OCBC offering 75% transfer bonus to IHG One Rewards

OCBC has launched a new transfer bonus for IHG One Rewards, which offers an uncapped 75% bonus on all transfers completed by 30 November 2024. 

This is a better deal than the 50% bonus we saw offered back in October 2023, and given how hard it is to earn hotel points in Singapore through credit cards, I can understand why some people might be drawn to this- but really, the value isn’t great even with the bonus, so unless you need a small top-up it’s better to sit this one out. 

OCBC offering 75% transfer bonus to IHG One Rewards

From 1-30 November 2024, eligible OCBC cardholders can redeem 90°N Miles, OCBC$ and VOYAGE Miles for IHG One Rewards points with a bonus of 75%.

A minimum transfer of 1,000 90°N Miles, 1,000 VOYAGE Miles or 10,000 OCBC$ applies, but the bonus is the same regardless.

1,000 90°N Miles	1,000 1,750 points
1,000 VOYAGE Miles	1,000 1,750 points
10,000 OCBC$	4,000 7,000 points
Subsequent conversion blocks are 100 90°N /VOYAGE Miles and 1,000 OCBC$.

The bonus will be applied automatically, with no registration required.

Remember, to transfer OCBC points to programmes other than KrisFlyer, you’ll need to visit STACK Rewards platform (KrisFlyer transfers remain on the legacy OCBC Rewards portal). Click on the Points Exchange tab, and scroll until you see IHG One Rewards, then proceed with the transfer.

Base and bonus points may be reflected as two separate transactions, but both will be credited at the same time, and transfers should be more or less instantaneous. A S$25 conversion fee applies per conversion. 

Terms & Conditions

The T&Cs of this offer can be found here.

Is it worth it?

IHG One Rewards points are valued at around 0.5 cents (USD), or 0.66 cents (SGD) each.

Given a 75% transfer bonus, you would get S$11.55 of value for 1,000 90°N/VOYAGE Miles, which truth be told isn’t fantastic. Unless you value your KrisFlyer miles at less than ~1.2 cents each, it’s a non-starter.

That said, you can certainly get more than 0.66 cents per point, if you’re aiming for properties in the Maldives or in major cities during peak periods. IHG One Rewards also offers periodic 15% off award night sales for Diamond and Platinum elite members, which can help boost the point value. But do note that IHG One Rewards practices dynamic pricing, which somewhat limits the opportunities for outsized values (each point doesn’t have a fixed value, but points prices move in tandem with revenue rates). 

IHG One Rewards points never expire for elite members (Silver or higher), and for basic Club members, points expire after 12 months without account activity. Earning or redeeming at least one point refreshes your entire balance for a further 12 months. 

OCBC’s other transfer partners

Back in July 2023, OCBC finally launched its new airline and hotel transfer partners. While more variety is always a good thing, the problem with OCBC is that many of its transfer ratios are just fundamentally unattractive. There’s no reason to take a haircut on British Airways or Asia Miles transfers, for example, when other banks offer them at the same ratio as KrisFlyer.

Transfer Partners
	90°N Miles & VOYAGE Miles	OCBC$
	1:1 (VOYAGE)	25,000 : 10,000
	1,000 : 1,000 (90°N)
	1,000 : 1,000	10,000 : 4,000
	1,000 : 1,000	10,000 : 4,000
	1,000 : 1,000	10,000 : 4,000
	1,000 : 900	10,000 : 3,600
	1,000 : 900	10,000 : 3,600
	1,000 : 750	10,000 : 2,900
	1,000 : 700	10,000 : 2,800
	1,000 : 500	10,000 : 2,000
All ratios expressed as OCBC points : partner miles/points

This means you’ll want to wait for transfer bonuses to come along before cashing out your OCBC points, assuming you want something other than KrisFlyer or Flying Blue miles. 

Conclusion

For the month of November 2024, OCBC is offering an uncapped 75% transfer bonus on IHG One Rewards transfers. While it’s certainly better than the status quo, it still pales in comparison to KrisFlyer miles conversions, so most people should avoid this. 

If nothing else, it’s good to see OCBC being regular about the transfer bonuses- given their usual transfer ratios, they sure need it!

Will you be taking advantage of this offer?