I'm very excited to go after another Southwest Companion pass. For those of you who aren't aware, the Companion pass allows one person to fly with you free on any Southwest flight you take. It doesn't matter if you pay cash or points for the flight, you can bring someone with you for free(well actually they have to pay taxes ~5.60 one way inside the U.S.). I have had this pass since 2016.
You are allowed to change your companion 3 times each calendar year. Last year Kim and Lincoln flew with me for free at different times. In the past two years we have visited Ft. Myers, Orlando (2x), Phoenix, Aruba, Tampa, Chicago, Nashville, and Baltimore all on Southwest flights. On each of these trips someone flew for free!
How to time your spending:
The big key to getting the points to post in 2018 is meeting the minimum spending at the right time. I am not going to take any chances. History shows that Chase and Southwest issue the points a short time after the monthly statement in which you met the minimum spending closes.
So if your statement closes on the 15th of the month you should be able to hit the $2000 spend before the 15th and the points should show up shortly after the 15th. But if you wait until after the 15th to meet the minimum spend the points will show up the following month after the 15th. For example let's say your statement is set to close on Dec 15th. If you meet the spending requirement on Dec. 10th the points should post to your account in December. If you meet the spending on December 18th the points should show up in January(after the 15th).
Chase allows you to set your statement date. I plan to set it to the 4th or 5th of the month. I will meet the minimum spending requirement around December 31st. Even though the points should not show up until after my proposed statement date (Jan 4th or 5th) I don't want to take any chances. Usually it takes a day or so for charges to go from pending to posted. So even if the points show up immediately after posting, the charges on the 31st should not post until the first of January or later.
To recap - If you make a mistake and the points post to your account in 2017 you only get the pass for 2017 and 2018. If the points post in 2018 you get the pass for the rest of 2018 and 2019.
Subscribe to Travel Hacks for the Modern Family by Email
So how am I going to do it again? Currently all the Chase Southwest Credit Cards come with a 60k point bonus. To get the Companion pass you need to earn 110,000 points. Once the 110k points hits your rapid rewards account you will receive your pass for the remainder of that current calendar year and the following calendar year.
I need to sign up for two Southwest credit cards to get enough points. I have looked back at my credit card spreadsheet and found that I have only opened two new cards in the past 24 months. This means that I fall under the 5/24 Chase rule. If you have opened 5 or more cards in the past 24 months Chase most likely will not approve you for these Southwest Cards. See this post for more information on this rule.
Word on the points street is that these 60k offers seem to be valid until October 4th.
My plan is to first sign up for the Chase Southwest Premier Business credit card. This card comes with a $99 annual fee and you must spend $3,000 in the first 3 months after opening to receive the 60k bonus. See this post to read more about signing up for business cards. So on Tuesday October 3rd I plan to apply for this card. Hopefully I get approved immediately but in the past I have received a pending decision which has required me to call Chase. Hopefully since I already have a Chase business card a call won't be required.
If I receive either an instant approval or pending decision on the business card I will immediately apply for the Chase Personal Southwest Plus credit card. This card comes with a $69 annual fee and you must spend $2,000 in the first 3 months after opening to receive the 60k bonus. Note: The annual fee does not count toward your minimum spending requirement.
How to time your spending:
The big key to getting the points to post in 2018 is meeting the minimum spending at the right time. I am not going to take any chances. History shows that Chase and Southwest issue the points a short time after the monthly statement in which you met the minimum spending closes.
So if your statement closes on the 15th of the month you should be able to hit the $2000 spend before the 15th and the points should show up shortly after the 15th. But if you wait until after the 15th to meet the minimum spend the points will show up the following month after the 15th. For example let's say your statement is set to close on Dec 15th. If you meet the spending requirement on Dec. 10th the points should post to your account in December. If you meet the spending on December 18th the points should show up in January(after the 15th).
Chase allows you to set your statement date. I plan to set it to the 4th or 5th of the month. I will meet the minimum spending requirement around December 31st. Even though the points should not show up until after my proposed statement date (Jan 4th or 5th) I don't want to take any chances. Usually it takes a day or so for charges to go from pending to posted. So even if the points show up immediately after posting, the charges on the 31st should not post until the first of January or later.
To recap - If you make a mistake and the points post to your account in 2017 you only get the pass for 2017 and 2018. If the points post in 2018 you get the pass for the rest of 2018 and 2019.
Disclaimer - like I always say I am not an expert. This plan is not a sure thing. I am not recommending everyone try this. But if you have good credit, good credit card history, and haven't opened a bunch of cards lately it may be worth the risk. If you use credit cards they should be paid off in full each month. These thoughts and ideas are mine alone and should not be taken as financial advice since I am not a professional!
There is huge value in the Companion Pass. I value Southwest points at a minimum 1.2 cents per point. If you meet the minimum spend for each card you will end up with 125,000 points at a cost of $168 in annual fees. In theory, if someone flies with you on each trip this sign up is worth 250,000 points x 1.2 cents equals $3,000!! That is a ton of free travel for signing up for two cards.
The more you fly the more savings you will realize with the Companion Pass. If you wish to travel more, the Companion Pass can be your reason to!
Anyone else going to try for companion pass?
There is huge value in the Companion Pass. I value Southwest points at a minimum 1.2 cents per point. If you meet the minimum spend for each card you will end up with 125,000 points at a cost of $168 in annual fees. In theory, if someone flies with you on each trip this sign up is worth 250,000 points x 1.2 cents equals $3,000!! That is a ton of free travel for signing up for two cards.
The more you fly the more savings you will realize with the Companion Pass. If you wish to travel more, the Companion Pass can be your reason to!
Anyone else going to try for companion pass?