We study graphene nanoribbons (GNRs) with armchair edges in the presence of Rashba spin-orbit interaction (RSOI). We impose the boundary conditions on the tight binding Hamiltonians for bulk graphene with RSOI by means of a sine transform and study in detail the influence of RSOI on the spectra and the spin polarization. We show that the spin polarization perpendicular to the GNR changes sign when reversing the momentum along the GNR if the bands are coupled by strong RSOI. Furthermore, we derive a linearized approximation to the RSOI Hamiltonian and find that only the neighboring modes of an energy band have to be taken into account in order to achieve a good approximation for the same band. Due to their experimental availability and various proposals for engineering appropriate RSOI, GNRs with armchair edges are a promising candidate for possible spintronics applications.