Southwest Rapid Rewards Plus Payoff Calculator 2026

Card data, May 13, 2026

• Issuer: Chase Bank USA, N.A.
• Card type: Co-branded airline credit card (Southwest Rapid Rewards)
• Network: Visa Signature
• APR: 21.49-28.49% variable on purchases and balance transfers
• Annual fee: 69 dollars
• Rewards: 2x Southwest; 2x Rapid Rewards hotel/car partners; 2x local transit, internet, cable, phone, streaming; 1x other
• Points value: approximately 1.3 cents each in typical Southwest redemption
• Anniversary bonus: 3,000 Rapid Rewards points per cardmember year
• Companion Pass eligibility: all points earned count toward 135,000-point qualification per calendar year
• Intro APR: none
• Balance transfer fee: 5% (minimum 5 dollars)
• Late fee: up to 40 dollars
• Foreign transaction fee: 3% (note: Premier and Priority tiers waive this)

Source: Chase Southwest Rapid Rewards Plus terms, verified 2026-05-13.

The Companion Pass economics

The Southwest Companion Pass is the defining benefit of the Southwest co-brand card portfolio. Earning the pass requires 135,000 qualifying Rapid Rewards points in a calendar year (flight points plus card-earned points count). Once earned, the pass entitles the cardholder to bring one designated companion on any Southwest flight (cash or points booking) for the cost of taxes and fees only (typically 5-15 dollars per leg) through the remainder of the qualifying year plus the entire following calendar year.

For a couple flying Southwest 4+ round trips per year, the Companion Pass is worth roughly 800-2,000 dollars annually depending on routes. The 69 dollar Plus card fee is trivial relative to this benefit if the pass is earned and used. The CFPB’s 2025 Consumer Credit Card Market Report documents the airline-loyalty co-brand pattern in which a single high-value benefit dominates card economics.

Worked scenarios at the Southwest Plus APR

Scenario 1: 5,000 dollar balance, 24.99% APR midpoint

• 200 per month: 32 months payoff, 1,402 dollars total interest
• 300 per month: 20 months payoff, 859 dollars total interest
• 400 per month: 14 months payoff, 624 dollars total interest

Scenario 2: 10,000 dollar balance, 24.99% APR midpoint

• 300 per month: 49 months payoff, 4,653 dollars total interest
• 500 per month: 25 months payoff, 2,331 dollars total interest
• 700 per month: 17 months payoff, 1,557 dollars total interest

Scenario 3: Annual fee and anniversary points across payoff period

A 5,000 dollar balance at 200/month over 32 months: 1,402 in interest plus 3 years of 69-dollar annual fees = 207 dollars. Gross cost: 6,609 dollars (32% above original). The 3,000 anniversary points per year at 1.3 cents = 39 dollars annually; over 3 years that is 117 dollars of point value, reducing net cost to roughly 6,492 (30% above original). Carrying a balance does not block the anniversary points credit.

The pillar tool accepts the Southwest Plus APR.

Rewards-versus-interest break-even

The 2x rate on Southwest, partners, and several home-bill categories at 1.3 cents per point translates to 2.6% effective rewards. At 24.99% APR midpoint, monthly interest is roughly 2.08 dollars per 100 of carried balance. The 2.6% rewards on a 100-dollar new purchase covers carrying cost for about 38 days. Beyond that, interest exceeds rewards.

The 1x base rate (1.3% effective) covers carrying cost for about 19 days. Most spending falls in the base category for cardholders not directly flying Southwest or paying bundled home bills.

The Companion Pass and debt payoff conflict

Pursuing the Companion Pass requires concentrated spend on Southwest cards to earn 135,000 points in a calendar year. This creates a structural conflict for cardholders carrying a balance: maximizing card spend (to earn the pass) forfeits the grace period and accrues interest on every new purchase from posting date.

Practical guidance: do not chase the Companion Pass while carrying a balance. The interest cost on accelerated spending typically exceeds the Companion Pass value for households flying 2 or fewer round trips per year. For households flying 4+ round trips per year, run the math: typical Companion Pass value of 1,200 dollars must be weighed against the additional interest cost of carrying a balance while charging 75,000+ dollars on the card to earn the pass.

Pay off the balance, then chase the Companion Pass

The cleanest sequence for a Southwest-loyal household carrying a Plus card balance:

1. Stop using the card for new purchases
2. Pay down the balance at the highest sustainable rate
3. Reach zero balance and resume paid-in-full operation
4. In the calendar year you plan to start the Companion Pass chase, concentrate Southwest spending on the card
5. Earn the 135,000 points threshold via flights and card spend
6. Use the pass across the qualifying year plus the next full calendar year

This sequence captures the pass without the interest tax of carrying a balance during the qualification chase.

