Get a 25% transfer bonus when you transfer Chase Ultimate Rewards to Southwest Rapid Rewards.

Get 25% bonus Southwest Rapid Rewards points when you transfer Ultimate Rewards points between 12:00 AM ET on October 23, 2025 and 11:59 PM ET on November 6, 2025. Bonus points will be awarded by Southwest in your Rapid Rewards account after your transfer is complete.

This is notable, but only because I am quite sure this is the first ever transfer bonus from Chase to Southwest. It’s also interesting that the bonus will be awarded on the Southwest side, so clearly Southwest is trying to drum up some incremental revenue in the wake of all the changes there recently which have changed the value proposition for Southwest rather significantly.

As to “should you transfer?” the answer is “unlikely.” If you need to top off your Rapid Rewards balance then, with Chase and Bilt as the only transfer partner, it could make sense in small amounts.

Otherwise keep in mind that Rapid Rewards prices dynamically and without a very strong redemption rate per point (the low 1 cents) so you won’t want to exchange Ultimate Rewards for Rapid Rewards unless you have done the math and see an outsized redemption vs. buying via Chase Travel or even cash.