Southwest sale: Get 20% off award flights when you book by March 16 and fly by May 24

With its two free checked bags and unassigned seats, Southwest Airlines' "transfarency" model appeals to many travelers.

And for a few days, Southwest is offering 20% off some award redemptions using promo code "SAVE20NOW."

20% off select award flights

Here's the overview of what you should know about the 20% discount on Southwest award flights:

• It's valid on reservations made by March 16.
• It's valid on flights between now and May 24.
• You'll need to book using promo code "SAVE20NOW" on Southwest's website.

Historically, Southwest has had one of the most liberal rebooking policies for its flights. If you hold an award reservation on a flight that would be eligible for the promotion, you should be able to change your booking to take advantage of the 20% discount (if award prices haven't increased since you booked).

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You can use this promotion on multiple upcoming flight reservations, but each reservation must meet Southwest's promotional conditions.

Related: How to change or cancel a Southwest Airlines flight

Using this promotion

On a $99 flight from LaGuardia Airport (LGA) to Orlando International Airport (MCO), you can expect to spend 4,619 points for a Wanna Get Away fare using this promotion. TPG values Rapid Rewards points at 1.5 cents apiece, so 4,619 points are worth $69.29. Using the 20% award promotion, you would get roughly 2 cents per point.

Or, if you're flying on a peak travel day from John Wayne Airport (SNA) to Ronald Reagan Washington National Airport (DCA), you can purchase Wanna Get Away fares for 23,273 points or $400.98. If you go the points route, that's almost 6,000 points in savings from the original price.

Remember, Southwest Rapid Rewards prices award tickets based on the cash cost of a fare. This sale may appeal to those with a stash of Rapid Rewards points, as it provides a unique opportunity to get more out of your points.

Related: 7 innovations that Southwest is testing to improve its crucial turn times

Bottom line

It's great to see Southwest offer a points discount on award flights. However, you must act quickly, as you need to book flights by March 16. Thankfully, Southwest's flexible booking policies make it easy to cancel and redeposit your points if plans change.