Chase Launches 25% Transfer Bonus to Southwest Rapid Rewards — Should You Jump In?

Good news for points enthusiasts: Chase has launched a 25% bonus on transfers from Ultimate Rewards to Southwest Rapid Rewards — the first time in about five years such a bonus has appeared. If you’re a frequent Southwest flyer or own one of the key Chase cards that earn Ultimate Rewards, this could be a timely opportunity. But as always, the value depends on how you use it.

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🧮 What’s the Deal

• Between October 23 and November 6, 2025, Chase is offering a 25% bonus when transferring points to Southwest Rapid Rewards.
• Normally the transfer rate is 1:1, but during this promotion it becomes 1,000 Ultimate Rewards points → 1,250 Southwest points.
• Transfers typically post instantly, meaning you can act quickly once you see the opportunity.
• This is the first such offer in ~5 years, making it rare and noteworthy.

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✈️ Why It’s Interesting

• Increase in value: With the bonus, your cost per Southwest Rapid Rewards point drops, which can improve your effective “cents per point” value when redeeming for flights.
• Broad opportunity: If you already have Ultimate Rewards points (via cards like Chase Sapphire or Ink), this could be a natural way to convert them.
• SW loyalists: For frequent Southwest flyers — especially those with Companion Pass or planning many flights — boosting your balance with a bonus is helpful.
• Uncommon promotion: Transfer bonuses to Southwest are rare, so acting while it’s live unlocks a limited-time window.

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📉 Some Things to Be Cautious About

• Southwest uses a revenue-based program: Nearby flights, peak travel days, or just plain fare hikes might reduce your “value per point.” Historically, you might get around 1.1¢-1.4¢ per point in many cases.
• Not a slam-dunk: Even with the bonus, the value isn’t guaranteed to hit high marks unless you redeem thoughtfully.
• Timing & need: If you’re not already planning Southwest flights or don’t have a Companion Pass, you may not extract full value.
• Other options: You might have better value opportunities with Ultimate Rewards if you transfer to airline or hotel partners such as Hyatt instead.

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🧭 Is It a Good Move For You?

Here’s a quick decision checklist:

• ✅ You hold significant Ultimate Rewards points and were going to transfer them anyway.
• ✅ You fly Southwest often (or plan to), and the bonus enhances your balance.
• ✅ You want to act now, rather than wait for a better bonus.
• ❌ If you rarely fly Southwest or you could get more value with another partner — you might pass or hold for another opportunity.

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✅ Final Thoughts

A 25% transfer bonus to Southwest Rapid Rewards is a solid opportunity, especially for those who already fly Southwest or hold Ultimate Rewards points. It may not deliver “premium airline” value, but for many travelers it can be a smart way to convert points while boosting your redemption potential.