Worth it? Get a 60% bonus when you transfer Chase Ultimate Rewards points to IHG

Signing up for credit cards through partner links earns us a commission. Terms apply to the offers listed on this page. Here’s our full advertising policy: How we make money.

Update: One or more card offers in this post are no longer available. Check our Hot Deals for the latest offers.

Chase just issued its second-ever Chase Ultimate Rewards points transfer bonus. With it, you can earn a 60% bonus for transfers to IHG points.

If you’re short on Chase Ultimate Rewards points and want to maximize the transfer bonus, it may be time to pick up another Chase card or two. Some of our top recommendations are the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®.

Although Amex has been offering transfer bonuses lifke this for what seems like forever, we rarely see any from Chase. And while this particular bonus may not make sense for a lot of you all, I hope it means we’ll see more transfer bonuses like this in the future.

I already love earning and redeeming Chase Ultimate Rewards points from cards like the Ink Business Preferred Credit Card, so being able to transfer your points to partners (sometimes with a bonus!) is just icing on the cake.

Here’s what you need to know.

Chase Ultimate Rewards Points transfer bonus

Through August 31, 2020, you’ll get a 60% bonus when you transfer Chase Ultimate Rewards points to IHG points. The standard transfer ratio is 1:1 (in 1,000-point increments), so with this bonus, you’ll get 1,600 IHG points for every 1,000 Ultimate Rewards points you transfer.

It’s worth noting that you won’t see the bonus on the transfer page. Instead, the bonus points will show up in your IHG account within two business days of initiating the transfer.

Is this a good deal?

This isn’t the best use of your Chase Ultimate Rewards points. That is unless you have a specific, upcoming redemption in mind and are just short of having enough IHG points for your stay.

That’s because IHG points are worth 0.5 cents apiece, and Chase Ultimate Rewards points are worth an average of 1.7 cents each. Even with this bonus, you’re still only getting ~0.8 cents of value per Ultimate Rewards point. And with either the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, you can redeem your Ultimate Rewards points for 1.25 or 1.5 cents each, respectively, towards travel purchases.

Heck, for a limited time, you can even get that rate for grocery and dining purchases with the Pay Yourself Back feature. And IHG frequently sells points around 0.5 cents each.

So it doesn’t make any sense to redeem your Ultimate Rewards points this way — you’d be better off paying cash instead. Or, applying for a card like the IHG® Rewards Club Premier Credit Card, that’s offering 150,000 bonus points after spending $3,000 on purchases within the first three months of account opening.

For the latest tips and tricks on traveling big without spending a fortune, please subscribe to the Million Mile Secrets daily email newsletter.