Chase Ultimate Rewards has just launched a new transfer bonus to IHG One Rewards. The bonus is for 80%, which on the surface sounds huge. However, even with such a big bonus, I’d still argue this almost certainly isn’t worth it…
Chase offering 80% bonus on IHG points transfers
Chase Ultimate Rewards is offering a bonus when you transfer points to IHG One Rewards. Between 12AM ET on November 1, 2026, and 11:59PM ET on December 3, 2026, members can receive an 80% bonus when moving points.
Points ordinarily transfer at a 1,000:1,000 ratio, so with this 80% bonus 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 two or three times per year, and so far the bonuses have been in the range of 50% to 100%. So this 80% bonus is roughly average as far as these bonuses go, and isn’t quite as good as the 100% bonus we saw earlier this year.
Why this promotion probably isn’t worth it
An 80% transfer bonus sounds like it could be valuable, since that’s a big percentage bonus. That being said, I still wouldn’t consider this to be a good deal under a vast majority of circumstances.
Why? Based on my latest miles & points valuations, I consider IHG One Rewards points to be worth 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 under one cent of value per Ultimate Rewards point.
I certainly hope that most people are able to redeem their Chase Ultimate Rewards points for well over a penny each, since that’s a really low cash out value.
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 one cent of value vs. paying cash.
Bottom line
Chase Ultimate Rewards is offering a new transfer bonus, as you can get an 80% bonus when you move 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 a vast majority of circumstances.
Transfers to most of Chase’s partners are generally 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?
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