Chase has revamped the IHG One Rewards Business Credit Card, and the headline is a trade-off: the annual fee has doubled from $99 to $200, while new cardmembers can earn 190,000 bonus points after spending $5,000 in the first three months — a limited-time launch offer that ends November 18, 2026. The card picked up automatic Platinum Elite status, a $100 airline credit, and quarterly dining credits. It also quietly lost its $50 United TravelBank benefit and narrowed one of its best earning categories.

This is the business half of the October 1 IHG portfolio overhaul that also produced the new $350 Premier Select consumer card. Existing business cardholders are being notified this month, and their annual fees adjust in 2027 — so the new $200 math applies to everyone soon enough.

At 0.5 cents apiece, the bonus alone is worth roughly $950. But whether the doubled fee pays for itself depends entirely on credits that come with strings attached — including one that is only guaranteed through the end of 2027.

Exact offer and eligibility

• Bonus: 190,000 IHG One Rewards points after spending $5,000 on purchases in the first 3 months from account opening. Limited-time launch offer; applications through November 18, 2026.
• Annual fee: $200, not waived the first year (up from $99). Existing cardholders see the new fee in 2027.
• Eligibility: Not available if you currently have this card or received a new cardmember bonus on it in the past 24 months. Eligibility is independent of the personal IHG cards. Chase's 5/24 rule applies.
• Status: Automatic Platinum Elite status while you hold the card; Diamond Elite at $50,000 in annual spend.
• Anniversary free night: A free-night certificate every year after your account anniversary, now capped at 50,000 points (up from 40,000) and toppable with your own points. A second 50,000-point certificate unlocks at $60,000 in annual spend.
• Elite night credits: 15 each calendar year, plus 2 more for every $5,000 spent.
• Earning: Up to 26x points on IHG stays; 5x on flights booked directly, car rental agencies, dining, gas stations, and select advertising; 3x on everything else.
• Credits: $100 in annual Food & Beverage Rewards ($25 per quarter, applied to dining charges on your room bill; unused amounts expire at quarter's end); $100 annual airline statement credit on a single airline purchase of $250 or more — guaranteed only through December 31, 2027; $100 annual Expensify credit.
• Removed: The $50 annual United TravelBank benefit is gone as of January 1, 2027.
• Also included: Fourth reward night free on award stays of four or more nights; $100 Global Entry or TSA PreCheck credit every four years; 30% off purchased IHG points; no foreign transaction fees.

The math: near-best-ever bonus, permanently higher fee

Put a number on everything. The 190,000-point bonus is worth about $950 at 0.5 cents per point, and it's among the largest offers this card has ever carried — the standard offer for most of the past year was 140,000 points after $4,000 in spend. Add the 3x-to-5x base earn on the $5,000 you spend to get there, and you're looking at roughly $975 in first-year points value against a $200 fee. On paper, that's a $775 head start.

The catch is in how Chase wants you to earn back the fee year after year. The $100 airline credit only triggers on a single purchase of $250 or more, and it's currently guaranteed only through the end of 2027 — treat it as a 14-month perk, not a permanent benefit, when you decide whether to renew. The $100 in dining credits arrives as $25 quarterly slices that evaporate if you don't eat at an IHG property that quarter. The $100 Expensify credit is free money only if your business already pays for Expensify. And the anniversary free night — worth roughly $250 at the 50,000-point cap — doesn't arrive until your first account anniversary, so it contributes nothing to year-one math.

Then there's the quiet downgrade: the 5x category used to cover all travel. Now it's airfare and car rentals only — hotel-adjacent business spend that once earned 5x drops to 3x. If you put non-airfare travel on this card, you just took a 40% earning cut.

Compared with the refreshed lineup, the business card sits in an awkward middle. The personal Premier ($150) now offers 180,000 points after $3,000 with the same $100 dining and airline credits and a 50,000-point free night — only Gold status, but $50 cheaper with an easier spend bar. The new Premier Select ($350) offers 200,000 points, $300 in dining credits, and a 60,000-point night. The business card's real differentiators are the Platinum status, the Expensify credit, and eligibility that's fully separate from the personal cards — which is also the stack worth considering, since nothing stops you from holding both.

Who benefits—and who should skip it

Business owners who fly and sleep IHG should apply. If you book direct airline tickets in $250+ chunks, eat on-property at IHG hotels, and can put $5,000 of real business spend on a card in 90 days, the credits are genuinely usable and the bonus is close to the best this card has seen. The separate eligibility from the personal cards makes this a clean second bite for existing Premier or Select holders.

Skip it if IHG isn't your hotel program. The points are worth half a cent each outside hotel redemptions, the free-night cap won't cover an InterContinental in a major city, and a business that doesn't fly or eat at IHG properties will watch most of the "offset" credits expire unused — leaving a $200 fee on a 3x base card. Skip it too if you're at or near 5/24, if you've earned this card's bonus in the last 24 months, or if the $5,000 spend would require manufactured effort. And don't keep the card into 2028 on the assumption the airline credit will still be there.

Awardtrail analysis

This is a strong bonus wrapped in a weaker card. The 190,000 points are real, near-record money — but the fee is permanent and doubled, while the two credits that justify it are either expiring quarterly or sunsetting in 2027. Chase is betting you won't do that math. If you're an IHG-loyal business owner with the spend and the 5/24 headroom, apply before November 18 and use the credits as intended — direct airline tickets over $250, on-property dining every quarter. Set a calendar reminder for late 2027: if the airline credit isn't renewed, this card's renewal math changes completely. Everyone else should let the launch offer pass.

Primary source: Chase announcement: new IHG One Rewards Premier Select card and portfolio updates

Verified: October 6, 2026