The previous welcome offer had a lower spending requirement, but also a smaller bonus. After spending $1,000 in the first three months, you received 40,000 points. Plus, you earned 3 points per dollar spent on dining (including takeout and eligible delivery services) for the first year. The new bonus won’t offer elevated points on dining, but that means you’re free to spend on any purchases to meet the sign-up bonus requirement instead of collecting points slowly on dining purchases.

Is it a good deal?

If you like flying with Southwest, the latest offer can take your travel farther, and it inches you closer to the airline’s highly coveted Companion Pass. The pass lets one person fly with you for free (plus taxes and fees, which start at $5.60) when you purchase your own ticket. It requires 125,000 points in a calendar year or 100 qualifying one-way flights in a calendar year to earn the pass. You may use it for the remainder of the year in which it was earned, plus the full calendar year that follows. If snagged, it can save big bucks on travel.

Southwest consumer cards will continue to earn 2 points per $1 spent on Southwest purchases and on Rapid Rewards hotel and car rental partner purchases. All other purchases get 1 point per $1 spent.

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