This means that cardholders will be denied a Chase card if they've acquired five or more credit cards (any credit cards, not just Chase cards) in the past 24 months.

Southwest prices award flights dynamically, so the points price is tied to the cash price. You'll get a relatively fixed value of around 1.5 cents per point when using Southwest points for flights.

However, if you're able to earn the Southwest Companion Pass, you can bring a companion along on any flight and only pay the taxes and fees for the extra seat, regards of whether you pay with points or cash.

Taking advantage of this benefit nearly doubles the value of your Rapid Rewards points. But, it's not easy to earn a Companion Pass. To qualify, you must either fly 100 qualifying one-way revenue flights on Southwest in a calendar year or earn 135,000 qualifying Rapid Rewards points in a calendar year.

The good news is, the points you earn from Southwest card spending and welcome bonuses count toward earning a Companion Pass. And all of the Southwest cards give you a bonus of 10,000 Companion Pass qualifying points each year, effectively cutting the requirement down to 125,000. So by earning the 60,000-point bonus with one of the Southwest personal cards, you're nearly halfway to qualifying for a Companion Pass.

Also, if you have a side hustle, freelance gig or small business, you may qualify for a business credit card, like the Southwest® Rapid Rewards® Performance Business Credit Card or Southwest® Rapid Rewards® Premier Business Credit Card. The intro bonuses you earn with the Southwest Business cards also count toward earning a Companion Pass and stack with the personal cards.

If you're running low on Southwest points, you can transfer Chase Ultimate Rewards® points to Southwest at a 1:1 ratio. However, these transfers don't qualify for the Companion Pass and you'll need either the Chase Sapphire Preferred® Card, Chase Sapphire Reserve® or Ink Business Preferred® Credit Card in order to initiate transfers.

If you enjoy traveling within the U.S., to Mexico or the Caribbean and the option to check two free bags, the new Southwest card offers are for you. All three consumer Southwest credit cards are offering increased welcome bonuses, including the Southwest Rapid Rewards® Plus Credit Card, Southwest Rapid Rewards® Premier Credit Card and the Southwest Rapid Rewards® Priority Credit Card.

The offer's spending requirement averages out to $1,000 a month, so you'll want to be sure that you can comfortably meet that. It's also a good idea to pay your balance in full each month because credit card interest rates are on the higher side and can easily wipe out the value of any rewards you'd earn.

Keep in mind, it's possible to pay for certain larger expenses with a credit card for an additional fee, such as taxes or rent. This usually isn't worth it, but when you're working toward earning a big welcome bonus it can make sense.

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