Southwest Rapid Rewards Premier by Chase: 3x flights / airfare, 3x transit & commuting, 2x dining & restaurants, 2x groceries / supermarkets, 1x…
The Southwest Rapid Rewards Premier is Chase's mid-tier credit card. The $149/yr annual fee includes a 55,000-point welcome bonus after spending $1,500 in the first 3 months. Beyond the welcome bonus, here's what the card actually delivers.
| Credit | Value | What it covers |
|---|---|---|
| Instacart monthly statement credit | $120/mo | Up to $120 in Instacart credits annually $0 delivery fees with 3 months of complimentary Instacart+ and a $10 monthly Instacart credit. |
| DoorDash quarterly discount | $40/qtr | $10 off one qualifying non-restaurant DoorDash order per calendar quarter ($40/yr). Requires active DashPass membership. Through 12/31/27 |
Welcome bonus value (year one): ~$715. Annual statement credits: $160. Minus the $149 annual fee = ~$726 in year-one net value before any spending earn. RewardsGuru rating: 4.1/5 — based on our net-value methodology.
Best fit: someone whose category spending matches the card's earn multipliers. Skip if: your spending pattern is flat across categories — a 2% flat-rate card would beat this.
55,000 points after spending $1,500 in the first 3 months. At our ~1.3¢/pt valuation, that's roughly $715 in real value.
Year-one math: welcome bonus value (~$715) + annual credits ($160) − $149 fee = ~$726 net before spending earn. Year-two onward, the credits alone need to clear $149 — they do. Worth it if you'll use the credits, skip if you'd let them expire.
2 recurring statement credits: Instacart monthly statement credit ($120/mo), DoorDash quarterly discount ($40). Total: $160/yr.
Check the card's terms — most premium travel cards waive foreign transaction fees, while no-fee and entry-tier cards usually charge 2-3%. Chase's product page has the current rate.