From July 15-30, Chase offered a 100% transfer bonus to IHG One Rewards. That was an “early bird” bonus, with the transfer bonus dropping to 70% from July 31 through August 31, 2026.
Either way though, neither bonus level is worth taking advantage of.
The Deal & Key Terms
- Chase is offering the following bonuses when transferring Ultimate Rewards to IHG One Rewards:
- 100% bonus from July 15-July 30, 2026
- 70% bonus from July 31-August 31, 2026
Quick Thoughts
IHG frequently sells its points for 0.5 cents per point. In fact, there’s a sale on right now, although that does end tomorrow night (July 16). Outside of points sale periods, it’s often possible to buy IHG points for ~0.56 cents per point by booking a Points + Cash rate and then cancelling, although you do have to do the math on that as each Points + Cash threshold can give different value.
Based on the fact that IHG points can frequently be bought for 0.5 cents per point, that means that even with the 100% transfer bonus through July 30 you’d effectively only be redeeming your Ultimate Rewards points for 1 cent per point. It’s possible to do much better than that with your points on a 1:1 basis with other transfer partners, and even better than that when there are transfer bonuses of even 20%-30% with other programs, rather than 70%-100% with IHG.
The 100% bonus is only around for a couple of weeks, then it immediately gets replaced with a 70% bonus for a month. Needless to say, if the 100% bonus isn’t worth taking advantage of, the 70% bonus certainly won’t be.
Here’s a list of all current and past transfer bonuses to IHG One Rewards from all transferable currencies:
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Getting $0.005 (half of a cent of Chase points) per IHG point makes zero sense.
I got a 100,000 point and can NOT find a redeem options in places of my interest better than $0.003 (third of cent).
Maybe it’s location dependent? I pretty much always see at least 0.5cpp, if not more, and our Reasonable Redemption Value is 0.59cpp, so there are definitely much better award out there than 0.3cpp. That’s frustrating though if everywhere you’re wanting to stay is much lower value points-wise than that.
The credit card drastically alters value
For instance I got a Hotel Indigo for on paper 0.6 CPP but with the free 4th night it was effectively 0.9 cpp