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.

Over the past year, Southwest Airlines has made major changes to its business model, from ending open seating to adding checked bag fees and revamping aspects of its Rapid Rewards loyalty program.Up next?