Capital One Hands Out 20% to Flying Blue - And Chase's 80% IHG Bonus Is a Trap

Two different banks launched transfer bonuses within hours of each other this weekend, and they could not be more different in quality. One is a legitimately useful sweetener (Capital One to Flying Blue). The other is a flashy percentage hiding a bad deal (Chase to IHG).

Let's sort the signal from the noise before you move a single point.

The answer is chillin' near the bottom of today's newsletter... keep scrolling.👇

Capital One is offering 20% extra points when you move miles to Air France-KLM Flying Blue. The window opened on November 1, so it's already running, per The Points Guy. It's a fair deal for anyone eyeing Europe.

The timing is neat because Flying Blue also published its monthly Promo Rewards list, with 25% off select award tickets on short haul and long haul routes over the coming months. Stack a 20% transfer bonus on top of a 25% award discount and the effective price drops fast. You can compare live availability on Award Travel Finder before committing a single mile.

Only transfer if you've found a specific Promo Rewards flight with real availability. Transfers are irreversible, so search first, move points second. If you're just speculating, this is not the bonus to speculate on.

Chase Ultimate Rewards is offering an 80% bonus on transfers to IHG One Rewards, valid from November 1. On the surface that sounds like a gift. One Mile at a Time argues that even with a number that large, it almost certainly isn't worth it.

The reason is simple: bonus percentages mean nothing without context. Ultimate Rewards points are worth far more when sent to airline and hyper-flexible hotel partners than when converted into a hotel currency with low per-point value. A big bonus on a weak base rate is still a weak deal.

If you want to use Chase points this week, look at the 30% bonus on transfers to British Airways Club, Iberia Club and Aer Lingus AerClub (full list at Frequent Miler). Avios are a proven short-haul and partner-award currency, so this one has far more realistic upside. Check the Chase Points Calculator to see where your points land best.

Skip the IHG transfer unless you have a specific, unusual use case. If you're moving Chase points this month, Avios is the sharper play.

The Points Guy reports that all six United credit cards currently carry elevated welcome offers, with two of the personal cards at their best-ever levels. If a United trip is anywhere in your future, this is the moment to evaluate your earning strategy.

Welcome bonuses are still the fastest way to build a points balance, but elevated offers tend not to last. If you've been waiting for a better window, TPG's read is that this is it. Run the numbers on the United Miles Calculator to see what the bonus is really worth to you.

Only apply if you'd actually fly United. A record bonus on a card you'll never use is still money wasted on the annual fee.

Hilton Honors is selling points with a 120% bonus through November 21. If you have a Hilton redemption planned, buying during a bonus this size can drop your effective cost sharply. Never buy speculatively, though. Always compare against the cash rate first using the Hilton Points Calculator.

One Mile at a Time published an in-depth guide to redeeming Alaska Atmos Rewards points, formerly Mileage Plan. The program has long been a favorite among miles geeks thanks to its unusual array of airline partners, generous stopover policy and attractive redemption rates.

The guide covers how to earn Atmos points, the rules around redeeming them, fees to watch for and the sweet spots worth targeting. If you hold Atmos points or are considering transferring in, it's a solid one to bookmark.

Atmos rewards patience and research. Read the rules before you transfer anything in, because the best value comes from partner awards and stopovers, not the obvious bookings.

These buy-points promotions are live right now. The shortest fuse is JetBlue's 120% bonus, which ends this Thursday. See the full list on our Buy Points Offers tracker and our Transfer Bonuses page.

• JetBlue TrueBlue: 120% bonus, ends this Thursday (Nov 5)

• Alaska Atmos Rewards: 110% bonus, ends this Saturday (Nov 7)

• Southwest Rapid Rewards: 45% discount, ends Nov 17

• Hilton Honors: 120% bonus, ends Nov 21

• American AAdvantage: 40% discount, ends Nov 23

• Virgin Atlantic Flying Club: 50% bonus, ends Nov 26

The answer is Qatar Airways. Qatar Privilege Club switched to Avios in 2022, so you can move Avios between British Airways Club and Qatar accounts. That makes this week's 30% Chase bonus even more flexible.

Are you a transfer-bonus chaser or do you move points only when you have a booking in hand? Hit reply and tell me your strategy - I read every response!

That's it for today. Remember: a big percentage is not the same as a good deal. I'll be back tomorrow with more.

- Jack

Chicago (ORD) — from the US Hubs pack

Frequent flyer? Make every device look the part. 5+ hand-designed airport maps, formatted for iPhone, iPad, Mac and desktop.

These are the top credit card welcome bonuses we're tracking. Offers change frequently - see all cards.

1. Business Platinum Card: 300,000 points after spending $20,000 in 3 months ($895/yr)

2. Hilton Honors American Express Aspire Card: Earn 200,000 Hilton Honors Bonus Points after you spend $6,000 in purchases on t... ($550/yr)

3. Hilton Honors American Express Business Card: Earn 150,000 Hilton Honors Bonus Points and a Free Night Reward after you spend ... ($195/yr)

The Award Travel Finder team has been tracking these redemptions - here's what stands out:

Hotels:

• The Ritz-Carlton Maui, Kapalua - Kapalua, US | 1.4cpp value | 108,000 pts/night

• The Ritz-Carlton, Kyoto - Kyoto, Kyoto Prefect..., JP | 1.6cpp value | 110,000 pts/night

• Conrad Osaka - Osaka, Osaka Prefect..., JP | 1.6cpp value | 100,000 pts/night

• Kimpton Seafire Resort + Spa - Grand Cayman, KY | 4.6cpp value | 70,000 pts/night

Status Matches & Challenges:

• TAP Miles&Go Status Match - TAP Air Portugal | Star Alliance

• GHA DISCOVERY Status Match

• Club Avolta

Buy Points & Miles Deals:

• Alaska Airlines (Atmos Rewards): 110% bonus - ends this Saturday (November 7, in 5 days)

• American Airlines (AAdvantage): 40% discount - ends November 23 (in 21 days)

• Etihad Airways (Etihad Guest): 25% bonus - ends November 23 (in 21 days)

• JetBlue Airways (TrueBlue): 120% bonus - ends this Thursday (November 5, in 3 days)

• Lufthansa (Miles and More): 50% bonus - ends December 2 (in 30 days)

• Qatar Airways (Privilege Club): 20% bonus - ends November 23 (in 21 days)

Full live tracker → milesandpointsdaily.com/buy-points-promotions

Browse every award deal we track at AwardTravelFinder.com →

Friday Flight Deals finds the best flight deals when paying cash beats using points.

Browse all deals at FridayFlightDeals.com →