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. Personally I think the 20% transfer bonus to Air Canada Aeroplan is more compelling.
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Chase offering 80% bonus on IHG transfers
Between Monday, July 1, 2024, and Wednesday, July 31, 2024, you can receive an 80% bonus when you transfer Chase Ultimate Rewards points to IHG One Rewards.
Points ordinarily transfer at a 1,000:1,000 ratio, so with this offer, points transfer at a 1,000:1,800 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 context, we typically see a transfer bonus from Chase to IHG once or twice per year, and so far the bonuses have been in the range of 50% to 70%. So this is the most lucrative transfer bonus that we’ve seen to IHG so far. However, that’s not to say that you should take advantage of it.
Why this promotion isn’t worth it
An 80% 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 1.8 IHG One Rewards points per Ultimate Rewards point, you’re still only getting ~0.9 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 ~0.9 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 an 80% 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?
There is only one situation where I can see that it makes sense. You have expiring miles and you want to keep the account active. This offer is better than a 1:1 transfer.