(EXPIRED) 20% Transfer Bonus: Chase Ultimate Rewards to Southwest (Ends 10/31/20)

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OK, so it’s not a Hyatt transfer bonus that we might all be hoping for, but Chase has launched an interesting new transfer bonus today, offering an additional 20% when transferring Ultimate Rewards to Southwest.

Chase Ultimate Rewards Southwest Transfer Bonus

The Deal

  • Get a 20% bonus when transferring Chase Ultimate Rewards points to Southwest.
  • Direct link to offer.

Key Terms

  • Expires October 31, 2020 at 11:59pm ET.
  • Bonus Rapid Rewards points (“Bonus points”) offer is valid for point transfers to your Southwest Airlines Rapid Rewards account (“Rapid Rewards”) from your Chase Ultimate Rewards account (“Ultimate Rewards”) completed between 12:00 a.m. ET on October 1, 2020 and 11:59 p.m. ET on October 31, 2020 (“Promotional Period”).
  • Minimum transfer is 1,000 Ultimate Rewards points. Bonus points will be awarded by Southwest Airlines in your Rapid Rewards account when your transfer is complete.
  • For the Bonus points offer, you will receive 20% Bonus points for each Ultimate Rewards point transferred during the Promotional Period. For example, if you transfer 1,000 Ultimate Rewards points, you will receive a total of 1,200 Rapid Rewards points.
  • You must be enrolled in Rapid Rewards with both your membership in good standing and your Ultimate Rewards credit card account open, and not in default in order to participate in this offer. Visit Southwest.com to enroll in Rapid Rewards.
  • Once you have transferred Ultimate Rewards points, they become subject to the Rapid Rewards Rules and Regulations and cannot be transferred back to your Chase Ultimate Rewards account.
  • Taxes, government imposed fees, and all applicable charges apply on Southwest Airlines reward flights and upgrades.
  • Individual airline carrier restrictions may apply.
  • All Rapid Rewards Program rules and regulations apply and can be found at Southwest.com/rrterms.
  • Reward flights are subject to availability.
  • Chase is not responsible for availability of flights or any other rewards in the Rapid Rewards program.

Quick Thoughts

I don’t remember ever seeing a transfer bonus from Ultimate Rewards to Southwest, so I guess we can still hold out hope that we might see one to Hyatt in the future.

Southwest points are tied to the cost of flights, so it’s not possible to get outsized value for award flights. However, this transfer bonus means you should be getting about 1.7-1.8cpp of value when transferring Ultimate Rewards to your Rapid Rewards account. As a result, it’s now more likely that you’ll get better value by transferring Ultimate Rewards to Southwest rather than booking through the Chase travel portal for 1.5cpp of value if you have a Chase Sapphire Reserve card.

As always, we’d caution against transferring points speculatively, especially seeing as the government’s support for airlines is due to expire overnight. The great thing is that Chase has stated that this transfer bonus will last all month, so there’s plenty of time to take advantage of it in the coming weeks.

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