Wednesday, February 1, 2023

How Long Does It Take For Southwest Credit Card Approval

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Bonus: Chase Sapphire Preferred

How Long Does it Take to Get Credit Card Approval

Chase Sapphire Preferred is a great third card to hold after applying for the Southwest cards .

It earns Chase Ultimate Rewards points, which may be transferred to Southwest Airlines Rapid Rewards, as well as other airline and hotel loyalty programs for free travel instantly at a 1:1 ratio.

Bonus Offer: Earn 60,000 Southwest points after $4,000 minimum spend within 3 months

End Date: None

  • Earn 5x points on travel purchased through Chase
  • Earn 2x points on travel and 1x points on all other purchases
  • Earn 3x points on dining and select streaming services
  • Points can be instantly transferred to Southwest at a 1:1 ratio.
  • Points DO NOT count toward the Southwest Companion Pass, only toward a free flight

Your Application May Need Further Review

According to the rules in the , lenders have to assess your ability to pay any debt you can accrue with the card in order to grant the account. That means assessing what you wrote down as your income.

In general, credit card issuers do not verify what you listed as income by calling your employer, but it will compare the stated amount against factors such as your job title and location. If the number seems off, more time will be needed to determine whether you really qualify for the card.

Another delay trigger is when identity theft is suspected. For example, if the Social Security number you put down on the application isn’t the same as the number on your credit report, it could be an indication of fraud. The issuer will then take extra time to review the application.

Drawbacks Of The Southwest Plus Card

There are a few things to consider before applying for the card.

First, the annual fee is not waived the first year like with some other airline credit cards. However, the $69 annual fee is partially offset by the sign-up bonus and anniversary points.

Also, because Southwest is a budget airline, there arent any luxury perks with this credit card. Other programs such as American Airlines AAdvantage and Delta SkyMiles offer access to airport lounges.

Finally, theres no introductory APR on purchases on balance transfers.

Bottom Line: The annual fee is not waived the first year and there arent any luxury benefits like youd see with other cards, but the Southwest Plus card is still a great card to earn extra points.

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Lots Of Inquiries In Recent Months

When you apply for credit and authorize a lender to check your credit report, they perform a credit inquiry, which posts on your credit report. No big deal. However, if there are a ton of those in a short period of time, Chase might think youre suffering financially and are desperate to borrow money. They just want to know you wont run up a bill on them and not pay.

Nobody knows exactly how many credit inquiries Chase considers a red flag. If youre denied for this reason, call Chase to explain.

Ask For A Balance Transfer

Southwest Rapid Rewards Premier Business Credit Card 2020 ...

Balance transfers offer a good way to persuade Chase to increase your credit limit. A balance transfermeans youre moving the balance from one credit card to another. Its usually done to simplify and consolidate debt and to lower your interest rate.

Banks love balance transfers because they typically charge a transfer fee and will eventually get to collect interest on any balance that you dont pay off in full by the time the 0% interest period is over.

Chase offers a few cards with 0% APR on balance transfers for an introductory, period plus one card that offers a 60 day grace period on balance transfer fees.

Chase Credit Card
16.74%25.49% Variable

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How Long It Takes To Get Approved For A Credit Card

There’s so much anticipation when you’re filling out a . From the moment you start filling in the application all the way up to when you click the submit button, you probably have three big questions going through your mind: Will I be approved? How much will my credit limit be? How soon will I find out whether I’m approved?

The amount of time it takes to get the answers to these questions depends mostly on how you submit your credit card application.

How To Improve Your Chances Of Getting Approved

In the event you’re denied for a credit card, take the necessary steps to improve your credit rating so you are more attractive to an issuer.

Now that you know what happens after you apply for a credit card, you can take action to make sure the process works in your favor. Checking your credit reports once a year is great, but doing so on a more regular basis is better. Pull your Experian credit report for free to see what kind of shape your credit is in. This way you’ll have a better idea if you qualify for the credit card of your dreams.

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Can I Get Approved For Two Southwest Credit Cards At Once

The Chase Southwest credit cards are some of the most valuable travel rewards credit cards. Thats because they often come with great sign-up bonuses of 50,000 or 60,000 points and because they can quickly earn you the Southwest Companion Pass. Many people want to know if they can get approved for two Southwest credit cards at once. The answer is yes, but heres what you need to know.

What Is The Four Upgrades Benefit

How long does it take to get approved for a credit card?

Select Southwest credit cards will allow you to be reimbursed for the purchase of up to four upgraded boardings to Business Select every year.

These cards include the Southwest Priority Credit Card and the Southwest Rapid Rewards Performance Business Card. Both of these credit cards are top-notch travel rewards cards.

