Southwest Fast Rewards Debit Card
Southwest has formally launched a brand new Fast Rewards Debit Card, issued by Dawn Banks. The cardboard earns Fast Rewards factors on debit spend and features a few small journey perks and annual bonuses.
- Charges: $6.99 month-to-month charge, waived with a $2,500 common month-to-month steadiness.
- Welcome bonus: 2,500 Fast Rewards factors after making two recurring deposits and spending $100 inside the first 90 days.
Key Particulars
Incomes construction:
- 1 level per $1 spent on Southwest Airways purchases, eating, and subscriptions (together with web, telephone, streaming providers, utilities, and insurance coverage premiums)
- 1 level per $2 spent on all different purchases
Advantages:
- As much as 7,500 bonus factors every anniversary 12 months primarily based on annual web purchases: $5,000–$9,999 = 2,500 factors; $10,000–$14,999 = 5,000 factors; $15,000+ = 7,500 factors
- 7,500 Companion Move qualifying factors every calendar 12 months
- “You’ll earn one bonus of seven,500 Companion Move qualifying factors every calendar 12 months. The bonus will probably be deposited into your Fast Rewards account by January 31 every calendar 12 months or as much as 30 days after account opening. Just one card account per individual is eligible for one bonus of seven,500 Companion Move qualifying factors per calendar 12 months. Card account should be open, in good standing, and linked to an lively Fast Rewards Account on the time of switch.”
- $35 annual Southwest assertion credit score
- “An announcement credit score will probably be utilized to your account when your card is used for Southwest Airways flight purchases (excludes Upgraded Boarding and inflight purchases) as much as a most of $35 per calendar 12 months. Assertion credit score(s) will probably be utilized to your card account steadiness as much as 140 days after your qualifying Southwest Airways flight buy posts to your account. The annual $35 assertion credit score will probably be issued for the 12 months by which the transaction posts to your account. For instance, should you purchase a Southwest Airways flight ticket, however the airline doesn’t submit the transaction till after the present calendar 12 months ends, the price of the ticket will probably be allotted towards the next calendar 12 months’s annual $35 assertion credit score.”
- 20% off promo code issued every January
- “You’ll obtain one 20 p.c off Promotion Code every calendar 12 months. The Promotion Code will seem in your Fast Rewards account every year by January 31 as long as your card account is open, in good standing and linked to an lively Fast Rewards account as of December 31 of the earlier calendar 12 months. The Promotion Code will probably be legitimate inside one 12 months of supply, the precise date of which will probably be listed in your Fast Rewards account. The Promotion Code will not be legitimate on Fundamental fare bookings. The Promotion Code should be entered into the Promo Code field throughout checkout and will probably be utilized to the bottom fare earlier than authorities taxes and charges. Please notice that the Division of Transportation (DOT) requires marketed fares to incorporate all authorities taxes and charges, nonetheless the Promotion Code applies to the bottom fare solely. All flights are topic to taxes, charges, and different authorities or airport-imposed fees of not less than $5.60 per one-way journey. Relevant taxes, charges, and different authorities or airport-imposed fees can fluctuate considerably primarily based in your arrival and departure vacation spot. The cost of any taxes, charges, and different authorities or airport-imposed fees is your accountability and should be paid on the time journey is booked. Fares are topic to alter till ticketed. The Promotion Code will not be redeemable for money and is probably not used along side different promotion codes, particular provides, or towards the acquisition of a present card or beforehand booked flight, or change to a beforehand booked flight. The Promotion Code is barely legitimate for flights booked on Southwest.com and the Southwest cellular app. The Promotion Code will not be legitimate on group journey, Getaways by Southwest™ packages, fares booked by way of swabiz.com, our Southwest Associate Companies API or by way of International Distribution Programs, or particular fares, equivalent to navy and authorities fares.”
Different Notes:
- All factors earned (together with bonuses) depend towards Companion Move
- No charges at Cirrus community ATMs
- No credit score examine required
Our Verdict
This product mirrors the sooner Wyndham debit card, as we guessed within the prior lead-up submit, and it will likely be fascinating to the anti-credit-card folks. The earn charges aren’t nice and also you additionally should swallow the $84/yr in charges or park $2,500 there to keep away from the charges.
That mentioned, the advantages right here may help offset the $84/yr in charges. I can see somebody signing up for the cardboard to assist them meet the Companion Move requirement with the 7,500 Companion Move factors. The $35 annual Southwest credit score and the 20% coupon may even have worth to Southwest flyers.
It appears to be like like somebody can join the cardboard in Nov/Dec/Jan time-range and get the 7,500 Companion Move factors and the 20% coupon and likewise dissipate the $35 Southwest credit score whereas signed up. You’ll additionally get the two,500 factors signup bonus then as effectively (whole 10,000 factors towards Companion Move eligibility). Then you possibly can resolve whether or not to maintain the product all year long or to shut it out. That mentioned, I don’t know if the financial institution will permit opening the cardboard every year or it’ll be restricted to opening as soon as, so maintain that in thoughts earlier than closing it out.
One other angle is likely to be to get the cardboard to make use of at retailers that permit debit card solely (or who cost a charge to make use of a bank card). This card could be a strategy to rack up factors on that spend as effectively.
