Editor’s note: This is a recurring post, regularly updated with new information and offers.

The Southwest Rapid Rewards Premier Credit Card is the middle of the pack for Southwest personal credit cards. While airline credit cards generally don’t have too many perks, the absence of foreign transaction fees and 6,000-anniversary bonus points should help offset this card’s reasonable $99 annual fee. Card rating*: ⭐⭐⭐½

*Card Rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.

Savvy TPG readers know we generally don’t recommend building your points strategy around a single cobranded airline credit card, as these tend to offer fewer perks and less flexibility than a comparably-priced transferable points card.

When it comes to the Southwest Rapid Rewards card portfolio, you’ll generally find better earning rates and more flexible redemption options with cards that earn Chase Ultimate Rewards points — such as the Chase Sapphire Preferred Card — which you can then transfer to Southwest Rapid Rewards at a 1:1 rate.

That said, Southwest credit cards are very popular among Southwest fans. The mid-tier version of the three personal Southwest cards — the Southwest Rapid Rewards Premier Credit Card — has a good balance of perks and an annual fee that could make it worthy of a spot in your card collection.

Here’s everything you need to know about the Southwest Premier Card to help you decide if it should earn a spot in your wallet.

New applicants for the Southwest Premier card can earn 60,000 bonus points plus a 30% off promo code after spending $3,000 on purchases in the first three months from account opening.

TPG values Southwest Rapid Rewards points at 1.5 cents apiece, making the 60,000 points alone worth $900. While you can redeem points in several ways, the best value will come from using them for flights.

This is also the first time Southwest has offered a promo code as part of a sign-up bonus on a credit card. The code will appear directly in your Southwest.com account within eight weeks of meeting the spending requirement. It can be used — only once — on a single one-way or round-trip Wanna Get Away, Wanna Get Away Plus, Anytime and Business Select fare, and is available for use until October 31, 2024.

Given it is a single-use promo code, it would be best to save this for a more expensive ticket. You’ll get the biggest savings when using the code for round-trip travel and/or during peak travel periods like the summer or the holidays.

Keep in mind that you can’t earn a sign-up bonus on the Southwest Rapid Rewards Premier Credit Card if you currently have any personal Southwest card, nor are you eligible if you earned a sign-up bonus on a personal Southwest card in the past 24 months.

Also, all of Southwest’s cobranded cards are subject to Chase’s 5/24 rule. If you’ve opened five or more new accounts over the past 24 months (across all issuers, not just Chase), you’re likely to be denied for this card.

Related: The ultimate guide to credit card application restrictions

However, it also has some other enticing bonus categories: You’ll earn 2 points per dollar spent on local transit and commuting purchases, internet, cable and phone services and with select streaming providers. You’ll earn 1 point per dollar on all other eligible purchases.

This amounts to a 4.5% return on spending with Southwest and a 1.5% return on everyday spending, according to our valuations.

When it’s time to use your rewards, one of the best things about redeeming Southwest Rapid Rewards points is the simplicity of the process. Whether you select the cheapest Wanna Get Away fares or the most expensive Business Select tickets, the cost of your award ticket is tied to the cash price of the flight.

This means you don’t have to worry about getting the highest possible cent-per-point redemption value. If you have Rapid Rewards points, you can redeem them for gift cards or merchandise, but the best value comes from using your points for Southwest flights — including options to Hawaii and international destinations.

Remember that Southwest’s policy of no change or cancellation fees means you can reprice your award ticket if the price drops. This offers valuable flexibility to get the best possible redemption.

Read more: How to change or cancel a Southwest Airlines flight

While you don’t expect an airline credit card with a $99 annual fee to come loaded with perks, there are quite a few benefits on the Southwest Rapid Rewards Premier Credit Card.

You’ll receive 6,000 bonus points on each account anniversary, which TPG values at $90 — meaning that the anniversary bonus nearly offsets the card’s $99 annual fee.

Also, you’ll enjoy additional benefits like two EarlyBird check-ins per year with the Southwest Premier Card — helping you get on the plane early to snag a better seat — and 25% back on inflight purchases.

You may also be interested in earning Southwest A-List elite status to further enhance your travels with the carrier. Doing so requires completing 25 qualifying flights or earning 35,000 tier-qualifying points (TQPs) in a calendar year. You can earn bonus TQPs by spending on the Premier card: 1,500 TQPs for every $10,000 spent per calendar year.

Related: Battle of the airlines: Why I think Southwest Airlines is the best

For more options, check out our full list of travel credit cards.

Related: Comparing the Southwest Rapid Rewards Priority, Premier, and Plus Credit Cards

The Southwest Premier card with a $99 annual fee is mostly offset by the 6,000 anniversary bonus points, which have a value of $90, according to TPG’s valuations. If you value its other perks at more than $9, that covers the annual fee. However, most Southwest loyalists should apply for the Priority card instead, as it has more benefits.

The Southwest Rapid Rewards Premier Credit Card can be a good option for frequent Southwest flyers. If you fly with Southwest occasionally, this card’s price point and perks could make it a good fit for your wallet without the higher price tag on other travel credit cards.

Official application link: Southwest Rapid Rewards Premier Credit Card

Additional reporting by Ryan Wilcox, Stella Shon, Christina Ly and Ryan Smith.