Save 15% off IHG Points & Cash Bookings Now Through August 7

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Looking for a late-summer or early-fall getaway? Now through August 7, IHG Rewards Club Select Credit Card holders can save 15% off of the cash portion of Points & Cash bookings. This offer is only good for stays now through September 30.

In order to see the savings, your IHG account must be linked to your card, and you'll need to be logged into your IHG account before searching. Also note that this offer is not available for bookings at The Venetian and The Palazzo hotels.

Pay just $106 and 40,000 IHG points per night to stay at the InterContinental in San Francisco.

For those looking to purchase cheap IHG points, this promotion creates a lucrative offer, essentially allowing you to purchase points for about 0.53 cents apiece. Even the recent 100% bonus on purchasing IHG points only brought the cost down to 0.575 cents per point, so this is an especially good rate.

The process is quite easy: Make a Points & Cash booking at one of IHG's higher-category hotels. Thanks to this promotion, you'll save 15% off of the cash portion of this booking. Then, if you need to cancel the booking — which you can do with no penalty — IHG will refund you the full points price. This means that you'll end up "purchasing" points at the cheaper rate.

For example, consider the sample booking at the InterContinental San Francisco above. You would need to redeem 40,000 points and pay $106.25 to book a Points & Cash award night. If you cancel the booking, IHG will credit your account with 60,000 points. This means you'd end up with 20,000 more points than you started with for a cost of $106.25 — or just 0.53 cents per point.

IHG Points & Cash promotion banner — IHG is giving you a break on your Points & Cash co-pay.

Once you're ready to actually redeem, you'll get to stretch your points even further thanks to the 10% redemption rebate benefit for IHG Rewards Club Select cardholders.

As an added bonus, you'll earn 5x points if you book these Points & Cash bookings with your IHG Rewards Club Select Card. This is another advantage over buying points outright, as point purchases do not qualify for the 5x spending bonus.

IHG's Holiday Inn in Paris made the PointBreaks list in April. A similar PointBreaks hotel could be yours for $27 per night. Photo courtesy of Holiday Inn Paris Marne La Vallee.

In TPG's latest valuations, IHG points are pegged at 0.7 cents apiece— but you can get more value than this out of some IHG redemptions.

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Perhaps the best use of IHG points is redeeming at PointBreaks hotels. Every few months, IHG makes a list of hotels available for just 5,000 points per night. At the rate of 0.53 cents per point, it'd cost just $27 to generate points for a night at one of the listed hotels.

While there isn't much time to book the remaining PointBreaks hotels available through July 31, IHG should release a new PointBreaks list in the next few weeks. The best options are scooped up quickly, so you might want to have a stash of IHG points ready to go when the new list drops.

Will you be taking advantage of this Points & Cash promotion?

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Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.