Chase Ultimate Rewards has just launched a new transfer bonus to IHG One Rewards. The bonus is for up to 100%, which is as big of a bonus as we’ve ever seen between the programs. However, even with such a big bonus, I’d still argue this almost certainly isn’t worth it…
Chase offering 100% bonus on IHG points transfers
Chase Ultimate Rewards is offering a bonus when you transfer points to IHG One Rewards:
- Receive a 100% bonus if you transfer points between July 15 and July 30, 2026
- Receive a 70% bonus if you transfer points between July 31 and August 31, 2026
Points ordinarily transfer at a 1,000:1,000 ratio, so with this 100% bonus offer, points transfer at a 1,000:2,000 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 100% bonus is in line with the best offers we’ve seen between the programs.
Why this promotion probably isn’t worth it
A 100% 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? 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 two IHG One Rewards points per Ultimate Rewards point, you’re still only getting 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 a 100% 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?