Chase Ultimate Rewards has just launched a new transfer bonus. Not only is Chase offering a 20% bonus on transfers to Air Canada Aeroplan through July 31, 2023, but the program has also launched a transfer bonus to IHG One Rewards.
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Chase offering 70% bonus on IHG transfers
Chase is offering a 70% bonus when you transfer Ultimate Rewards points to IHG One Rewards. This bonus is valid through Monday, July 31, 2023.
Points ordinarily transfer at a 1,000:1,000 ratio, so with this offer, points transfer at a 1,000:1,700 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 2022, and at the time the offer was for a 50% bonus. So this is the best transfer bonus we’ve seen between the two programs.
Why this promotion isn’t worth it
A 70% 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 1.7 IHG One Rewards points per Ultimate Rewards point, you’re still only getting ~0.85 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 ~0.85 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.
Chase Ultimate Rewards is offering a new transfer bonus, as you can get a 70% 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?