Chase Ultimate Rewards is giving an 80% bonus on transfers to IHG One Rewards through December 3, 2026, so 1,000 Chase points become 1,800 IHG points. The rate is up from the 70% bonus we covered in our August post, which turned 10,000 Chase points into 17,000 IHG points and ended August 31. Our verdict hasn’t changed much, because each Chase point still comes back worth about 1 cent on a typical IHG stay.

The deal

Key terms

  • Increments: Chase transfers in blocks of 1,000 points, each landing as 1,800 IHG points.
  • Timing: AwardWallet’s data puts the average transfer at about 5 hours. Once points reach IHG, Chase won’t move them back.
  • Fourth night free: the IHG One Rewards Premier card terms say, “For each standard room Reward Night stay of 4 or more nights, every 4th night is free.”
  • No-fee card: the IHG One Rewards Credit Card adds the same perk starting in 2027, but only after $5,000 of purchases in a calendar year.
  • The alternative: the Sapphire Reserve page says Points Boost makes points worth up to 2x on top booked hotels through Chase Travel.

Two nights at Kimpton Shinjuku Tokyo for 72,000 Chase points

IHG’s site blocked our searches, so we’re using an award AwardWallet priced on November 1, 2026. A base room at Kimpton Shinjuku Tokyo for two nights in January 2027 cost 64,000 IHG points a night, or 128,000 IHG points in total. The same stay cost $706 in cash ($353 a night) after taxes and fees. With the bonus, you’d send 72,000 Chase points (128,000 divided by 1.8 is 71,111, rounded up to the next 1,000), which arrive as 129,600 IHG points.

Kimpton Shinjuku Tokyo, 2 nights Without the bonus (1:1) With the 80% bonus
IHG points needed 128,000 IHG points 128,000 IHG points
Chase points to transfer 128,000 Chase points 72,000 Chase points (becomes 129,600 IHG points)
Taxes None in the points price None in the points price

The bonus saves you 56,000 Chase points on this stay. At the 2.05 cents per point our valuations put on Chase points, that’s about $1,148 (56,000 times 2.05 cents).

That saving is measured against a 1:1 transfer nobody should make. Next to the cash price, 72,000 Chase points buy $706 of hotel, or 0.98 cents per Chase point ($706 divided by 72,000). AwardWallet found a similar room in Chase Travel for 69,805 points with a Sapphire Preferred, fewer than the transfer needs. AwardWallet searched on November 1, and those exact nights will likely be gone or repriced by the time you read this.

The break-even math

Because every Chase point becomes 1.8 IHG points, it’s easy to work out how much an IHG night has to be worth before the transfer wins. Divide the cash price by the points price to get cents per IHG point, then compare it with these lines:

Your other option for Chase points Value per Chase point IHG night must beat
Chase Travel, no Points Boost 1 cent 0.56 cents per IHG point
World of Hyatt from a Preferred (4:3 ratio) 1.24 cents 0.69 cents per IHG point
World of Hyatt from a Reserve (1:1) 1.65 cents 0.92 cents per IHG point
Points Boost at its 2x ceiling 2 cents 1.11 cents per IHG point

The Hyatt figures use TPG’s 1.65 cents per Hyatt point. The Preferred row reflects the 4:3 Hyatt ratio since October 1. Kimpton Shinjuku came in at 0.55 cents per IHG point ($353 divided by 64,000), below even the first line.

The fourth night free changes the math. Book four nights at Kimpton Shinjuku and you pay for three: 192,000 IHG points, or 107,000 Chase points with the bonus. If the fourth night also costs $353, that’s $1,412 of hotel, or 1.32 cents per Chase point. It beats Chase Travel and Hyatt from a Preferred, but it still trails Hyatt from a Reserve.

Our take

We’d skip this bonus unless an IHG award is already priced and one of two things is true. You’re a few thousand IHG points short of an award you want, or you’re booking four nights at a hotel whose cash rate works out above 0.92 cents per IHG point. At TPG’s 0.6 cents per IHG point, the bonus makes a Chase point worth about 1.08 cents (1.8 times 0.6), about half of the 2.05 cents TPG puts on Chase points.

Buying IHG points is cheaper when IHG runs a sale, which is why Frequent Miler tells readers not to transfer. IHG has been selling points at 0.5 cents each, and at that price 45,000 IHG points cost $225 in cash or 25,000 Chase points worth about $512. Our buy or transfer IHG post reached the same answer in August.

Check Points Boost in Chase Travel before you transfer anything. If you hold an IHG card, our IHG Premier Select post covers the card fees changing in 2027. Watch for award sales too: IHG’s 15% discount in September took 6,000 points off a 40,000-point night. Our transfer bonus guide explains how to judge one.

FAQ

When does the Chase to IHG transfer bonus end?

December 3, 2026 at 11:59 p.m. ET. It started November 1, 2026.

How many IHG points do 10,000 Chase points become?

18,000 IHG points during the 80% bonus, and 10,000 IHG points at the normal 1:1 rate.

Is the 80% IHG bonus worth it?

Usually not. At TPG’s 0.6 cents per IHG point, each Chase point comes back worth about 1.08 cents. A stay has to beat 1.11 cents per IHG point to match Points Boost at its 2x ceiling.

Does the IHG fourth night free work on transferred points?

Yes, if you hold an IHG co-brand card that carries it. Chase’s Premier card terms make every fourth night free on standard-room Reward Night stays of 4 or more nights, wherever the points came from.

Is this better than the August Chase to IHG bonus?

Slightly. August’s bonus was 70%, so 10,000 Chase points became 17,000 IHG points. This one gives 18,000 IHG points.

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