Chase Ultimate Rewards has just launched a new transfer bonus to IHG One Rewards. While some transfer bonus is better than no transfer bonus, this still isn’t an offer I’d recommend taking advantage of.
Chase offering 70% bonus on IHG points transfers
Between December 1, 2025, and January 15, 2026, you can receive a 70% bonus when you transfer Chase Ultimate Rewards points to IHG One Rewards.
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 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 70% bonus is roughly average when it comes to promotions for moving points between the programs, and is perhaps a bit on the low side.
A 70% 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 1.7 IHG One Rewards points per Ultimate Rewards point, you’re still only getting 0.85 cents 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 0.85 cents of value vs. paying cash.
Bottom line
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?
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