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Hmmm it looks to have changed. Here is what I am seeing now: http://www.mychasecreditcards.com/southwest/default It looks like 1 free ticket, and there is a $69 annual fee. Yes you earn miles, but it may not be the best option. When I first learned about this, it was definitely two free tickets. I found an old article explaining that: "For a limited time, the Southwest Airlines Rapid Rewards Premier card from Chase is offering two free round-trip flights for signing up and making a purchase.The initial sign-up bonus is credited to a cardholder’s account in the form of 50,000 rewards points.These points can be redeemed for two Wanna Get Away round-trip tickets, with an estimated value of $850." Sadly I guess the "limited time" is up.
One note is that the $69 annual fee is offset by the 3,000 miles ($50) you get each year.
I just got the alaska airlines card from bank of america. It came with a $99 companion fare ticket up front, and then I get another one every year on my anniversary date. Plus it came with a balance of 25,000 miles which is the equivalent to a one-way ticket most places in the country. Then I get 3 miles for every dollar I spend.
But, in order to get the up front companion fare ticket and the 25,000 miles you have to qualify for their top card- so really good credit-- there are cards for people with lower credit that come with lesser perks.
I applied because Im going to hawaii in may and wanted that initial companion fare.