Spirit Airlines may not be the biggest name in the airline rewards world, but there's no question the company has carved out a place for itself in the industry. The airline's unique model, while controversial, works for many flyers especially those who have no problem with flying economy. And the company's World Elite card from Bank of America now has a better-than-ever welcome offer.

Here's why it's worth considering

What Has Changed About This Card's Welcome Offer. The general public offer available on this card has traditionally offered a welcome bonus of 50,000 points after $1,000 spend within the first 90 days of card opening. The new elevated offer improves on this in two ways.

You will now receive 60,000 points plus a $100 companion flight voucher after completing just $1,000 worth of spends within 90 days. To put that in perspective, this is an extremely low spend for a welcome bonus of this caliber many premium rewards cards would require you to spend anywhere from $2,000-$4,000 to earn this type of bonus.

Using 1.1 cents per Free Spirit point as a baseline valuation, 60,000 points would be worth approximately $660 in value alone. Adding in the additional value of the $100 voucher, which is good for Spirit flights only, brings total value close to $800 after the first year.

Why the Free Spirit World Elite Card is Worth Considering

Beyond the welcome offer, this particular card carries some solid benefits for Spirit flyers looking to maximize their value on these flights. Here's a look at some of those benefits.

Earning structure:

• 3X points on all Spirit Airlines purchases
• 2X points on all dining and grocery store transactions
• 1X points everywhere else

Travel perks:

• 2 free checked bags on Spirit Airlines flights
• Zone 2 Shortcut Boarding on Spirit Airlines flights giving you the benefit of priority boarding without paying extra to sit up front
• Award ticket booking is fee-free on this card
• Points do not expire, allowing you to save them for future travel plans
• There are no foreign transaction fees on this card

Loyalty & Value Perks:

• For every $10 spent on your Free Spirit World Elite card, you earn 1 Status Qualifying Point (SQP), earning Free Spirit elite status
• $100 Companion Flight Voucher each year upon renewal of your membership as long as you spend a minimum of $5,000 within the past year
• Ability to pool points within your household
• Receive a 25% rebate on all inflight purchases

The Free Checked Bags Perk Is a Big Deal

One of the most important things to note here is the free checked bags perk on this card. As you know, Spirit Airlines makes its money by offering unbundled prices to customers, which means bag fees accumulate quickly for frequent flyers.

This perk of two free checked bags per Spirit flight can save you anywhere from $60-$100 or more on a roundtrip flight based on current fee rates. Given the price of Spirit tickets, this is easily worth more than the $79 annual fee charged on this card.

How This Card Can Be Most Useful For You

While the Amex Platinum or the Sapphire Reserve certainly offer much higher value, there is a certain traveler demographic that this card is tailor-made for. This card is ideal for any traveler that flies Spirit Airlines on a regular basis and seeks to maximize their rewards and value on Spirit flights through this card.

If you live in a market where Spirit serves your local airport and you are perfectly comfortable flying Spirit on a regular basis, then this is the perfect card for you. With Spirit working hard to improve their on-board experience and provide better services, this card offers efficient rewards on the flights you take on Spirit. And the very low spend of just $1,000 within 90 days to earn your welcome reward puts it into reach for most people.

One Important Note Before Applying For This Card

As we are aware, Spirit Airlines has had significant financial challenges in recent years. The airline filed for bankruptcy protection twice in 2020, once in May and again in November. Since that time, the airline has been working on a reorganization strategy and expects to emerge from bankruptcy protection sometime soon.

That being said, Spirit Airlines is a going concern that will continue to fly, despite some issues. But keep in mind that Spirit Airlines' financial turmoil and the uncertainty around how long the airline will stay in business is a valid consideration. When taking this card for its loyalty value, you must consider the possibility that you will not be able to fly Spirit for many years to come or collect those rewards.

So if you're applying for this card based purely on the loyalty aspect, remember that Spirit could very well be out of business by the time you get around to using your points. In the meantime, redeem your points early to avoid wasting them, and use the companion voucher as extra value.

Conclusion:

The offer of 60,000 points plus a $100 companion flight voucher on this card is among the best that this card has offered. And given that the spend to qualify for the bonus is incredibly low at just $1,000, this makes it a viable offer for almost everyone who applies.

In addition to the welcome offer bonus, the card's other perks are quite valuable as well, particularly for frequent Spirit flyers. As long as you have a realistic approach towards this card's loyalty perks, you can expect to derive great value from this card with minimal effort.