Costco Anywhere Visa® vs Southwest Rapid Rewards® Plus
Side-by-side comparison
| Costco Anywhere Visa® | Southwest Rapid Rewards® Plus | |
|---|---|---|
| Annual fee | $65 | $99 |
| Welcome offer | No current offer | |
| Dining | 3x | 1x |
| Groceries | 1x | 2x |
| Gas | 4x | 2x |
| Travel | 3x | 1x |
| Streaming | 1x | 1x |
| Everything else | 1x | 1x |
| Est. yearly rewards* | $452 | $373 |
| Points type | Cash back only | Locked to Southwest Rapid Rewards |
| Network | Visa | Visa |
*Estimated yearly rewards on typical household spending, every point valued at a flat 1 cent. Verified July 2026. See your own numbers in the calculator.
Welcome bonus and value over time
| Over time | Costco Anywhere Visa® | Southwest Rapid Rewards® Plus |
|---|---|---|
| Welcome bonus | None | 50,000 Rapid Rewards® bonus points |
| To earn it | No minimum spend | $1,000 in 3 months |
| Est. first-year value* | $387 | $774 |
| Est. ongoing value / yr* | $387 | $274 |
This one splits by time horizon. In year one the Southwest Rapid Rewards® Plus is ahead by roughly $387, thanks largely to its welcome offer. But the Costco Anywhere Visa® earns more every year after, so if you keep it, it overtakes the Southwest Rapid Rewards® Plus after about 4 years. Chasing the sign-up bonus and open to canceling before the second annual fee? Take the Southwest Rapid Rewards® Plus. Planning to keep it for years? The Costco Anywhere Visa® pulls ahead.
*First-year value counts the welcome bonus, estimated rewards, and annual credits, minus the annual fee; ongoing value is a typical year after. Every point at a flat 1 cent.
Perks, credits, and redemptions
| Perks | Costco Anywhere Visa® | Southwest Rapid Rewards® Plus |
|---|---|---|
| Lounge access | None | None |
| Annual credits | None | 1 listed credits |
| Points & redemptions | Cash back only | Locked to a single program |
The two are closely matched on perks and redemptions, so the welcome offer and everyday earning above are what should decide it.
Transfer partners and point value
Neither card earns transferable points, so redemptions are cash-back or fixed portal value on both, roughly a cent per point. There is no airline or hotel transfer angle to separate them.
These don’t really compete, one is a cash-back card for Costco members, the other an airline card for Southwest flyers, so the choice is about what you actually want: cash back or Southwest travel.
The Costco Anywhere Visa doubles as your membership card and pays best-in-class gas rewards as cash. The Southwest Plus earns points that count toward the Companion Pass, Southwest’s marquee perk. Different currencies, different purposes.
Pros and cons
- 4% cash back on gas (up to $7,000/yr), 3% on dining and travel
- 2% at Costco, and it’s your membership card
- Low $65 fee (with Costco membership)
- Simple cash back
- Requires a paid Costco membership
- Rewards pay out once a year as a Costco certificate
- 1% on groceries and general spend
- No travel-transfer or airline perks
- Points count toward the Southwest Companion Pass
- Free checked bags standard on Southwest
- Anniversary points and no-blackout Southwest awards
- Good for a Southwest-loyal traveler
- $99 fee and only useful if you fly Southwest
- Points locked to Southwest
- No cash-back or broad everyday value
- No lounges (Southwest has none)
Where each one wins
| Category | Winner | Why |
|---|---|---|
| Purpose | Depends | Cash back for Costco members vs Southwest travel. |
| Gas | Costco Anywhere Visa | 4% cash the Southwest card can’t match. |
| Companion Pass | Southwest Plus | Its spend counts toward it; the Costco card doesn’t fly. |
| Lock-in | Both | Costco needs a membership; Southwest points are airline-locked. |
| Annual fee | Costco Anywhere Visa | $65 vs $99. |
The verdict
If you’re a Costco member who wants cash back, the Costco Anywhere Visa is the pick, its 4% gas rate is elite, it covers dining and travel at 3%, and it doubles as your membership card, all for a low fee. Just remember rewards come once a year as a Costco certificate, and you need to keep the membership.
If you fly Southwest, especially if you’ll chase the Companion Pass, the Southwest Plus is a completely different value proposition, its points and spend help you earn a pass that lets a companion fly with you for just taxes, which can be worth far more than any cash-back rate. These two aren’t substitutes: pick the Costco card for everyday cash back, the Southwest Plus for Southwest travel, and a frequent Southwest-flying Costco member might reasonably hold both.