The Southwest personal credit cards are offering a rare welcome bonus that includes a Companion Pass, and it's your very last chance to apply

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• The Southwest Companion Pass allows you to bring along a friend or family member for just the cost of taxes and fees whenever you fly Southwest.
• Through March 13, 2023, all three personal Southwest credit cards offer Southwest Rapid Rewards® Plus Credit Card - Intro Bonus.
• This is a great deal, but the promotional Companion Pass isn't quite as valuable as a standard Companion Pass.
• Read Insider's guide to the best Southwest credit cards.

The Southwest Companion Pass is one of the single best deals in the world of travel. It allows you to bring a travel buddy with you whenever you fly on Southwest for just the cost of taxes and fees as long as the pass is valid.

For example, even if you were to fly 100 times on Southwest, your travel companion could accompany you every single time. Depending on how often you fly, the Companion Pass could save you many thousands of dollars.

To earn the Companion Pass, you'd normally have to achieve 135,000 qualifying Southwest points in a calendar year. But through March 13, 2023, three of Southwest's best credit cards (the Southwest Rapid Rewards® Plus Credit Card - Product Name Only, Southwest Rapid Rewards® Premier Credit Card - Product Name Only, and Southwest Rapid Rewards® Priority Credit Card - Product Name Only) come with a welcome bonus that includes a promotional Companion Pass. You can earn Southwest Rapid Rewards® Plus Credit Card - Intro Bonus.

Here's what you need to know about this deal, and be sure to apply before the offers end on March 13, 2023.

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Earn a Southwest Companion Pass the easy way (for a limited time)

Whether you're using cash or points to book your Southwest flight, you can use the Southwest Companion Pass to bring along a friend for just the cost of taxes and fees. Taxes are just $5.60 each way for domestic flights (and can be higher for international flights), making this an incredible deal for anyone who routinely travels with a partner.

The Southwest Companion Pass allows you to change your designated companion up to three times per calendar year. So if you routinely travel with your spouse, but you want to take your parent on a getaway, you have the capability to do it.

Here's a quick comparison of the three Southwest credit cards that offer this promotional Companion Pass.

As you can see, all cards have different annual fees and benefits. If you want to try out the Companion Pass for the cheapest price, the Southwest Rapid Rewards® Plus Credit Card - Annual Fee-annual-fee Southwest Rapid Rewards® Plus Credit Card - Product Name Only is your best option. But if you want premium Southwest benefits, such as upgraded boardings and an annual $75 Southwest travel credit, the Southwest Rapid Rewards® Priority Credit Card - Annual Fee-annual-fee Southwest Rapid Rewards® Priority Credit Card - Product Name Only is hands-down the best Southwest deal of the bunch.

Are these Southwest credit card bonuses a good deal?

There are two components of this new card bonus: 30,000 points and a promotional Companion Pass.

Southwest points are worth 1.4 cents each, on average, based on Insider's points and miles valuations. That means the 30,000 points you'll earn from this bonus are worth around $420 in Southwest flights.

The value of the Companion Pass is determined by how often you fly Southwest. You could quite easily save thousands of dollars by taking a handful of domestic trips — or a few international trips to destinations like the Caribbean, Mexico, and Central America — on Southwest in the coming year.

But there is one big reason you may not want to jump on this deal: This promotional Companion Pass expires on February 28, 2024. That means you'll have around one year to use the pass before it expires.

A traditional Companion Pass is valid during the remainder of the year in which you earn it and the entire following calendar year. Yes, it's harder to earn, but its shelf life can be twice as long.

You can achieve the Southwest Companion Pass after earning 135,000 Southwest points in a calendar year. An easy way to do this is as follows:

1. Open a Southwest small-business credit card and earn its bonus. For example, the Southwest® Rapid Rewards® Performance Business Credit Card - Product Name Only offers Southwest® Rapid Rewards® Performance Business Credit Card - Intro Bonus.
2. Open a Southwest personal credit card and earn its bonus. These cards sometimes offer 60,000+ points, so you'll have to wait until the offer changes.
3. Receive a 10,000-point boost toward the Companion Pass each year just for holding a Southwest credit card.

After you earn two card bonuses, you should have enough points to immediately qualify for the Companion Pass. The earlier in the year you accomplish this, the longer your pass will be valid.

Who is eligible for the Southwest credit cards?

Southwest credit cards are subject to the Chase 5/24 rule. This means that if you've opened five or more cards (from any bank) in the past 24 months, you won't be approved for a Southwest card. Also, you aren't eligible for a Southwest personal card if you currently hold a personal Southwest card or have received a welcome bonus from one in the past 24 months.

To be clear, this doesn't apply to Southwest's small-business cards. But they have their own rules. You won't be approved if you currently hold a particular small-business card or have received a welcome bonus for that specific card in the past 24 months.

You must also have a business venture to qualify for a small-business credit card (though that can be something as simple as selling items on eBay, freelance writing, tutoring, etc.)

For a closer look at everything you need to know about this valuable benefit, check out Insider's guide to earning the Southwest Companion Pass.