Status: Expired. The 120,000-point welcome offer on the Southwest Rapid Rewards Performance Business Credit Card launched September 18, 2025, and is no longer being advertised as of April 2026. Preserved here for context, with the evergreen Companion Pass play in the last section.

What the offer was

Chase ran a 120,000 Rapid Rewards point welcome bonus on the Southwest Performance Business Credit Card after $10,000 in spend within the first three months. At Southwest's roughly 1.2 cents per point in redemption value, that bonus was worth about $1,440 in flights, against the card's published $299 annual fee.

The angle that made this offer worth a deal alert wasn't the cash value. It was the Companion Pass math. Companion Pass requires 135,000 qualifying points in a calendar year. The 120,000 welcome points all count. So did the 10,000 points you'd earn organically on the $10,000 spend. That landed you at 130,000 qualifying points before factoring any other Southwest spend, 5,000 shy of the threshold. A few thousand dollars on category spend, or any remaining Southwest flying, closed the gap.

A Companion Pass earned in January means a designated companion flies free (taxes and fees only) for that calendar year and the entire following year. That's the real prize, not the points themselves.

What to do when the next bonus drops

Southwest's business card welcome offers cycle every few months, typically landing in the 80,000 to 130,000 point range. If you're targeting Companion Pass, here's the playbook for the next time the bonus runs high:

  1. Time the application for early in the calendar year. Companion Pass qualification resets every January. Earn it in January and the pass runs ~24 months. Earn it in November and it runs about 14 months. Same effort, very different value.
  2. Stack a personal Southwest card. Pairing the Performance Business with the Southwest Priority (or any personal Southwest card) lets you hit Companion Pass faster, since both cards' welcome bonuses count toward qualifying points. Two welcome offers in the same calendar year is the standard fast track.
  3. Mind Chase's 5/24 rule on the personal card. Chase business cards typically don't count against your 5/24 standing on application, but personal cards do. If you're at or over five new accounts in the last 24 months, the personal Southwest card likely won't approve. Plan the order accordingly.
  4. Only apply if the $10,000 spend is organic. Manufactured spending to chase the bonus risks the relationship with Chase, and the math falls apart fast if the spend is coming out of pocket without offsetting business expenses.

Verify the current annual fee, earning categories, and welcome offer on the Southwest Performance Business product page before applying. Card terms shift, and the version you see today is what counts.

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