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Terms from the credit card website as of 1/5/08:

You will qualify and receive 16 bonus credits after your first purchase/first use of the card. First purchase/first use includes purchases, balance transfers, or any checks that are used to access your account, and excludes cash advances. One bonus credit will also be credited to your Rapid Rewards account for each $1,200 in balance transfers within the first 90 days from account opening, up to a maximum of 8 credits (or $9,600). Balance transfers are subject to a fee of 3% of the amount transferred with a minimum of $5.00. Southwest Airlines will issue a free roundtrip flight for every 16 Rapid Rewards credits accumulated during any consecutive 24-month period. Please allow 6 to 8 weeks for bonus credits to post to your Rapid Rewards account. This bonus offer is valid only for first-time Southwest Airlines Business Card cardmembers with new accounts. Existing Southwest Airlines Business Card cardmembers/accounts are not eligible for this bonus offer.