Southwest Rapid Rewards points are worth about 1.5 cents each. Southwest Rapid Rewards points are worth more than United Airlines and Alaska Airlines miles. Since there is no award chart, the value of Rapid Rewards points is pegged to a specific cash amount.

In 2026, Southwest Rapid Rewards points remain highly valuable due to their transparent "fixed-value" nature, typically worth between 1.3 and 1.5 cents per point. Unlike many other airlines that use complex "award charts" where seat availability is limited, Southwest ties the point cost of a flight directly to its current cash price. If a seat is available for purchase with cash, it is available for purchase with points. For example, a $150 flight would roughly cost 10,000 to 11,500 points. This predictable math makes it easy for travelers to know exactly what their balance is worth. Additionally, since Southwest allows two free checked bags and has no change or cancellation fees (even on points bookings), the "hidden value" of these points is even higher than the raw math suggests. For those aiming for the Companion Pass, which allows a friend to fly for free for up to two years, Southwest points are arguably the most valuable domestic airline currency in the industry, as they provide a level of flexibility and straightforwardness that "dynamic pricing" models on other carriers often lack.