Avalanche priority

The Southwest Plus APR (21.49-28.49%) sits among other Chase co-brand cards. The 69 dollar annual fee is the lowest in the Southwest lineup; if you are downgrading from a higher-tier Southwest card during payoff, this is the cleaner economic option. Under the debt avalanche method, prioritize the highest-APR card in your stack regardless of annual fee.

Balance transfer alternatives

The Southwest Plus does not offer 0% intro APR on transfers. For consolidation:

• Chase Slate Edge: 18 months 0%, 3% fee in first 60 days
• Wells Fargo Reflect: 21 months 0%, 5% fee
• Citi Diamond Preferred: 21 months 0%, 5% fee

On a 5,000 Southwest Plus balance at 24.99% moved to Slate Edge with 3% fee (150 dollars): 286/month for 18 months, total 5,150. Status quo on Plus: 5,000 + 859 in interest at 300/month over 20 months = 5,859 plus 69 dollar annual fee. Savings: 778 dollars. The balance transfer calculator handles the precise math.

When the math works on the Plus card

For a Southwest-loyal household:

• Annual fee: 69 dollars (lowest in Southwest co-brand lineup)
• Anniversary bonus: 3,000 points = 39 dollars
• Net effective annual fee: 30 dollars
• Companion Pass: worth 800-2,000 dollars annually if earned (varies by flying pattern)

The Plus card makes economic sense for casual Southwest flyers who want the lowest entry point to Rapid Rewards earning. The Premier (99 dollar fee) adds 3,000 more anniversary points and waived foreign transaction fees; the Priority (149 dollar fee) adds a 75 dollar Southwest annual credit, 4 boarding upgrades, and waived foreign transaction fees. Tier-up decisions depend on flying frequency.

Authoritative sources

• Chase Southwest Rapid Rewards Plus Schumer box and terms, Chase Bank USA, N.A., verified 2026-05-13
• CFPB 2025 Consumer Credit Card Market Report, accessed 2026-05-13
• 15 U.S.C. § 1637 Truth in Lending Act, Cornell Law
• Federal Reserve H.15 Selected Interest Rates, accessed 2026-05-13

Sibling Chase co-brand cards

• Chase United Explorer payoff calculator
• Chase Aeroplan payoff calculator
• Chase Marriott Bonvoy Boundless payoff calculator
• Chase IHG One Rewards Premier payoff calculator

Related tools

• Credit card payoff calculator (home), pillar tool
• Credit card payoff by card type, full hub
• Balance transfer calculator
• Avalanche vs snowball method

Frequently asked questions

What is the APR on the Chase Southwest Rapid Rewards Plus?

21.49-28.49% variable as of May 13, 2026, per the Chase Southwest Rapid Rewards Plus pricing page. The 69 dollar annual fee is the lowest in the Southwest co-brand lineup. Foreign transaction fee is 3% (unlike many Chase co-brand cards which waive this), making the Plus a domestic-focused card.

What is a Rapid Rewards point worth?

Rapid Rewards points typically redeem at 1.3 cents each on Southwest Airlines flights. The redemption value is directly indexed to Southwest’s cash fare, which means point value scales with fare prices. The 2x earning rate on Southwest purchases translates to approximately 2.6% effective rewards. No award chart blackout dates apply, but every-flight-redemption value depends on the cash fare at booking time.

Does spending on this card count toward the Companion Pass?

Yes. All Rapid Rewards points earned on the Southwest Rapid Rewards Plus credit card count toward the 135,000-point Companion Pass qualification per calendar year. Once earned, the Companion Pass is valid through the rest of the qualifying year plus the following calendar year (typically 14-23 months of unlimited free companion travel on Southwest).

How long to pay off 5,000 dollars on Southwest Plus?

At 24.99% APR midpoint and 200 dollars per month, payoff takes 32 months and costs about 1,402 dollars in interest. At 300 per month, 20 months and 859 dollars. At 400 per month, 14 months and 624 dollars. Plus 69 dollars in annual fee per year carried. Minimum payment only exceeds 17 years per CARD Act disclosure.

Is the Plus card better than the Premier or Priority for me?

The Plus at 69 dollars is the entry-level Southwest co-brand. The Premier at 99 dollars adds 6,000 anniversary points (vs 3,000) and waived foreign transaction fees. The Priority at 149 dollars adds a 75 dollar Southwest annual travel credit, 4 upgraded boardings per year, and waived foreign transaction fees. For frequent Southwest flyers, the Priority typically pays back the most; for casual flyers, the Plus suffices.