The Southwest Priority Credit Card is an awesome card that comes with the following perks:

  • Bonus spending:
  • 2X Rapid Rewards on Southwest purchases
  • 2X Rapid Rewards on hotel and car rental partner purchases.
  • 1X Rapid Rewards on all other purchases
  • Four Upgraded Boardings per year when available.
  • 20% back on in-flight drinks, WiFi, messaging, and movies
  • No foreign transaction fees
  • Earn tier qualifying points towards A-list Status
  • $149 annual fee
  • If you are a frequent Southwest flyer, you can easily offset the $149 annual fee quickly with the $75 annual travel credit, the four upgrades, and the 7,500 anniversary points.

    If you are interested in a great business credit card with similar benefits check out the Southwest Rapid Rewards Performance Business Card. It comes with all the following perks:

    These cards are also great because they can expedite your path to getting the coveted Southwest Companion Pass. That pass allows you to fly for free with a companion for up to two calendar years and is arguably one of the most valuable travel perks available.

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    Consider The Value Of Upgraded Boardings

    Forgot to check-in for your Southwest flight 24 hours before departure? If you dont want to get stuck with a B or C boarding position, you can pay to be one of the first passengers to board. Southwest charges $30, $40 or $50 per flight for Upgraded Boarding, depending on the itinerary.

    If this is a fee that youd consider paying, there are two Southwest credit cards that youll want to consider. Both the Southwest Rapid Rewards® Priority Credit Card and the Southwest Rapid Rewards® Performance Business Credit Card reimburse up to four Upgraded Boarding purchases each anniversary year. Thats up to $200 in savings from just this one card benefit.

    Which Southwest Credit Card Should You Get

    With three different personal Southwest credit cards, you might be wondering which card is best for you. With the Southwest Plus, Southwest Premier and Southwest Priority cards, youll earn 2 points for every dollar you spend on local transit, commuting , internet, cable, phone services and select streaming purchases.

    Then, with the Southwest Premier Business card, youll earn 4 points per dollar on Southwest purchases, while the Southwest Premier and Southwest Priority cards earn 3 points per dollar and the Southwest Plus card only earns 2 points per dollar spent at Southwest. All three cards then earn the same 1 point per dollar on the rest of your purchases.

    Compared to other credit cards that earn rewards, those arent the most lucrative earning rates. For instance, CNN Underscoreds benchmark credit card, the Citi® Double Cash Card, earns 2% cash back on all purchases 1% when you make a purchase, and another 1% when you pay it off.

    Related: Read CNN Underscoreds review of the Citi Double Cash Card.

    But even though the earning rates on the Southwest credit cards arent market leading, there are significant differences among them that make it worth considering your options. These include anniversary bonus points, travel credits and the option to buy up to a better boarding position.

    But aside from the number of points you can earn with each card, youll also find a difference in the number of bonus points you receive every year after you pay the annual fee.

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    Consider If You Want The Southwest Companion Pass

    The Southwest Companion Pass lets you choose a designated companion to fly with you nearly for free for up to two years. To earn the pass, you must collect 125,000 qualifying Rapid Rewards points or fly 100 qualifying one-way flights with Southwest in a calendar year.

    Youll want to opt to earn points on a Southwest credit card instead of a Chase Sapphire card if earning Companion Pass points is your goal.

    All Southwest co-branded credit cards earn Companion Pass-eligible points, which includes both points earned through purchases and those earned through a credit card sign-up bonus. This makes Southwest credit cards an indispensable way to help you earn one of the most valuable perks in travel.

    Chase Ultimate Rewards® points transfer to Rapid Rewards points, but these transferred points do not qualify as Companion Pass-eligible points.

    Why A Credit Decision Could Be Delayed

    How Long Does It Take to Get Approved for a Credit Card ...

    As long as you meet the credit card’s qualifications and the credit card issuer can verify your information electronically, an application decision can be made quickly and electronically. However, you won’t always get an instant decision regarding your application. Sometimes that means your application is denied, but that’s not always the case. The credit card issuer may not be able to deliver an instant approval decision if your application needs further review or you provided incorrect or incomplete information.

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    You Already Have A Lot Of Credit With Chase

    Chase has a number they calculate as to the total amount of credit they want to trust you with. If youre already at that limit, they might hesitate to give you a new credit card with even more of a credit line. Several of us have had this happen to us. Just call Chase and explain why you want this new card . You can offer to reduce the credit line with one of your current Chase cards and basically move it to the new card.

    Getting The Companion Pass

    In addition to the combined inquiries, the main reason youd want to apply for two Southwest credit cards at one time is so that you can earn the Southwest Companion Pass.

    If youre not familiar, the Southwest Companion Pass allows one companion to fly with you for free for up to two calendar years. This can easily net you over $3,000 in value and allow you to fly all over the US, Mexico, Caribbean, and soon Hawaii for half the price.

    • You can read more about the Southwest Companion Pass here.

    But if youre going for the Southwest Companion Pass, you probably dont want to apply for the Southwest cards at once unless their sign-up bonuses are at least 50,000.

    Remember, you need to earn 110,000 Rapid Rewards in a calendar year to earn the Southwest Companion Pass. At times, weve seen all Southwest credit cards offer 60,000 points at once, so its much easier to earn the Companion Pass if you seek out the sign-up bonuses at the right time.

