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Chase is offering a 25% bonus to cardholders who transfer Ultimate Rewards points to Southwest Rapid Rewards accounts until November 6, 2025, at 11:59 p.m. Eastern time. This promotion applies to those with eligible Chase credit cards that earn Ultimate Rewards points.
Points must be transferred in increments of 1,000. With the bonus, each increment will result in 1,250 Southwest Rapid Rewards points. According to The Points Guy’s October 2025 valuations, Southwest Rapid Rewards points are worth about 1.4 cents each and Chase Ultimate Rewards points are valued at roughly 2.05 cents apiece. With this bonus, the value per point increases to about 2.5 cents.
Southwest Airlines uses dynamic pricing for award tickets based on cash fares; higher ticket prices require more points for redemption. For frequent Southwest travelers or those holding a Companion Pass—which allows a companion to fly for only taxes and fees—this transfer bonus could provide additional value.
