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You are right, Southwest Rapid Rewards Priority card comes 40,000 points after you spend $1,000 on purchases in the first 3 months your account is open. These points can be redeemed for flights, gift cards and merchandise. You should mention that the value of points varies. What is more, if you want to redeem points for a reward flight, the number of points also depends on the fare, destination, time and other factors. Fees and taxes may apply to your award ticket.
You may also consider travel rewards credit cards that have more flexible redemption options and you will know how many miles or points are needed for an award flight.