1 active one-way Award Certificate and its EXPIRATION DATE...
7. If you don't want to create a Standard Award and you have credits which will expire worthlessly, you should move all your credits to AirTran and leave them there. Some time after November 1 those credits will come back to Southwest as points, at 1200 points per credit. Your points will be good for two years from the last earning date in the Southwest program, not including points purchases. This is the first and presumably last opportunity to convert credits to points. I still recommend transferring 0.25 credit to Southwest before November 1 even though the result will be a shorter-term option to create a Standard Award. It's only $5.
8. If you have existing Standard Awards you can extend their expiration by transferring them to AirTran and back. This only works with an even number of one-way awards. Any odd number of one-way awards will leave you with 8 credits rather than a one-way award.
Mostly 7 (but a bit of 8) is worded at rewardsfurther.com as "Active one-way Award Certificates can be transferred for 8 A+ Rewards Credits. The expiration date of newly created A+ Rewards Credits will remain the same as the original expiration date on the Award/Certificate."
nsx's detail is, "Some time after November 1 those credits will come back to Southwest as points, at 1200 points per credit." I think this is a good prediction, but likely unofficial (of course).
I have 1 active one-way Award Certificate with September 2015 expiration. Dunno if or when I'll be going anywhere. I think I'll convert it to 8 AirTran credits and wait for November 1, but I suppose the risk is that they decide to transfer them back as credits (with that same September 2015 expiration). If that were to happen, it seems I'd by slapping an unnecessarily early expiration date on the remaining "points" needed to convert it to the 2 one-way certificates (cuz you can't just convert to a one-way).
I'm getting a headache LOL. Hmmm...