Chase is running a 30% transfer bonus to Southwest Airlines Rapid Rewards through June 5, 2026. And this shift to encouraging transfers, very rare in the past, is now the most on-brand thing they could do.
The offer is not exciting as something I’d recommend in most cases, except:
- With most Chase points from Sapphire Reserve no longer worth 1.5 cents apiece through it’s travel portal, you’ll generally get more value on Southwest tickets with points transfers than paid travel through the portal. And a 30% bonus brings you roughly back to that 1.5 cent level (Southwest redemption values, much devalued, now do vary).
- There was a 20% bonus in October 2020. That was during the pandemic, when very few people were traveling. But it’s something we’re now starting to see – there was a 25% bonus for two weeks in the fall.
With Southwest devaluing points, the economics of giving more points works out for Chase and Southwest. They had already devalued points 43% in 12 years prior to going dynamic.
And printing more points makes sense. Southwest customers have been redeeming fewer awards, and award travel takes up a smaller share of the airline’s miles flown. Meanwhile, Southwest wants the transfers because their new model emphasizes taking all revenue from anywhere. So encouraging transfers Chase pays them for fits into the management philosophy.
I’ve always targeted more value than this from my points so I’m not tempted, but it will be useful for some.
Lots of Chase transfer bonuses this year – my guess is they are trying to get all of the guaranteed 1.5cpp points off their books ASAP. for accounting reasons And those 1.5cpp points get used first. So folks should just think carefully about how they are using them if they are continuing with Chase and not moving over post CSR devaluation. It may be moot if you were transferring your Chase points out anyway of course.
I lost all interest in flying on Southwest.
WN morphed into an undifferentiated carrier in which schedule and price usurp airline benefits. After a 5 year absence, two xfer bonuses in 8 months does not portend a strong outlook.
Finally burned my $500 Chase credit. At least it posted quickly. Not gonna worry about their points though, even with a bonus. Oof.
Southwest used to be my back up carrier, now I avoid.
You can book Basic fares with Southwest points and have no need to track funds expiration.