Update – Ignore our speculation. Thanks to FindAWay and William for pointing out we were using the wrong base fare – 70 points per dollar is still the lowest ratio available.

Earlier this month, Southwest completely changed the way it values your points. Instead of every Wanna Get Away fare being for sale at the fixed exchange rate of 70 points for a dollar of airfare, it decided to let that exchange rate vary. Some flights it could be higher (more expensive), others would stay at the usual 70 point per dollar rate.

When we analyzed prices and ratios just after the change, it was generally bad news. Many flights went up in price to 75 or 80 points needed per dollar of airfare, while the rest stayed at the 70 point per dollar rate.

But there is some good news to report….

Southwest just announced a nationwide fare sale that’s open until May 7th, and we were surprised to see the marketing explicitly mention how low the fares are IN POINTS, and not just the cash prices.

Which got us to double checking the point exchange rates being offered.

And looking at the prices, it appears Southwest now offers some flights at a BETTER point exchange rate of 65 points per dollar.

So the lesson is..save your Southwest points for flights that are on sale.

Southwest wants you to use points during times when it’s having a harder time filling planes, so it’s willing to give a better price in cash, and its variable pricing sometimes gives you a better deal in value for your points on cheaper flights, by stretching them further.

You can see destinations that are on sale here. Not all sale priced flights offer the good 65 point per dollar rate, but many do. And some that aren’t on sale do as well.

In some ways, this is like the way JetBlue handles its mileage program, with less expensive flights generally available at a more favorable point exchange rate.