No, you won't lose your Southwest Rapid Rewards points if you cancel the co-branded credit card, because the points live in your separate Rapid Rewards loyalty account (not the card), but always redeem or transfer any pending points first, as points in your main loyalty account can be forfeited if the entire RR account closes, and you'll miss out on card benefits like free bags. The points are linked to your RR number, so they transfer when earned, but you need to be mindful of your overall account status, not just the card.
You'll typically forfeit unused rewards when closing a credit card account. You can preserve your rewards value by transferring or redeeming points before closing an account. Co-branded card rewards usually stay with the participating loyalty program, but watch for expiration dates.
If you cancel a Chase card, you'll lose your Ultimate Rewards points unless you transfer them to another open Chase account (like a Freedom card or another Sapphire card) or a partner airline/hotel before closing the account; otherwise, the points are forfeited, though you can often downgrade the card to a no-annual-fee version to keep them.
Consider Account Age – If it's your oldest account, closing it may shorten your credit history, which can affect your score. Redeem Rewards or Points – Use any cashback, points, or miles before closing the card to avoid forfeiting them.
The 2/3/4 rule is a guideline, primarily used by Bank of America, that limits how many new credit cards you can get: no more than 2 in 30 days, 3 in 12 months, and 4 in 24 months, helping to prevent over-application and manage hard inquiries on your credit report. While not universal, it's a useful benchmark for responsible card application, though other banks have different rules (like Chase's 5/24 rule).
Points do not expire. Should a Member close their account, the points in the account will be forfeited. All account activity and accounts in the Rapid Rewards program are subject to review and adjustment by Southwest at any time and without notice to the Member to ensure compliance with applicable rules.
Canceling a card will mean you have less credit available. Any outstanding balances are then taking up more of your available credit than before, which could negatively affect your credit score. You ideally want your credit utilization ratio to be 30 percent or lower.
Most card issuers require a cardholder to keep an account in good standing in order to use and keep rewards. Policies vary, but most issuers take away your points only if your account becomes seriously delinquent. If that happens, getting your rewards back could cost you.
A Southwest® flight credit from a previous reservation that is applied toward a Choice Preferred fare will be refunded as a Transferable Flight Credit™. For travel booked with Rapid Rewards® points, if canceled, points will be returned to the Rapid Rewards account holder who booked the ticket.
22 WAYS TO KEEP YOUR SOUTHWEST RAPID REWARDS MILES FROM EXPIRING
The best way to use credit card points is often for travel, especially for high-value redemptions like international business/first-class flights or hotel stays, often by transferring points to airline/hotel partners for better value than booking through the card's portal, but for simplicity, statement credits or gift cards are great, and cash back offers flexibility. For maximum value, focus on flexible points programs (like Chase Ultimate Rewards or Amex Membership Rewards) and transfer them to partners, but for everyday use, booking through the portal or getting cash back is convenient, say experts from NerdWallet and The Points Guy.
With a 700 credit score (considered "Good"), you're well-positioned to get approved for most major loans like mortgages, auto loans, and personal loans with more competitive interest rates and terms than someone with a lower score, plus you'll qualify for better rewards credit cards and may even see lower insurance premiums. You can access a wide range of financial products, but to get the best rates, scores above 740-760 are often needed.
You typically lose any unredeemed points or miles if you cancel a credit card that earns flexible rewards, although some programs will give you a grace period. Here are the stated policies from some of the major card companies.
Benefits. Added perks and benefits are a huge reason to open a co-branded airline credit card. With a Southwest Rapid Rewards card, you'll get some great benefits like free checked bags, in-flight discounts, annual bonus points, upgraded boarding, early check-in, and more.
Southwest Airlines' "10-minute rule" refers to the strict policy requiring passengers to cancel or change their reservation at least 10 minutes before the original scheduled departure time to avoid forfeiting their fare, with the rule also applying to boarding—you must be at the gate and ready at least 10 minutes prior, or your seat can be given away, ensuring quick flight turnarounds. This policy is crucial for managing late passengers and keeping flights on schedule, with failure to meet the deadline potentially resulting in lost funds for non-refundable tickets or losing the seat for boarding.
What Is the 15/3 Rule?