The annual fee is rather typical for airline co-branded credit cards. To compensate it they offer travel perks, in case of the Southwest Priority credit card you receive 4 upgraded boardings per year when available, 20% back on in-flight drinks, WiFi, messaging, and movies and other benefits. However, with the $149 annual fee those features are worthy only for those who fly Southwest a lot. If you don’t fall into this category, then don’t bother acquiring this card. There are plenty of travel cards which are universal, have similar or better bonuses and don’t require annual fee or fee is waived first year.
Check out the Discover it® Miles credit card, there’s no annual fee at all and it comes with unlimited 1.5x miles on all purchases. Discover will match ALL the miles you’ve earned at the end of your first year, automatically. For example, if you earn 35,0000 miles, you get 70,000 miles. That’s $700 towards travel! Earned miles can be redeemed as travel statement credits or as cash deposited to your account. When redeeming for travel statement credits, you can cover the cost of any airline ticket with miles.