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Way back in September, Chase launched a promotion in which it has been offering a 50% bonus to cardholders who convert Ultimate Rewards points to Marriott Bonvoy points and that promotion is set to end today.
The last time we saw such a promotion (August) there was a 70% bonus on the table, so this is a transfer off to pass on unless what is discussed below applies to you.
The promotion
Chase Ultimate Rewards offers transfers to just three hotel loyalty programs and one of these is Marriott Bonvoy.
Right now, Chase is offering a 50% bonus on all Ultimate Rewards Points transferred over to Marriott by 15 November 2024 (TODAY), but this is a ‘deal’ that almost everyone should be approaching with care.
The numbers
We value Ultimate Rewards points at 1.5 cents each (based on the value that we know we can get out of them with very little effort) and, as valuations go, this is probably one of the more conservative valuations you’ll see.
When it comes to Marriott Bonvoy points, we don’t value them at anything higher than 0.6 cents each, so with this transfer bonus seeing Ultimate Rewards Points converting to Marriott Bonvoy points at a ratio of 1 to 1.5, we’re essentially being asked to convert points worth 1.5 cents each into points worth 0.9 cents.
Generally speaking, that’s a terrible deal (obviously), but there will be times when a transfer from Chase to Marriott with a 50% bonus can make sense, so it’s important not to dismiss this transfer bonus without further consideration.
On a night in March, for example, the JW Marriott Los Angeles will charge a guest $648 (including taxes and fees) or 55,000 points + 46.40 in resort fees and taxes.
By using points instead of cash to make this booking, a Marriott Bonvoy member could get approximately 1.1 cents of value out of every Bonvoy point used, and that’s pretty good when you consider that they’re not really worth more than 0.6 cents each, and when you consider that Marriott will often sell points at ~0.83 cents each.
With the 50% transfer bonus that’s now on offer, 55,000 Marriott Bonvoy points can be generated from 37,000 Ultimate Rewards Points which, based on our valuation of 1.5 cents/point, are worth $555.
In this example, a transfer of Chase Ultimate Rewards Points to Marriott would see you effectively pay $601 (including resort fee) for a night that would otherwise have cost $648.
Sure, that’s not a particularly impressive saving, but it’s still a saving and at a property where this can be repeated across a few nights, the savings will add up.
There may also be times when you absolutely have to stay at a particular property (e.g. for a convention), but cash rates at that property are ridiculously high, and that’s when a transfer bonus like this one can really come into its own.
Here, for example, is what the Residence Inn Chicago Downtown/River North is charging for a night next year:
Clearly, no one in their right mind would willingly pay $902 for a Residence Inn, but if there was a reason that you had to stay here, you could use 35,000 Bonvoy points and get an incredible ~2.6 cents out of each point used.
35,000 Marriott Bonvoy points can currently be generated from 24,000 Ultimate Rewards Points which, based on our valuation of 1.5 cents/point, are worth $360.
In this extreme example, a transfer of Chase Ultimate Rewards Points to Marriott would see you effectively pay $360 for a night that would otherwise have cost $902.
Overall, this transfer bonus will only be worth considering in very select and niche situations, but the point here is that even though this looks like a bad deal (which it will be a lot of the time), there are going to be occasions where it makes sense to convert Chase points into Bonvoy points even though the bonus on offer is relatively weak.
Related: London Marriott Hotel Grosvenor Square review
Bottom line
A lot of the time the math will dictate that transferring Ultimate Rewards Points to Marriott Bonvoy is a poor value proposition regardless of what transfer bonus gets offered because UR Points are so much more valuable than Bonvoy points.
As shown above, however, there will be times when a transfer makes sense and when it can save you money.
If you’re topping up an account or booking a standard room at a property where prices are high (especially if you’re booking a 5-night stay) then a transfer from Chase may save you quite a bit of cash, but make sure you do the math before you enact any transfers as there’s no going back.
Featured image: Ritz-Carlton St Thomas
