IHG One Rewards Devaluation History

By Bryce Casson, Founder · Cardocrat · Updated August 2026
The short answer: IHG One Rewards moved from a category-based award chart to dynamic pricing around 2019 and 2020, tying award costs to cash rates. It has devalued since, including raising its unofficial price caps in 2025 so top hotels can cost 160,000 points or more a night, leaving IHG points worth only about half a cent each.

From categories to dynamic pricing

IHG once used a simple category-based award chart, but it abolished award categories and moved to dynamic pricing around 2019, rolling it out globally through 2020. Award costs now float with cash rates, removing the predictability that let members plan, and opening the door to steady increases at desirable properties. See IHG guide.

Caps creeping up

IHG long had an unofficial cap of around 120,000 points per night at its top non-resort hotels, which at least limited the damage. In April 2025, that cap appeared to rise, with properties like the InterContinental London Park Lane charging 160,000 points on some nights, so even the ceiling has moved up. Combined with dynamic pricing, the cost of aspirational IHG stays has climbed. See dynamic pricing.

What value remains

IHG points are worth only around half a cent each on average, among the lower hotel currencies, so the value comes from matching points to high cash rates and from the rotating PointBreaks list, where select properties are discounted 50 to 70 percent for a month. Earn IHG points through stays and the co-branded cards, use PointBreaks and high-cash-rate nights, and do not hoard. See earn and burn and the devaluation overview.

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Frequently asked questions

Did IHG devalue its points?
Yes. IHG moved from category-based award charts to dynamic pricing around 2019 and 2020, and raised its unofficial price caps in 2025 so top hotels can cost 160,000 points or more, pushing points toward half a cent each.
How much are IHG One Rewards points worth?
Around half a cent each on average, among the lower hotel currencies. Value comes from matching points to high cash rates and from the rotating PointBreaks discounts rather than a predictable chart.
Does IHG still have an award chart?
No. IHG abolished award categories and went dynamic around 2019, so award prices float with cash rates. There was an unofficial price cap, but it rose in 2025, with some hotels exceeding 120,000 points a night.
What is IHG PointBreaks?
A rotating monthly list of properties where award prices are cut, typically 50 to 70 percent below standard dynamic pricing, for stays that month. It is one of the better remaining ways to get value from IHG points.

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Bryce Casson

Written by Bryce Casson, Founder of Cardocrat. About the author and how we rank cards.