Chase has launched a new transfer bonus today, and it’s one that we don’t often see. Until June 5th, you can receive an additional 30% when transferring Ultimate Rewards to Southwest Rapid Rewards.
The Deal
- Receive a 30% bonus when transferring Chase Ultimate Rewards points to Southwest Rapid Rewards.
- Expires 6/6/26
Key Terms
- Expires June 6, 2026, 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 May 15, 2026 and 11:59 PM ET on June 5, 2026 (“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 30% bonus offer, you will receive 30% 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 1,300 Rapid Rewards points (1,000 from the transfer, plus 300 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
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 observed redemption values ranging from 1.1 to 1.9 cents per point.
This transfer bonus means that you could count on getting ~1.7 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 certainly 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 decent opportunity given the 30% bonus combined with the relative infrequency of Southwest transfer bonuses.
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The real benefit of using points for SW and the one you aren’t valuing enough is the full refundability, even for basic economy, vs. the cash refundability that expires in 6 or 12 months after purchase. Other US carriers are also refundable with points but often a good points redemption isn’t available whereas it always is with Southwest. You won’t get outsized value biz redemptions but you do get great flexibility.
for somebody who uses SW often and now that Chase killed the UR point redemption bonus for car rentals, this sounds like a really good deal.