Going forward, even more changes are on the horizon. On Thursday, Southwest shared a revamp to its Rapid Rewards Credit Cards. Those adjustments involve new perks that are effective immediately, but come with a cost. Each of the five credit cards will have a spike in annual fees .

Southwest's CEO said if the airline had baggage fees at the beginning of the year, they would have led to $1 billion in profit.

Southwest Airline's seating policy isn't the only thing that's changing; the airline and Chase announced updates to the Southwest Rapid Rewards credit cards — adding enhanced benefits like pre-flight seat selection and early boarding,