Southwest announced a Rapid Rewards overhaul on October 15, 2026 that changes how the Companion Pass is earned from 2027; award prices still track cash fares.
Southwest Rapid Rewards points are worth about 1.35 cents each to us when you book Southwest flights. That number is unusually stable, because Southwest prices award seats from the cash fare: a flight costs roughly 70 to 77 points per dollar of fare, so 10,000 points buys about $135 of flights. NerdWallet's 2026 analysis puts the average at 1.4 cents. Pair your points with a Companion Pass and the effective value roughly doubles.
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Quick answer
- Our value: 1.35¢ per point on Southwest flights (NerdWallet: about 1.4¢)
- How it works: award price ≈ cash fare ÷ 1.3¢ to 1.4¢, plus $5.60 in taxes each way
- With a Companion Pass: your companion flies for taxes only, so value per point roughly doubles
- Worst uses: gift cards, hotels and merchandise, often 0.5¢ or less
- 2027 change: card welcome bonuses stop counting toward the Companion Pass for cards approved after December 2, 2026
Free tool: find the credit card that earns the most for how you spend, and track every statement credit at kritdeals.com/points-path, or in the free KritDeals app for iPhone and Android.
Every way to redeem, and what a point is worth
| Redemption | Cents per point | Notes |
|---|---|---|
 Southwest flights |
~1.3¢ to 1.4¢ | Tracks cash fares; higher fare types can price slightly differently |
| Flights with a Companion Pass | ~2.6¢ to 2.8¢ effective | Companion pays only taxes |
| Rental cars | ~0.5¢ to 0.85¢ | Compare with the rental company's own price |
| Hotels | ~0.5¢ or less | |
| Gift cards and merchandise | ~0.4¢ to 0.5¢ | A $50 gift card has cost about 9,400 points |
Southwest points to dollars: 10,000, 50,000 and 100,000
| Method | 10,000 pts | 50,000 pts | 100,000 pts |
|---|---|---|---|
| Gift cards (~0.45¢) | $45 | $225 | $450 |
| Hotels (~0.5¢) | $50 | $250 | $500 |
| Southwest flights (1.35¢) |
$135 | $675 | $1,350 |
| Flights with a Companion Pass (~2.7¢) | $270 | $1,350 | $2,700 |
A worked example from our Companion Pass guide: a $450 round trip costs about 25,000 points + $11.20. ($450 − $11.20) ÷ 25,000 × 100 = 1.75¢ per point. Add a companion for another $11.20 in taxes and you get $900 of travel for the same points: ($900 − $22.40) ÷ 25,000 × 100 = 3.51¢.
Why Southwest points are close to fixed value
Southwest has no award chart. Every seat for sale can be booked with points, and the points price moves with the cash fare. That means:
- Fare sales are point sales. When a fare drops, the points price drops too.
- Cancel and rebook for free. Points go back to your account, so you can rebook if the price falls.
- You can't find outsized sweet spots. A great redemption is about 1.5¢ to 1.75¢, not 5¢. The Companion Pass is the only way to get far above that.
The Companion Pass, and what changes in 2027
The Pass lets one person fly with you for taxes only. Today it takes 135,000 qualifying points in a calendar year or 100 qualifying one-way flights, and Southwest card welcome bonuses count.
From January 1, 2027, the Pass is tied to the new top status tier, which takes 140,000 tier qualifying points, and welcome bonuses no longer count. Cards approved on or before December 2, 2026 still get their bonus credited toward the current rules. A Pass earned by December 31, 2026 stays valid through the end of 2027. If you were planning to earn the Pass with card bonuses, the window is closing.
How to get the most from Southwest points
- Book during fare sales, then check again before you fly and rebook if the price drops.
- Use points only for flights. Everything else is worth less than half as much.
- Top up from Chase or Bilt if you need to. Both transfer 1:1 to Southwest. Marriott transfers at 3:1 with a 5,000-point bonus per 60,000, which is a poor rate. Transferred points do not count toward the Companion Pass.
- Keep in mind what you give up. A Chase point is worth 2.0¢ to us and a Southwest point 1.35¢. Transfer only for a specific flight.
Which cards earn Southwest points
Chase issues the Southwest cards. For business owners, the Southwest Rapid Rewards Performance Business Credit Card ($299) earns Rapid Rewards points directly. Chase Ultimate Rewards cards like the Chase Sapphire Preferred can also transfer to Southwest 1:1. See our Southwest cards guide for the personal cards.
FAQ
How much are Southwest points worth? About 1.35 cents each to us on Southwest flights. NerdWallet's 2026 average is about 1.4 cents.
How many Southwest points is a $100 flight? Roughly 7,000 to 7,700 points, plus $5.60 in taxes each way, depending on the fare type.
How much are 50,000 Southwest points worth? About $675 in flights. With a Companion Pass, the same points can cover about $1,350 of travel for two.
Do Southwest points expire? No. Rapid Rewards points don't expire.
Related guides
- Southwest Companion Pass guide
- Southwest Rapid Rewards cards
- How much are your points worth?
- Chase Sapphire Preferred guide
- Bilt Rewards guide
- Points beginner's guide
Southwest's points prices follow its cash fares and the 2027 rules may still be adjusted, so check southwest.com before you book or apply.
