Use Ultimate Rewards Points for Southwest Flights, AND Work Toward Status But as with all award flights booked with airline points or miles, I won't earn any credit toward elite status. In fact, I regularly get some of my points refunded by rebooking my flights when Southwest has one of its frequent sales. When I used up these points, I would simply transfer some of my Ultimate Rewards points to Rapid Rewards points, which are generally worth 1.4 to 1.6 cents each toward any available ticket in the lowest fare class, called 'Wanna Get Away.' These transfers offer me a decent, although not exceptional, value, while ensuring that all of my bookings are fully changeable and refundable, with no fees. In the past, I've earned Southwest points, and the Companion Pass, through the Rapid Rewards credit cards offered by Chase and their generous sign-up bonuses. Southwest Rapid Rewards is one of nine airline transfer partners in the Chase Ultimate Rewards program, and it doesn't participate in any of the other major flexible rewards transfer programs. The Easy Option for Using Chase Points to Book Southwest Flights And as I'll show you, the net cost in points will be even lower than my previous way of booking award travel. But this year, I've found a way to earn elite status with Southwest, without ever paying for my tickets with cash. In the past, I've resigned myself to traveling without elite status, and even celebrated my non-status. I travel several times a month, and I always use my points or miles, never cash.

Update: Some offers mentioned below are no longer available.

Using rapid rewards points for hotels