LAST DAY: Get a 20% bonus when you transfer Ultimate Rewards points to Southwest
Update: Some offers mentioned below are no longer available.
Today is the last day to take advantage of Chase's Southwest transfer bonus promotion. You can get a 20% bonus on transfers to Southwest Rapid Rewards through Oct. 31, 2020, at 11:59 p.m. ET.
This is not a targeted offer and Chase cardholders with an eligible Chase Ultimate Rewards earning credit card can take advantage of the offer. You can transfer points to Southwest in increments of 1,000 points, equal to 1,200 points with the 20% bonus.
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This bonus isn't hard-coded into the transfer ratio on the Chase Ultimate Rewards portal. Instead, it looks like the bonus is processed by Southwest, so you will see the bonus when you log into your Southwest Rapid Rewards account.
I did a test transfer of 1,000 points and immediately saw 1,200 Rapid Rewards points in my account. The 200 bonus points are listed as a separate line item on the "Points activity" page on Southwest's website.
Related: The best ways to use Chase Ultimate Rewards points
Is this a good deal?
Southwest Rapid Rewards prices award tickets dynamically based on the cash cost of the flight. So the higher the cost of the flight in cash, the more points you'll spend.
TPG values Southwest Rapid Rewards points at 1.5 cents per point and Chase Ultimate Rewards points at 2.0 cents per point. With this transfer bonus, you're effectively getting 1.8 cents per point from your Ultimate Rewards points.
While still under our Ultimate Rewards valuation, it can be a great deal if you have a Southwest Companion Pass that lets you take a companion with you on all Southwest flights for just the cost of taxes. This effectively boosts the valuation to 3.6 cents per point.
This can be a great deal for solo travel, too. I generally recommend that those with a Chase Sapphire Reserve stay away from Southwest transfer redemptions as they can redeem points towards cash flights at 1.5 cents per point and earn redeemable points on their flights. (Though you have to call Chase to book Southwest flights via Chase at 1.5 cents per point.) That said, since this transfer bonus gives you a higher point value than a cash flight redemption booked via Chase, I recommend transferring points to Southwest to book Rapid Rewards tickets while this transfer bonus is in effect.
Related: How to book flights using Chase Travel
Should I speculatively transfer my points?
We rarely recommend transferring points before you have a specific redemption in mind. However, with this bonus, I think it's worthwhile for Companion Pass members to transfer more points than immediately needed if they plan to fly Southwest with a companion over the next year. A 20% bonus means more flights in the future, and having a Companion Pass effectively doubles the value of your points.
Thankfully, this isn't a one-time bonus — you can make as many transfers as you'd like to Southwest before the promotion ends on Oct. 31. There's no pressure to transfer all of your points at once, so you have time to plan out your late-2020 and 2021 travel before you transfer.
And since we all know things can change these days, know that Southwest allows for free award redeposits and changes. While you won't be able to move the points all the way back to Chase, you can put the points back in your Rapid Rewards accounts if your travel plans don't work out.
Related: How to quickly earn the Southwest Companion Pass
Bottom line
It's great to see Chase and Southwest launch a lucrative transfer bonus -- the first Chase has ever offered to Southwest. This is an excellent way for Southwest loyalists to get more value from their Ultimate Rewards points and Companion Pass. If you don't have a Companion Pass or aren't a Southwest regular, consider how much you'll really fly Southwest before transferring points. A 20% transfer bonus is exciting but probably not worth moving over a ton of points if you don't have specific plans on how you'll use them.
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TPG featured card
Rewards
| 4X | Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S. |
| 4X | Earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X). |
| 3X | Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com. |
Intro offer
Annual Fee
Recommended Credit
Why We Chose It
There's a lot to love about the Amex Gold card. It's been a fan favorite during the pandemic because of its fantastic rewards rate on restaurants (that includes takeout and delivery in the U.S.!) and U.S. supermarkets. If you're hitting the skies soon, you'll also earn bonus points on travel. Paired with up to $120 in Uber Cash (for U.S. Uber rides or Uber Eats orders) and up to $120 in annual dining statement credits at eligible partners, there's no reason that the foodie shouldn't add this card to their wallet. Enrollment required.Pros
- 4x on dining at restaurants and U.S. supermarkets (on the first $25,000 in purchases per calendar year; then 1x)
- 3x on flights booked directly with the airline or with Amex Travel
- Welcome bonus of 60,000 points after spending $4,000 in the first six months
Cons
- Weak on travel outside of flights and everyday spending bonus categories
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber/food credits
- Few travel perks and protections
- Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership.
- Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S., and earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
- Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year.
- $120 Dining Credit: Satisfy your cravings and earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, Milk Bar and select Shake Shack locations. Enrollment required.
- Choose the color that suits your style. Gold or Rose Gold.
- No Foreign Transaction Fees.
- Annual Fee is $250.
- Terms Apply.
- See Rates & Fees
Rewards Rate
| 4X | Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S. |
| 4X | Earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X). |
| 3X | Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com. |
Intro Offer
Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership.60,000 bonus pointsAnnual Fee
$250Recommended Credit
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.670-850Excellent/Good
Why We Chose It
There's a lot to love about the Amex Gold card. It's been a fan favorite during the pandemic because of its fantastic rewards rate on restaurants (that includes takeout and delivery in the U.S.!) and U.S. supermarkets. If you're hitting the skies soon, you'll also earn bonus points on travel. Paired with up to $120 in Uber Cash (for U.S. Uber rides or Uber Eats orders) and up to $120 in annual dining statement credits at eligible partners, there's no reason that the foodie shouldn't add this card to their wallet. Enrollment required.Pros
- 4x on dining at restaurants and U.S. supermarkets (on the first $25,000 in purchases per calendar year; then 1x)
- 3x on flights booked directly with the airline or with Amex Travel
- Welcome bonus of 60,000 points after spending $4,000 in the first six months
Cons
- Weak on travel outside of flights and everyday spending bonus categories
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber/food credits
- Few travel perks and protections
- Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership.
- Earn 4X Membership Rewards® Points at Restaurants, plus takeout and delivery in the U.S., and earn 4X Membership Rewards® points at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1X).
- Earn 3X Membership Rewards® points on flights booked directly with airlines or on amextravel.com.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and each month automatically get $10 in Uber Cash for Uber Eats orders or Uber rides in the U.S., totaling up to $120 per year.
- $120 Dining Credit: Satisfy your cravings and earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, Milk Bar and select Shake Shack locations. Enrollment required.
- Choose the color that suits your style. Gold or Rose Gold.
- No Foreign Transaction Fees.
- Annual Fee is $250.
- Terms Apply.
- See Rates & Fees