Chase is running a transfer bonus that adds 30% more points when cardholders move Ultimate Rewards points to Southwest Rapid Rewards. Two outlets report that this is only the second such bonus seen in more than five years between the programs, with the previous offer occurring years earlier. While the bonus can improve the effective value of transferring Ultimate Rewards points to Southwest, both sources note that the worth of Rapid Rewards points has likely declined due to prior changes in how Southwest prices redemptions. One outlet characterizes the promotion as largely restoring value that Rapid Rewards lost after a devaluation, implying that the 30% boost does not necessarily create new high-value conditions on its own. The other outlet similarly frames the offer as potentially attractive “on the surface,” while pointing out that Rapid Rewards point value has probably fallen compared with earlier periods. Overall, the reporting focuses on the size of the bonus, how infrequently Chase has offered it, and the relationship between the promotion and prior shifts in Rapid Rewards redemption value.