Chase Ultimate Rewards to Southwest 30% Transfer Bonus: The Companion Pass Math That Makes This the Best Use of UR Points Before the Bonus Expires

Chase is running a 30% transfer bonus from Ultimate Rewards to Southwest Rapid Rewards through June 5, 2026. Transfer 100,000 UR points today and you’ll land 130,000 Southwest points. It’s the highest bonus they’ve ever offered to the program, and the window is closing fast.

Here’s the part that actually matters: this is one of the few times transferring to Southwest can make mathematical sense for high-end travelers who already fly it frequently. Southwest points have no partner airline value and typically cash out around 1.4 cents each on their own metal. With the bonus, your effective cost drops, and when paired with Companion Pass, the economics flip.

Companion Pass still requires 135,000 qualifying points in a calendar year (or 100 one-way flights). Transferred points from Chase — bonus or base — do not count toward that threshold. Only revenue flights, Chase Southwest credit card earnings, and certain partner base points qualify. So don’t fool yourself into thinking this transfer will magically push you over the line if you’re short.

The real play is the opposite: if you’re already on track for Companion Pass through card spend or flying, these bonus-inflated points become pure gravy. Your companion flies free (minus taxes) for the rest of the qualification year plus all of 2027. That effectively doubles the value of every point you redeem while the Pass is active.

The Numbers That Matter

Without Companion Pass, 130,000 Southwest points are worth roughly $1,800–$2,200 in domestic flights, depending on how ruthlessly you chase peak pricing. With the Pass, that same stash covers two tickets, pushing effective value north of 2.7 cents per point. It’s not Hyatt-level magic, but it beats the Chase Travel Portal’s 1.25–1.5 cents on most routes.

Compare that to your other UR options right now. World of Hyatt still delivers 2+ cents per point on aspirational properties with no transfer bonus available. United MileagePlus can hit similar or better on international business class, especially to Europe or Asia. Neither has an expiration date staring you down.

Southwest points, by contrast, are a use-it-or-lose-it currency for most people. No Star Alliance lounges, no lie-flat redemptions to Tokyo, no Park Hyatt Maldives. You’re buying open seating, free checked bags, and the occasional decent fare to Cabo or Vegas. If that matches your travel patterns, the 30% bonus changes the equation.

Let’s run the specific math the headline promised. To net 135,000 usable Southwest points via transfer (ignoring qualification for a moment), you’d normally need about 135,000 UR. With the 30% bonus, that drops to roughly 103,850 UR. That 23% reduction in UR cost is real — and meaningful when you’re deciding between transferring 100k now versus saving for a future Hyatt suite or United Polaris award.

The catch, of course, is that Southwest availability can be surprisingly good or comically bad depending on the route and date. The points don’t hold reservations while you decide. Transfer, book immediately, or watch your bonus evaporate when the promotion ends on June 5.

Most premium travelers I know treat Southwest as the efficient domestic workhorse, not the aspirational flagship. If you already have a Chase Southwest card or plan heavy flying this year, the Companion Pass multiplier turns this bonus into the highest-ROI move available in the UR ecosystem right now. Everyone else should probably leave the points where they are.

Bottom line: Run your specific 2026–2027 Southwest travel calendar tonight. If you see clear use for 100,000+ points with a companion, transfer before June 5 and lock in the redemptions. Otherwise, keep the UR for Hyatt, United, or Aeroplan where the ceiling is simply higher. Don’t transfer out of FOMO.

Action item: Log into your Chase Ultimate Rewards account today, calculate exactly how many points you need for your target trips (including the companion), and execute the transfer only if the math beats every alternative use of those UR points. The clock is real.