Chase Ultimate Rewards has just launched a new transfer bonus to IHG One Rewards, though it’s not an offer I’d recommend taking advantage of.
In this post:
Chase offering 60% bonus on IHG transfers
Chase is offering a 60% bonus when you transfer Ultimate Rewards points to IHG One Rewards. This bonus is valid through Friday, March 1, 2024.
Points ordinarily transfer at a 1,000:1,000 ratio, so with this offer, points transfer at a 1,000:1,600 ratio. You can take advantage of this an unlimited number of times. Transfers from Chase Ultimate Rewards to IHG One Rewards are typically instant.
For what it’s worth, we last saw a transfer bonus from Chase to IHG in the summer of 2023, and at the time the offer was for a 70% bonus. Prior to that, we saw a transfer bonus in the summer of 2022, and that was for a 50% bonus. So this new 60% bonus is right in the middle of those two offers.
Why this promotion isn’t worth it
A 60% transfer bonus sounds like it could be valuable, though this isn’t a good deal. It’s not often I make an absolute recommendation, since usually I’d say “it depends on your situation.” However, this is a case where I’ll say that just about no one should take advantage of this promotion.
Why? I value IHG One Rewards points at ~0.5 cents each, while I value Chase Ultimate Rewards points at ~1.7 cents each. Even when you’re getting 1.6 IHG One Rewards points per Ultimate Rewards point, you’re still only getting ~0.8 cents of value per Ultimate Rewards point.
At a minimum, you can redeem Ultimate Rewards points for 1.25-1.5 cents each toward a travel purchase through the Chase Travel Portal.
Even if you value IHG One Rewards points more than I do, the reality is that IHG frequently sells points for ~0.5 cents each, so I would instead buy points at that rate. It would be silly to redeem Ultimate Rewards points when you’re only getting ~0.8 cents of value vs. paying cash.
The best credit card for earning IHG points
If you’re looking to earn IHG One Rewards points, I’d highly recommend applying for the IHG One Rewards Premier Credit Card (review) and IHG One Rewards Premier Business Credit Card (review). Both cards have great welcome bonuses and offer lots of great perks that make the cards worth holding onto, like an anniversary free night award, a fourth night free on award redemptions, and more.
Bottom line
Chase Ultimate Rewards is offering a new transfer bonus, as you can get a 60% bonus when you transfer points to IHG One Rewards. While I’m always happy to see a transfer bonus, I’m afraid that this simply isn’t worth it under virtually all circumstances.
Transfers to all of Chase’s partners are typically at a 1:1 ratio. While the simplicity of that is nice, the reality is that points have significantly different values, and this creates a few partners that I would never recommend transferring Chase points to.
Anyone have a different take, and see a reason to transfer Chase points to IHG?
I’m deciding between two all inclusive resorts in Cancun – The Iberostar Grand Paraíso and the Hyatt Dreams Jade Resort. I have 89k Chase Points available right now.
I can stay at the Dreams resort for 4 nights for right at 89k points. I can stay at the Iberostar resort for 4 nights for 140k points. With the 60% bonus transfer, I’d have 142k IGH Rewards Points to spend on what I perceive to be...
I’m deciding between two all inclusive resorts in Cancun – The Iberostar Grand Paraíso and the Hyatt Dreams Jade Resort. I have 89k Chase Points available right now.
I can stay at the Dreams resort for 4 nights for right at 89k points. I can stay at the Iberostar resort for 4 nights for 140k points. With the 60% bonus transfer, I’d have 142k IGH Rewards Points to spend on what I perceive to be a nicer property.
Am I missing something here? Totally get that the IGH Rewards Points aren’t worth as much on a point-by-point basis as they are with Hyatt, but with this transfer bonus and what I’m trying to do, it seems to make more sense.
You could buy the 140,000 points for $750.
The 89k Chase points could be used for over a thousand on the Chase Travel Portal.
It would be better to use your 89k points for other expenses and spend $750 to buy the points.
If you have no other use for the Chase points or if spending the $ would be a problem it might make sense to convert Chase points to IHG. Otherwise buying the IHG points and using the 89K Chase points for other travel would be the better option.
DON'T DO IT. I was deceived by this with Iberostar as well. It's 140,000 PER NIGHT. Chase refused to reverse the points transfer as well, despite me calling back minutes after i did it.