    Tip: If the sign-up bonus rises within 90 days of applying for your card, call or send in a secured message to Chase and ask about being matched to the higher offer.

    Note that sometimes there are promotions that can make earning the Companion Pass much easier. California residents have been given some amazing deals for the earning the Companion Pass in recent times. For example, they could earn it by making just a single purchase! So always keep your eyes out for deals like that, especially if you live in California.

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    Southwest Rapid Rewards Premier Credit Card

    Bonus Offer:Earn 40,000 points after a $2,000 minimum spend in 3 months + 3 points per $1 on all dining purchases in your first year

    End Date: Unknown

    Annual Fee: $99 annual fee is applied to your first statement, so factor that into your cost of flying free

    Benefits include:

    Bonus Offer: 80,000 points with a $5,000 minimum spend in 3 months

    Offer End Date: None

    Benefits include:

    • 3 points per $1 on Southwest purchases
    • 2 points per $1 on social media and search engine advertising, Internet, cable and phone services
    • 1 point per $1 on all other purchases
    • 9,000 anniversary points
    • 4 upgraded A1-15 boardings every year
    • $100 TSA PreCheck or Global Entry credit every four years
    • Free WiFi by purchasing $8 WiFi and getting a statement credit
    • 1,500 tier-qualifying points for each $10,000 spend up to 15,000 for A-List and A-List Preferred elite status

    Southwest Rapid Rewards Cardholders Can Expect These Perks Too

    Divvy Business Credit Card Approval Requirements | New Data Points

    Southwest Rapid Rewards users also get bonus points after their cardmember anniversary each year: 3,000 bonus points for Plus Credit Card, 6,000 for Premier and 7,500 for Priority. As a benefit of the Rapid Rewards program, your points never expire and all points earned count toward the Companion Pass.

    Those looking to get additional travel perks this year should consider the Southwest Rapid Rewards Priority Credit Card, which also comes with an annual $75 Southwest travel credit, four upgraded boardings per year and a 20% discount on in-flight drinks and WiFi on Southwest. For these reasons, we rated this card the best choice for flying Southwest Airlines.

    • 2X points on every $1 spent on Southwest purchases 1X points on all other purchases

    • Welcome bonus

      Earn 40,000 points after you spend $1,000 on purchases in the first 3 months. Plus, earn 3X points on dining, including takeout and eligible delivery services, for the first year.

    • Annual fee

    • 2X points on every $1 spent on Southwest purchases 1X points on all other purchases

    • Welcome bonus

      Earn 40,000 points after you spend $1,000 on purchases in the first 3 months. Plus, earn 3X points on dining, including takeout and eligible delivery services, for the first year.

    • Annual fee

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    If Your Chase Credit Card Application Status Is Under Review:

    • Chase looks at your credit history, income, debt, housing status and number of recently-opened cards, among other things, when deciding whether to approve your application.
    • Chase credit card applications are usually under review for 7-10 business days.
    • Some applicants may receive an instant decision, while others may have to wait up to 30 business days in rare cases.
    • You can check the status of your application as often as you want.
    • To check your Chase credit card application status by phone, call , follow the prompts and enter your Social Security number.
    • To check your application status online, log into your account, click the main menu symbol at the top left of the page , and select Application status.
    • If your application is denied, you can call Chases reconsideration number at . Reconsideration is a long shot, but its worth trying if your circumstances have changed or you need to explain something on your application.

    If your Chase credit card application status is under review, you probably wont have to wait more than 7-10 days to get an answer. If you get approved, you ordinarily have to wait another 7-10 business days to receive your card in the mail. But you can call Chase customer service to ask for free 72-hour expedited delivery.

    If youre denied, dont get discouraged. WalletHubs free credit analysis will tell you exactly how to improve your credit score. Youll also receive recommendations for credit cards with high approval odds.

    How To Check Your Chase Credit Card Application Status Online:

  • Log in to your Chase Online account with your username and password.
  • Find Customer Center at the top and click on it.
  • Locate the section that says Open a New Account on the right side of the page.
  • View your application. Youll be able to see whether theyre pending, approved, or denied.
  • If you dont have an account yet, just click the New To Chase Online? button below the login area. Youll be able to make an account by entering your application number and SSN.

    To check your Chase credit card application status by phone, call and enter your full Social Security number when prompted. Chases automated application status line is accessible 24/7.

    You might not like what you learn when you check your credit card application status. But its important to remember that if youre denied, theres still hope. You can ask Chase to reconsider your application by calling . One of Chases credit analysts will talk to you and take another look over your application materials. Theres no guarantee that anything will change, but its possible. To start off, youll just need to give your application ID or SSN to the analyst. Best of luck!

    What is the value of Southwest points?

    The value of Southwest points is 1.65 cents per point, on average. That means 10,000 Southwest points have a value of roughly $165. Southwest points are more valuable than the average airline miles, which are worth almost 1.3 cents each, as a result.

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