Chase and IHG have reshuffled their co-branded credit card lineup, and the entry-level option — the IHG One Rewards Credit Card — is the no-annual-fee card that replaced the old IHG Traveler. It costs nothing to hold, but a fresh review from One Mile at a Time suggests the maths only works for a certain kind of traveller.

The headline numbers look decent at first glance. There's a limited-time welcome offer of 125,000 IHG One Rewards points after spending $2,000 in the first three months, available through November 18, 2026. At a typical valuation of half a cent per IHG point, that bonus is worth around $625 — genuinely good for a card with a $0 annual fee. You'll also pay no foreign transaction fees, and there's no charge for authorised users either.

Earning rates are where things get less exciting. The card gives 5x points at IHG hotels (about a 2.5% return), 3x on dining, groceries and gas worldwide with no caps (roughly 1.5%), and 2x on everything else — about 1%, which is weak by current standards. IHG markets "up to 17x" points at its hotels, but that figure bundles in the base hotel earn and the 20% Silver status bonus; the card itself only adds 5x.

Perks are modest but not nothing. Cardholders get IHG Silver status automatically, or Gold if they spend $15,000 in a calendar year — though the reviewer doubts that spend is worth it for Gold alone. Everyone gets five elite night credits annually, which help toward IHG's Milestone Rewards like suite upgrades and lounge access. From 2027, spending $5,000 in a year unlocks a fourth-night-free benefit on award bookings for the rest of that year plus the next — effectively 25% off points redemptions in four-night chunks. The premium cards in the family offer that with no spending requirement.

There's also a 30% discount on buying IHG points, but it's weaker than it sounds: the programme regularly runs 100% bonuses that halve the price to 0.5 cents per point, beating the cardholder discount. On the plus side, the card includes trip cancellation and interruption insurance (up to $5,000 per traveller, $10,000 per trip) and purchase protection for 120 days, plus a year of DoorDash DashPass.

Eligibility has the usual catches. You can't get the bonus if you currently hold any personal IHG card or earned a bonus on one in the past 24 months, and Chase's 5/24 rule may apply — though a pop-up during the application now warns you before a hard credit pull if you're ineligible. After 12 months, Chase typically allows product changes between IHG cards.

The verdict: this is a keep-forever card, not a daily driver. If you stay at IHG hotels occasionally, want a free card that helps your credit age and throws in a solid welcome bonus, it makes sense. Frequent IHG guests will get far more value from the Premier or Premier Select versions, mainly for the unconditional fourth night free.