If you have the Chase Sapphire Preferred® Card or Chase Sapphire Reserve® your points transfer to participating airline or hotel loyalty programs. The same holds for points from an Ink Business Preferred® Credit Card.

• Airlines: United, Southwest, British Airways, Virgin Atlantic, Singapore Airlines,
  Air France KLM, JetBlue, Aer Lingus, Iberia, Emirates
  
• Hotels: Hyatt, Marriott, IHG

Through October 31, Chase is offering a 20% bonus on transfers to Southwest Airlines Rapid Rewards.

Southwest points get you about 1.3 cents apiece towards base fare and you don’t pay certain taxes (though the domestic airfare excise tax is waived this year anyway by the CARES Act). This means your points save you about 1.4 cents apiece versus the normal 1.6 cents apiece. With a 20% bonus though your Chase points are worth more Southwest points.

I’m not tempted, the points are worth too much in my Chase account to give up the flexibility for a 20% bonus from Southwest. But it’s nice to see them being more aggressive. And if you have a Southwest Airlines Companion Pass it may make sense.

This is Chase’s third-ever transfer bonus. In August Chase ran a transfer bonus to IHG. In Spring of 2019 they ran a transfer bonus to British Airways. That was their first transfer bonus ever.