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 Airlines hiked annual fees on its credit cards, but also announced a host of new benefits and other changes.