Passengers board a Southwest Airlines jet in Burbank, Calif. (AP Photo/Paul Sakuma)

Southwest Airlines is preparing a $100 million reboot of its Rapid Rewards frequent-flier program that executives describe as the biggest product launch in the carrier’s 40-year history.

Effective March 1, the low-cost carrier plans to unveil a more complicated point system to replace its current program of awarding a free trip to passengers who log 16 flights over a 24-month stretch.

It is unprecedented and risky for a major airline to completely remake its loyalty program from scratch, analysts said. Get the full story »