Chase Ultimate Rewards has just launched a transfer bonus, which is only the second-ever transfer bonus ever offered by the program (the first bonus was to British Airways Executive Club back in mid-2019).
Seeing another transfer bonus from Chase is exciting on the surface — of the four major transferable points currencies, Ultimate Rewards is the only program that hasn’t historically offered many transfer bonuses. Unfortunately this particular bonus isn’t particularly valuable, if you ask me.
Chase offering 60% bonus on IHG transfers
Chase is offering a 60% bonus when you transfer Ultimate Rewards points to IHG Rewards Club. This bonus is valid through Monday, August 31, 2020.
The bonus isn’t hard-coded into the transfer ratio, meaning that when you transfer Ultimate Rewards points you won’t see the bonus on the transfer page. While the standard IHG Rewards Club points will post to your account immediately, the 60% bonus will show up within two business days.
Chase is offering a 60% bonus on points transfers to IHG
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 Rewards Club 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 Rewards Club 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 towards a travel purchase (and right now even at that rate towards groceries and dining, with Chase’s “Pay Yourself Back” feature).
Even if you value IHG Rewards Club points more than I do, the reality is that IHG frequently sells points for ~0.5 cents each, and through August 14 you can 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 only real consideration here is that historically Chase transfers to IHG have counted towards elite status. However:
- You can get IHG Rewards Club Platinum status with the IHG Premier Card
- There aren’t many incremental perks to IHG Rewards Club Spire status
I can’t imagine many circumstances where it would make sense to transfer valuable Ultimate Rewards points in order to earn IHG status.
Ultimate Rewards points are too valuable to transfer to IHG
The best credit card for earning IHG points
If you’re looking to earn IHG Rewards Club points, I’d highly recommend applying for the IHG® Rewards Club Premier Credit Card (review). The card is offering a welcome bonus of 125K points, and offers lots of great perks that make it worth holding onto long term, including an anniversary free night certificate, a fourth night free on award redemptions, and more.
The IHG Premier Card offers an anniversary free night certificate
Chase Ultimate Rewards is offering its second-ever transfer bonus, as you can get a 60% bonus when you transfer points to IHG Rewards Club. While I’m happy to see the trend of transfer bonuses continue, 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?