LAST DAY: Get a 20% bonus when you transfer Ultimate Rewards points to Southwest

Oct 30, 2020

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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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Chase Southwest Transfer Bonus
(Image courtesy of Chase)

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.

Southwest Transfer on Southwest Website
(Image courtesy of Southwest)

Related: The best ways to use Chase Ultimate Rewards points

Is this a good deal?

(Photo by Summer Hull / The Points Guy)
This transfer bonus is an excellent deal for Companion Pass holders. (Photo by Summer Hull / The Points Guy)

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.

Featured photo by Edward Russell / The Points Guy

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Earn 90,000 bonus miles after you spend $3,000 in purchases on your new Card in your first 3 months. Offer ends 8/3/2022.

With Status Boost™, earn 10,000 Medallion Qualification Miles (MQMs) after you spend $25,000 in purchases on your Card in a calendar year, up to two times per year getting you closer to Medallion Status. Earn 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants and at U.S. supermarkets and earn 1X Mile on all other eligible purchases. Terms Apply.

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More Things to Know
  • Limited Time Offer: Earn 90,000 bonus miles after you spend $3,000 in purchases on your new Card in your first 3 months. Offer ends 8/3/2022.
  • Earn up to 20,000 Medallion® Qualification Miles (MQMs) with Status Boost® per year. After you spend $25,000 in purchases on your Card in a calendar year, you can earn 10,000 MQMs up to two times per year, getting you closer to Medallion® Status. MQMs are used to determine Medallion® Status and are different than miles you earn toward flights.
  • Earn 3X Miles on Delta purchases and purchases made directly with hotels.
  • Earn 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets.
  • Earn 1X Miles on all other eligible purchases.
  • Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. Payment of the government imposed taxes and fees of no more than $80 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
  • Enjoy your first checked bag free on Delta flights.
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  • No Foreign Transaction Fees.
  • $250 Annual Fee.
  • Terms Apply.
  • See Rates & Fees
Regular APR
17.24%-26.24% Variable
Annual Fee
Balance Transfer Fee
Recommended Credit
Terms and restrictions apply. See rates & fees.

Editorial Disclaimer: Opinions expressed here are the 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.