While a 50,000 bonus point offer has been available for the Southwest Airlines Premier credit card for some time, the same offer is now also available for the Southwest Airlines Rapid Rewards® Plus Card as well. Both flavors of cards now offer 50,000 bonus points after you spend $2,000 in your first 3 months of opening your account.

As of January 11, 2014, 50,000 points can be redeemed for $833 towards Wanna Get Away fares. However, on March 31, 2014, Southwest points are due for a devaluation, and redemptions made on or after that date will require 70 points per dollar towards a Wanna Get Away reward, up from the currently required 60 points per dollar. That means that 50,000 points will then be worth about $714 towards Wanna Get Away fares. Alternatively, you can redeem 50,000 points for $500 in gift cards.

A side-by-side comparison of the Premier card and the Plus card
Both the Plus card and the Premier card earn 2 points per dollar spent on Southwest Airlines and AirTran® Airways purchases made directly with the airlines, 2 points per dollar on Rapid Rewards® Hotel and Car Rental Partner purchases and 1 point per dollar on all other purchases.

The following table summarizes some of the differences between the cards:

As the above table shows, one of the differentiating features of the Premier card is that it helps you earn elite status faster. You’ll earn 1,500 Tier Qualifying Points (TQPs) for every $10,000 in purchases, up to a limit of 15,000 Tier Qualifying Points earned each calendar year through your credit card spending. 35,000 TQPs earns you A-List status, with benefits like priority boarding and a 25% point earning bonus on each flight. At 70,000 TQPs, you earn A-List Preferred status, which confers perks such as priority boarding and a 100% point earning bonus. 110,000 TQPs earns you a companion pass, which allows you designate one person of your choice to fly with you for free, anytime for an entire year.

Update 4/20/14: This offer has expired.

For more info or to apply for either of these cards, see the following links:

• Southwest Airlines Rapid Rewards® Plus Card
• Southwest Airlines Rapid Rewards® Premier Card