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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.

Southwest change letter

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:

Southwest Airlines
PO Box 36647-1CR
Dallas, TX 75235
Phone: 1-214-932-0333
Twitter: @SouthwestAir
Facebook: Southwest Facebook Page

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.

Southwest earnWanna Get Away Fares: 6 points per $1
Anytime Fares: 10 points per $1
Business Select Fares: 12 points per $1

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.

Chase Sapphire Preferred® Card

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.

Apply Now
More Things to Know
  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Named Best Credit Card for Flexible Travel Redemption - Kiplinger's Personal Finance, July 2016
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards
Intro APR on Purchases
N/A
Regular APR
16.49% - 23.49% Variable
Annual Fee
Introductory Annual Fee of $0 the first year, then $95
Balance Transfer Fee
5.00%
Recommended Credit
Excellent Credit

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.