Update: Find current links to 50,000 sign up bonus here.
The 50,000 sign-up bonus for all 4 versions of the Southwest credit cards is expiring in a couple of days.
Southwest credit cards are currently offering 50,000 bonus points after you spend $2,000 in the first 3 months. The sign up for this bonus is normally 25,000 but 50,000 has been periodically offered a few times a year for a limited time. There is no guarantee the 50,000 offer will come back but probably will if history repeats itself.
The 50,000-point offer is available on both the Southwest Rapid Rewards Premier Visa and the Southwest Rapid Rewards Plus Visa and on the personal and business versions of each. The personal versions of the Premier and Plus cards are the same except that the Premier card has a $99 annual fee and offers 6,000 bonus points after the cardholders anniversary while the Plus card has a $69 annual fee and offers 3,000 bonus points after the cardholders anniversary. You might be able to be approved for both personal cards or 1 personal card and 1 business card.
We personally do not have a Southwest card because we like to avoid cards with annual fees and do not fly within the US very frequently. Southwest points have a fixed redemption amount so you cannot use the points to make a great first class or business class award booking like you can with United or AA.
However where these cards offer value is for those interested in the very valuable companion pass which allows your companion to fly for free. The companion pass allows your companion to fly almost free (just pay fees) anytime you fly (either on a paid or award booking). The reason is that the 50,000 bonus points apply to the 110,000 points needed for a companion pass. Therefore if one applies for 2 of these cards this year they will have 104,000 out of 110,000 points needed to earn a companion pass. Obtaining the companion pass is something to consider for couples or for families (both parents can earn the companion pass and use them so their kids fly free). For more details on the companion pass see Southwest’s website here.
UPDATE: The offer has expired but here is a link that works.