Chase Pay Yourself Back now available on Southwest credit cards - Business Insider
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Southwest credit card holders can redeem points through Pay Yourself Back, but using them for award flights is a better value.Daniel Slim/AFP/Getty Images
If you have a Southwest credit card, you can now redeem points toward eligible purchases through Chase Pay Yourself Back.
The current eligible categories are dining through March 31, 2023, and the card's annual fee with no end date specified.
You'll get at most 1 cent per point in value when you redeem this way, which is less than redeeming for award flights.
The Chase Pay Yourself Back program was introduced during the pandemic as a way for cardholders to get improved value from their Chase Ultimate Rewards® points even if they weren't traveling. Even though travel has since made a comeback, the program still exists, and most recently was expanded to the Aeroplan® Credit Card.
Now, Chase's Southwest credit cards have jumped on the Pay Yourself Back bandwagon. Cardholders can use Southwest points for statement credits to offset eligible purchases, but the redemption rates are mediocre at best.
Find the right Southwest credit card for you
Southwest Rapid Rewards® Plus Credit Card
Southwest Rapid Rewards® Premier Credit Card
Southwest Rapid Rewards® Priority Credit Card
Southwest® Rapid Rewards® Premier Business Credit Card
Southwest® Rapid Rewards® Performance Business Credit Card
Our recommendation
Best for occasional Southwest flyers
Intro Offer
30,000 points and a Companion Pass® good through 2/28/24 after you spend $4,000 on purchases in the first three months from account opening
Rewards
Earn 2X points on Southwest® purchases. Earn 2 points on Rapid Rewards hotel and car rental partner purchases. Earn 2X points on local transit and commuting, including rideshare. Earn 2X points on internet, cable, and phone services, and select streaming. Earn 1 point for every $1 spent on all other purchases.
Annual Fee
$69
Our recommendation
Best Southwest card with a sub-$100 annual fee
Intro Offer
30,000 points and a Companion Pass® good through 2/28/24 after you spend $4,000 on purchases in the first three months from account opening
Rewards
Earn 3X points on Southwest® purchases. Earn 2 points on Rapid Rewards hotel and car rental partner purchases. Earn 2X points on local transit and commuting, including rideshare. Earn 2X points on internet, cable, and phone services, and select streaming. Earn 1 point for every $1 spent on all other purchases.
Annual Fee
$99
Our recommendation
Best for frequent Southwest flyers
Intro Offer
30,000 points and a Companion Pass® good through 2/28/24 after you spend $4,000 on purchases in the first three months from account opening
Rewards
Earn 3X points on Southwest® purchases. Earn 2 points on Rapid Rewards hotel and car rental partner purchases. Earn 2X points on local transit and commuting, including rideshare. Earn 2X points on internet, cable, and phone services, and select streaming. Earn 1 point for every $1 spent on all other purchases.
Annual Fee
$149
Our recommendation
Best Southwest card for small-business owners
Intro Offer
60,000 points after you spend $3,000 on purchases in the first 3 months your account is open
Rewards
Earn 3X points on Southwest Airlines® purchases. Earn 2X points on Rapid Rewards® hotel and car partners. Earn 2X points on local transit and commuting, including rideshare. 1 point per $1 spent on all other purchases.
Annual Fee
$99
Our recommendation
Best Southwest card for premium perks
Intro Offer
80,000 points after you spend $5,000 on purchases in the first 3 months
Rewards
Earn 4X points on Southwest® purchases. Earn 3X points on Rapid Rewards® hotel and car partners. Earn 2X points on rideshare. Earn 2X points on social media and search engine advertising, internet, cable, and phone services and 1X points on all other purchases.
Here's what to know about the new Pay Yourself Back redemption option for Southwest credit card holders, and how to decide if it makes sense for you.
We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
Pay Yourself Back comes to Southwest credit cards
Southwest Rapid Rewards® Premier Credit Card
3.65/5
3.65 out of 5 Stars
Intro offer
30,000 points and a Companion Pass® good through 2/28/24 after you spend $4,000 on purchases in the first three months from account opening
Rewards
Earn 3X points on Southwest® purchases. Earn 2 points on Rapid Rewards hotel and car rental partner purchases. Earn 2X points on local transit and commuting, including rideshare. Earn 2X points on internet, cable, and phone services, and select streaming. Earn 1 point for every $1 spent on all other purchases.
