By Justin Boyle

Chase is helping your travel dollar get even more mileage with its latest rewards partnership. The company's Ultimate Rewards plan, considered by many to be among the best credit card reward programs available today, has added the Southwest Airlines Rapid Rewards frequent flier program as its newest points transfer partner.

What the Chase-Southwest deal can mean for your points

The partnership between Chase and Southwest won't lead to another entry to the field of credit cards with miles promotions. Southwest joins the already extensive list of Ultimate Rewards partners, which includes major players in the travel and hospitality industry:

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• British Airways
• Hyatt Hotels and Resorts
• Amtrak
• Marriott
• Korean Air

The addition of Southwest Airlines as a Chase's Ultimate Rewards partner adds greater flexibility to the program. Southwest Rapid Rewards customers travelling for business in the western U.S. are likely to reap the most benefits from the new rewards alliance.

More details of the Chase-Southwest partnership

According to the press release issued by Chase, these partnership perks are available on select cards. Cardholders with Chase Sapphire Preferred, Ink Plus and Ink Bold will be able to take full advantage of the points partnership.

Here's how the arrangement works: points earned on your Ultimate Rewards account can be transferred into Southwest Rapid Rewards program at a one-to-one rate. You'll also have no limit to the number of points you can switch over, and the points you've moved will behave exactly like Rapid Rewards award miles once they're transferred.

What's more, Chase Ultimate Rewards won't hassle you with earnings caps, points expiration or airfare blackout dates, which only adds to the flexibility of the program. Travelers of all types stand to gain from effective use of these rewards cards, and the rewards alliance between Chase and Southwest Airlines brings even more options to an already flexible program.