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Effective immediately, you can no longer be approved for a Chase Southwest personal credit card if you already hold one. This is a blow to the popular method of earning the Southwest Companion Pass, what most consider to be the most valuable perk in the points game.
Previously, you could earn the Southwest Companion Pass by applying for both of the Chase Southwest personal credit cards – the Plus and the Premier versions. Each card typically carries a sign-up bonus from 40,000 to 60,000 Rapid Rewards miles for $2,000 in spending. Earning the bonus on both cards puts you very close to the required 110,000 Rapid Reward miles required to earn a Companion Pass.
What To Do?
While this is a frustrating development, it’s worth noting that there may be a couple ways to navigate this:
Double Dip
I’m not sure if this will work, but you may be able to get both cards by applying for them simultaneously. If both applications go in at the same time, you technically won’t currently be a cardholder for either card. This has worked for other products with the a similar restriction.
Apply for the Southwest Premium Card – $99 annual fee
Apply for the Southwest Plus Card – $69 annual fee
Personal + Business
Another approach that should still work is to apply for one of the Chase Southwest Personal cards and then the Chase Southwest Business card. Keep in mind, you can qualify for a business card if you earn money from any sort of hobby or side hustle. Instead of a tax ID number, you should just use your social security number and select the option for “sole proprietorship.” The business card typically carries a bonus of 50,000 to 60,000 Rapid Rewards miles for $3,000 in spending.
Apply for the Southwest Business Card – $99 annual fee
Other Considerations
You should keep in mind that the Southwest Personal and Business credit cards are subject to the Chase 5/24 rule. If you’ve gotten five or more new credit cards (not only from Chase), you will not be approved for one of these cards.
Final Thoughts
Another door closes. This has always been a “too good to be true” type of strategy, so this restriction was expected. It stings, but the door is still open to earn the Southwest Companion pass with the credit card bonuses. I encourage you not to delay if you’ve been considering this strategy.
H/T – TPG
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