30,000 points and a Companion Pass® good through 2/28/24 after you spend $4,000 on purchases in the first three months from account opening
Rewards
Earn 3X points on Southwest® purchases. Earn 2 points on Rapid Rewards hotel and car rental partner purchases. Earn 2X points on local transit and commuting, including rideshare. Earn 2X points on internet, cable, and phone services, and select streaming. Earn 1 point for every $1 spent on all other purchases.
Earn 3X points on Southwest® purchases. Earn 2 points on Rapid Rewards hotel and car rental partner purchases. Earn 2X points on local transit and commuting, including rideshare. Earn 2X points on internet, cable, and phone services, and select streaming. Earn 1 point for every $1 spent on all other purchases.
Annual Fee
$99
Intro offer
30,000 points and a Companion Pass® good through 2/28/24 after you spend $4,000 on purchases in the first three months from account opening
Recommended Credit
Good to Excellent
Regular Annual Percentage Rate (APR)
20.24% - 27.24% Variable
Editor's Rating
3.65/5
3.65 out of 5 Stars
Pros & Cons
Pros
You get 6,000 points each year after anniversary
You can earn Tier-Qualifying Points toward Southwest elite status for spending on the card
Cons
Annual fee
Highlights
More Information
Limited-time offer: earn Companion Pass® good through 2/28/24 plus 30,000 points after you spend $4,000 on purchases in the first 3 months from account opening.
6,000 anniversary points each year.
Earn 3X points on Southwest® purchases.
Earn 2X points on local transit and commuting, including rideshare.
Earn 2X points on internet, cable, and phone services, and select streaming.
Chase issues five different Southwest credit cards, and they're all eligible for Pay Yourself Back. Currently, you can redeem Southwest points through this program for:
Eligible dining purchases through March 31, 2023 (maximum $200 in statement credits)
The card's annual fee (no end date given)
As long as the qualifying transaction was made in the past 90 days, you can redeem Southwest points to "erase" the charge through the Pay Yourself Back program. That said, the redemption values aren't great; using points toward dining purchases gets you a value of 0.8 cents apiece, and for the annual fee they're worth 1 cent each.
For example, the $149 annual fee on my Southwest Rapid Rewards® Priority Credit Card recently hit my account. Instead of paying $149, I could (but won't!) redeem 14,900 Southwest points to offset the charge.
However, if you're swimming in Southwest points and don't have travel plans, the new Pay Yourself Back option could save you a bit of money.
How to use Pay Yourself Back with Southwest credit cards
If you decide to go the Pay Yourself Back route with your Southwest credit card, you'll find the option online in your Chase account. Once you're on the account page for your Southwest card, find the "More" pulldown menu and select "Rewards Dashboard."
You'll then see an "Earn/Use" menu with the Pay Yourself Back option on the top left:
Chase
After clicking on Pay Yourself Back, you'll see your redemption options:
Chase
Again, you can only use Pay Yourself Back to offset eligible charges made in the last 90 days. And, at a 0.8 cent per point rate, the maximum number of points you can use to erase dining charges is 25,000 (worth $200).
Those 25,000 points could be worth around $350 in Southwest flights, so we definitely don't recommend using your points this way. But it's always good to have more redemption options in case you end up sitting on a pile of Southwest points you can't use.
Jasmin Baron is an editor at Insider, responsible for credit card coverage on Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Before joining the Insider team, she was a senior editor at The Points Guy and Million Mile Secrets, covering credit cards, points and miles, and loyalty programs. Her expertise in maximizing travel rewards grew from over two decades of experience in the aviation industry, including 18 years working as a pilot and flight instructor in her native Canada.You can reach Jasmin at jbaron@insider.com.Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services »
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
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Chase Pay Yourself Back now available on Southwest credit cards - Business Insider
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