"Southwest says that starting on January 1, 2024, the number of Rapid Rewards points required per dollar of base fare will increase by approximately 4%. This change will not affect flights booked before that date, even if travel takes place next year.
So with this 4% increase, that same $140 flight that we took as an example above, will cost 10,400 Rapid Rewards points starting next year. That’s not a huge devaluation, but it is a devaluation nonetheless. That brings the value of Rapid Rewards points to about 1.35 cent each."
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