Southwest Airlines and Chase Card Services Announce New Exclusive Rapid Rewards Card Benefits

Today, Southwest Airlines [NYSE:LUV] and Chase Card Services, a division of JPMorgan Chase & Co. [NYSE: JPM], announced several new benefits and features for the Southwest Airlines Rapid Rewards Credit Card. These features, including an expanded selection of Cards, will be available beginning on March 1, 2011.

“We are very excited about the launch of the All-New Rapid Rewards and how it enables us to make an already great card even more valuable to our cardmembers,” said Kian Conley, general manager, Chase Card Services. “When you combine rich anniversary premiums, the exclusive ability to redeem for international travel and every dollar of spend on the card counting towards Companion Pass status, along with the strong consumer value inherent in the New Rapid Rewards, we believe there is no better option for a consumer seeking value in a travel card – especially when compared to other cards charging much higher annual fees.”

At the foundation of today’s announced changes to the Southwest Airlines Rapid Rewards Credit Card is the new Rapid Rewards Program structure for earning and redeeming points. Beginning in March 2011, cardmembers will now earn Rapid Reward Points, previously called Reward Dollars. These points will continue to be earned at the same rate as the existing Card:

• Earn 2 points per $1 spent on all Southwest purchases
• Earn 2 points per $1 spent on purchases at all participating Southwest (Hotel and Rental Car) Partners
• Earn 1 point per $1 spent on all other purchases

Additionally, there are now multiple cards available under the Southwest Airlines umbrella including:

• Southwest Airlines Rapid Rewards Premier Card – available for a $99 annual fee
• Southwest Airlines Rapid Rewards Plus Card – available for a $69 annual fee

Existing Cardmembers who currently have an annual fee card will not see an increase in their annual fee or pricing.

While each card offers its own distinct point-earning potential, both Cards have several new features including:

• Anniversary Bonus Points – Instead of two Anniversary Credits (or 2,400 Reward Dollars), cardmembers will now automatically receive Rapid Rewards Points on their anniversary. Cardmembers with a Premier Card will receive 6,000 Points – more than enough for a $99 Southwest “Wanna Get Away®” fare – while the Plus Card automatically receives 3,000 Points – more than enough for a $49 Southwest “Wanna Get Away®” fare.
• More Redemption Options – In addition to having the ability to redeem for free flights on Southwest (September 11th Security Fee applies†), cardmembers now have the opportunity to redeem Rapid Reward Points for international flights to more than 800 destinations worldwide on 50+ global carriers; stays at over 70,000 hotels worldwide, ranging from major brands to boutique hotels; car rentals; cruises; experiences; and gift cards at more than 45 major retailers.
• Companion Pass Status – With the All-New Rapid Rewards, using your Card to achieve Companion Pass status has gotten easier. To qualify, you now only have to earn 110,000 qualifying points in a calendar year (10,000 less than the current program) or fly 100 qualifying one-way flights. All points earned on the Card count toward achieving Companion Pass status. That means you can choose a designated Companion to fly free when they fly with you, anytime for an entire year.
• More Access to Free Southwest Flights – The Rapid Rewards Program has made some exciting new enhancements that enable members to redeem for flights faster and easier. Every seat is a reward seat. If there is a seat available to purchase, you can redeem your points for it. Plus, enjoy no blackout dates and points never expire for active Rapid Reward members.
• Access to the More Rewards Program – Only Southwest Airlines Rapid Rewards Credit cardmembers from Chase will have access to Southwest’s new More Rewards program, which is the gateway to redeeming the new reward options. Information about the new Rapid Rewards program is available at http://www.newrapidrewards.com.
  
  For more information about the Card, visit www.chase.com/southwest or call 1-800-792-0001.

†Travel is subject to the government-imposed September 11th Security Fee of up to $10 per roundtrip.

About Southwest Airlines

After nearly 40 years of service, Southwest Airlines (NYSE: LUV) continues to differentiate itself from other low fare carriers--offering a reliable product with exemplary Customer Service. Southwest Airlines is the nation's largest carrier in terms of originating domestic passengers boarded, now serving 69 cities in 35 states. Southwest also is one of the most honored airlines in the world known for its commitment to the triple bottom line of Performance, People, and Planet. To read more about how Southwest is doing its part to be a good citizen, visit southwest.com/cares to read the Southwest Airlines One Report(TM). Based in Dallas, Southwest currently operates more than 3,100 flights a day and has nearly 35,000 Employees systemwide.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

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