As of September 2019, Southwest Rapid Rewards points are worth approximately $0.015 USD each. This means 1,000 Rapid Rewards points are worth about $15.00 USD, and 50,000 Rapid Rewards points are worth about $750.00 USD.

This also makes Rapid Rewards points roughly equal in value to Alaska or American miles, and more valuable than Delta, JetBlue, or United miles.

Flyers earn six points for each dollar spent on “Wanna Get Airway” airfare with Southwest (and 10 to 12 points per dollar spent on more expensive fare classes), before any elite status bonuses.

This means you get an effective rebate of 9% — in the form of Rapid Rewards points — on spending with Southwest, even with no elite status.

Those with the highest elite status level, A-List Preferred, get a 100% points bonus, meaning they earn an effective rebate of 18.0% on spending with Southwest.

As a result, Southwest Rapid Rewards offers the highest rebate percentage of any major domestic airline's frequent flyer program in the United States on both regular airfare and for top-tier elite status.

The co-branded Chase Southwest Plus Credit Card, Chase Southwest Premier Credit Card, and Chase Southwest Priority Credit Card all earn two Rapid Rewards points per dollar spent with Southwest and their hotel and car rental partners. Each card also earns one point per dollar spent elsewhere.

This works out to an effective rebate of 3.0% on Southwest-related spending and 1.5% on all other purchases.

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