[Expired] There’s a New 30% Transfer Bonus From Chase to Southwest Airlines, but Is It a Good Deal?

It’s been several years since we’ve seen a transfer bonus from Chase Ultimate Rewards to Southwest Rapid Rewards. Now, there’s a 30% bonus offer available for the next few weeks.

While we always get excited about a new transfer bonus, you should pause before jumping on this one. The math on sending Chase points to Southwest doesn’t always work in your favor, and that remains true even with this 30% transfer bonus.

Let’s take a look at the bonus details and then check the math to better understand why you might want to skip this transfer bonus.

Chase Transfer Bonus to Southwest — The Details

Through June 5, 2026, at 11:59 p.m. ET, you can get a 30% transfer bonus when sending points from Chase Ultimate Rewards to Southwest Rapid Rewards.

Normally, points transfer at a 1:1 ratio, meaning you would send 1,000 Chase points to Southwest and get 1,000 points in your Rapid Rewards account. With the elevated bonus, you would turn 1,000 Chase points into 1,300 Southwest points.

This bonus is clearly listed on Chase’s points transfer page and doesn’t appear to be targeted. Everyone should be able to take advantage of this transfer bonus, and there’s no guesswork about the details since they’re clearly listed when you go to make a transfer in your Chase account.

Is This a Good Deal?

Using our monthly points valuation figures, we value Chase Ultimate Rewards points at 2 cents each and Southwest Rapid Rewards points at 1.3 cents each. Thus, on a normal day, 1,000 Chase points are worth $20, and you could transfer those to Southwest, where the points would be worth $13 — a net loss of 35% for your points’ value.

How does the math look with the 30% bonus? Better, but still not great.

Now, you could turn 1,000 Chase points (worth $20) into 1,300 Southwest points (worth $16.90). You’re still losing value.

Does this mean you should never send Chase points to Southwest? Not necessarily. It just means you should be judicious about it. Do you need just a few more points in your Southwest account for an upcoming redemption? Transferring in that context can make sense. And the 30% transfer bonus will make it even better.

Final Thoughts

While it’s always a good thing to see a transfer bonus, this 30% bonus from Chase to Southwest likely doesn’t make sense, unless you simply need to top up your account ahead of a redemption you’d like to make. If you want to take advantage, make sure to do so before it expires on June 5.