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Update: This offer is no longer available. View the current offer for the Chase Southwest Rapid Rewards Premier credit card here.
Southwest Rapid Rewards is a fixed-value program that has been pretty generous with their Wanna Get Away fare redemptions. Currently you can redeem for any seat and 60 points = $1 worth of Wanna Get Away fares, which means you get 1.67 cents per point. However, starting March 31, 2014, Rapid Rewards members will need to redeem 70 points per $1, bringing your value to 1.4 cents per point. Business Select and Anytime fare redemptions remain the same, but they’ve never been a really great value anyway.
While I wouldn’t call this a massive devaluation, it is absolutely still a devaluation, and if you’re not happy about it, I’d highly recommend, writing, Tweeting and Facebooking Southwest to let them know you are dissatisfied. Here is their contact information:
That said, I do appreciate that they’ve given us a lot of advance notice. To put this in perspective, the current 50,000-point sign-up bonus on the Southwest Premier Visa will get you about $833 toward Wanna Get Away fares. After March 31, 2014, you’re only looking at ~$715. Still a lucrative offer, but less valuable.
It appears that how you earn points will not be affected along with redemptions. Here’s the current earning structure.
You can also transfer in points from Chase Ultimate Rewards at an instant 1:1 ratio if you have the Ink Plus, Ink Bold or Sapphire Preferred cards. With great travel benefits, 2x points on travel & dining and a 50,000 point sign up bonus, the Chase Sapphire Preferred is a great card for those looking to get into the points and miles game.
With great travel benefits, 2x points on travel & dining and a 50,000 point sign up bonus, the Chase Sapphire Preferred is a great card for those looking to get into the points and miles game.