Southwest Airlines ditches free checked bags this week. Here's how much they'll cost

One of the most popular perks of flying Southwest Airlines (LUV+1.96%) is scheduled to end on Wednesday with the previously announced implementation of a fee for checked bags — and now we know how much it will cost.

The Wall Street Journal reported that an internal memo sent to employees outlined the new pricing structure. Reportedly, nearly all passengers flying on Southwest will need to pay $35 for one checked bag and $45 for a second beginning this week.

That effectively ends the decades-long policy of two free checked bags on Southwest Airlines. Most other airlines got rid of free checked bags years ago.

The bag policy is one of several the beleaguered airline is implementing to try to turn around sliding profits. The airline will also roll out a new “basic” fare starting Wednesday — a low-cost, no-frills offering that will replace the airline’s current cheapest “Wanna Get Away” option.

You’ll pay for your basic ticket, though, in other ways, like being the last group to board the plane and having no advanced seat assignments once that option becomes available later this year.

In a statement earlier this year announcing “changes to drive revenue growth and reward its most loyal customers,” Southwest said it will only offer two free checked bags to Rapid Rewards A-List Preferred Members and customers traveling on Business Select. A-List members, Rapid Rewards credit card holders, and select other customers will be offered one free checked bag. Southwest, which recently announced a hiring freeze after a series of layoffs, said all other customers will have to pay to check bags.

Henry Harteveldt, an airline industry analyst at Atmosphere Research Group, had harsh words for the policy changes. “This is how you destroy a brand. This is how you destroy customer preference. This is how you destroy loyalty. And this, I think, is going to send Southwest into a financial tailspin,” he told CBS News. “Southwest, with these changes, becomes just another airline.”

Southwest’s customers and industry analysts may be grumbling about the changes, but shareholders appeared to be cheering the moves, which could add to the company’s bottom line. Shares were up close to 1% in pre-market trading Tuesday morning.

—Ben Kesslen contributed to this article.