Chase has launched a new transfer bonus today, and it’s one that we don’t often see. Until November 6th, you can receive an additional 25% when transferring Ultimate Rewards to Southwest Rapid Rewards.
The Deal
- Receive a 25% bonus when transferring Chase Ultimate Rewards points to Southwest Rapid Rewards.
- Expires 11/6/25
Key Terms
- Expires November 6, 2025, at 11:59 pm 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”) submitted between 12:00 AM ET on October 23, 2025 and 11:59 PM ET on November 6, 2025 (“Promotional Period”).
- Minimum transfer is 1,000 Ultimate Rewards points. Bonus Rapid Rewards points will be awarded by Southwest Airlines in your Rapid Rewards account up to 7 days after the points transfer is completed. Bonus points will not count towards Companion Pass® or tier qualification.
- For this 25% bonus offer, you will receive 25% additional Southwest Rapid Rewards points for each Ultimate Rewards point transferred during the Promotional Period listed above. For example, if you transfer 1,000 Ultimate Rewards points, you will receive a total of 1,250 Rapid Rewards points (1,000 from the transfer, plus 250 for the Bonus Rapid Rewards offer).
- 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 the availability of flights or any other rewards in the Rapid Rewards program.
Quick Thoughts
The last transfer bonus from Chase to Rapid Rewards was in 2020, when air travel was still feeling the full effects of the pandemic. So, it’s been a while.
Southwest points are dynamically tied to both the demand for and cost of flights, so it’s not possible to get incredibly outsized value for award flights. Nick found that the median value of Rapid Rewards Points was ~1.3 cents each, but he also saw redemption values that ranged from 1.1-1.9 cents per point.
This transfer bonus means that you could count on getting ~1.6 cents per point of value when transferring Ultimate Rewards to your Rapid Rewards account, with the possibility of even better (or worse) on some routes. That’s just above our Reasonable Redemption Value for Chase Points of 1.5 cents each.
We normally caution against transferring points speculatively, and there are other opportunities to get better returns from your Ultimate Rewards. That said, for folks who burn through a lot of Southwest Points, this could be a unique opportunity given the rarity of transfer bonuses to Southwest.
Want to learn more about miles and points? Subscribe to email updates or check out our podcast on your favorite podcast platform.
SWA points are worth more now because paying w points gets you free cancellation with refunds back in unexpiring points. Cash fares now refund to travel credits valid only for 6 or 12 months (unless you buy one of the two most expensive fare classes). Refundability is worth a lot which is why I will take advantage of this offer to ensure I have points to use for SW.
100% agree – the comparison really should be Basic points vs. Choice cash (especially if you have a Southwest credit card with priority boarding)
It’s fine if you need to ‘top off’ for a redemption, but, these days, I would use the remaining 1.5cpp via the CSR for UR, or transfers to Hyatt (and ‘top off’ at UA, if needed). Otherwise, 20% bonus to WN is not gonna ‘save the day’ for most of us.