Starting April 1st 2500 Diners Club points will yield only 1500 Priority Club points, down from the current 2000. It will also take 3000 Diners Club points for 1 Southwest Rapid Rewards credit, up from 2000.
Club Rewards members have until March 31 to redeem at the current rates.
Meanwhile, transfers of Club Rewards points between May 1 and August 31 will receive a 50% transfer bonus just like last year. This is something of a disappointment because previous years had seen a 100% summer bonus.
Between March 1 and May 31, transfers to USAirways earn a 25% bonus. (Registration required.)