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Chase just launched a new Ultimate Rewards transfer bonus. Now through July 31, 2023, you can transfer Ultimate Rewards points to IHG One Rewards with a 70% transfer bonus.
We are always excited to see a new Chase transfer bonus. However, IHG is one of Chase's least valuable transfer partners. IHG points are worth far less per point than Ultimate Rewards points. Consequently, 1:1 Chase-to-IHG transfers are rarely a good idea.
Is a 70% bonus enough to tilt the scales? Probably not. Let's show you why.
Transfer Bonus Offer Terms
- Transfer Ultimate Rewards points to IHG One Rewards and receive 70% bonus IHG points.
- Bonuses are available on point transfers made through 11:59 PM ET on July 31, 2023.
- The minimum transfer amount is 1,000 points (1,700 IHG points after the 70% transfer bonus).
- Point transfers to IHG typically take ~5 hours to process and are final/non-reversible.
- Allow up to two days for the bonus points to hit your account.
Why This is a Poor Value Proposition
Without a transfer bonus, Chase uses a 1:1 transfer ratio for all Ultimate Reward travel partners. But all points don't have the same value. While my baseline valuation for Chase Ultimate Rewards points is 1.7¢ per point, AwardWallet users have only been able to redeem IHG points for 0.69¢ per point in recent redemptions. Consequently, if you were to transfer Ultimate Rewards points to IHG, you'd effectively cut the value of your points by more than half. This makes transfers to IHG a poor value in most scenarios.
A 70% bonus doesn't do much to close the gap. Boosting IHG's 0.69¢ value by 70% still only translates into just 1.24¢ per point.
While 1.7¢ and 0.69¢ per point are my baseline values for these currencies, you may value them differently. And that's okay. But that still doesn't necessarily make this a good deal.
Personal valuations aside, all Ultimate Rewards members can achieve 1.25–1.5¢ per point through the Chase Travel Portal. Additionally, Sapphire cardholders can get the same value by using Ultimate Rewards points to Pay Yourself Back. This means you're typically better off using your points in one of these ways instead of transferring to IHG.
For an award stay in June 2023, the award price for a base room is 90,000 IHG points per night — a great points deal for this property. With the 70% transfer bonus, you'd need to transfer 53k Ultimate Rewards to receive the IHG points required.
Meanwhile, the cash price for the same booking is $555 all-in per night:
That nets a redemption rate of 0.62¢ per IHG point. That's actually low compared with the value AwardWallet users have gotten in recent redemptions. However, by making a fourth-night free booking, eligible IHG cardholders can book a four-night stay for 270,000 IHG points. That boosts the redemption rate to 0.82¢ per IHG point.
If you have a Chase Sapphire Preferred® Card, Ultimate Rewards points are worth 1.25¢ per point on bookings made through the Chase Ultimate Rewards travel portal. Thus, you could book the same room for only 44,400 points per night through the portal.
If you hold the Chase Sapphire Reserve®, you'll get an even better deal. Cardholders receive 1.5¢ per point through the portal. That means you'll only need 37,000 Ultimate Rewards to book a cash stay through the Chase Travel Portal. That's a savings of 16k points per night compared to transferring to IHG with this 70% transfer bonus!
Chase is offering a 70% transfer bonus when transferring Ultimate Rewards points to IHG One Rewards. But it's probably not worth considering too long. If you'd like to grow your balance of IHG points, you're much better off applying for an IHG co-branded credit card.
- Earn 140,000 Bonus Points
- Enjoy an Anniversary Free Night at IHG Hotels & Resorts. Plus, enjoy a reward night when you redeem points for a consecutive four-night IHG® hotel stay.
- Earn up to 26 points total per $1 spent when you stay at IHG Hotels & Resorts
- Earn 5 points per $1 spent on purchases on travel, at gas stations, and restaurants. Earn 3 points per $1 spent on all other purchases
- Automatic Platinum Elite status as long as you remain a Premier card member
- Global Entry, TSA PreCheck® or NEXUS Statement Credit of up to $100 every 4 years as reimbursement for the application fee charged to your card
- IHG One Rewards Bonus points are redeemable at Hotels & Resorts such as InterContinental®, Crowne Plaza®, Kimpton®, EVEN® Hotels, Indigo® Hotels & Holiday Inn®
- Member FDIC
- Earn 26 points total per $1 spent when you stay at an IHG hotel
- 5X points per $1 spent on purchases on travel, gas stations, and restaurants
- 3X points per $1 spent on all other purchases
The earning for spending at IHG hotels breaks down as follows:
- Earn 10X points for being a IHG One Rewards Premier Credit Card member
- Earn 6X points from IHG® with Platinum Elite Status, a benefit of having this card
- Earn 10X points from IHG® for being an IHG® Rewards Club Member (Being a cardholder is not required to earn this bonus for participating in the IHG® loyalty program)
There is a silver lining. While this transfer bonus to IHG may be kinda a dud, the fact that Chase continues to offer transfer bonuses is a good sign. Perhaps consider transferring Chase Ultimate Rewards points to Aeroplan with a 20% bonus instead.
What's your take on this Ultimate Reward transfer bonus to IHG One Rewards?
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