Chase dropped a shiny new IHG One Rewards Premier Select card on October 1 with a 200,000-point bonus after $5,000 spend in three months. The catch? It’s quietly jacking up the annual fee on the legacy IHG Select card from $49 to $99 starting with 2027 renewals, while tweaking the rest of the lineup in ways that feel like a loyalty tax.

This isn’t subtle. New applicants get the headline-grabbing offer through November 18. Long-time holders of the old Select see their low-cost Platinum status card get more expensive with zero added benefits. Classic move: lure fresh blood, milk the existing base.

Before and After: The Full Lineup

Legacy IHG Select (no longer available to new applicants): Was $49 annual fee with automatic Platinum Elite and a free night certificate. Now doubling to $99 in 2027. Benefits stay flat. Multiple cardholders have already seen notices confirming the hike hits on renewal dates next year.

IHG One Rewards Premier (the former mid-tier): Annual fee rises from $99 to $150 for new applicants now, existing in 2027. Loses automatic Platinum (downgraded to Gold), but gains up to $100 in quarterly F&B credits, a $100 airline statement credit (after $250 direct airline spend), 15 Elite Night Credits annually, and a bumped free night certificate good up to 50,000 points. Existing holders keep Platinum through the end of 2027.

New IHG One Rewards Premier Select: $350 annual fee, not waived first year. Delivers automatic Platinum Elite, 20 Elite Night Credits, anniversary free night up to 60,000 points (top-off allowed), up to $300 in F&B rewards ($75/quarter), $200 airline credit, and solid earning: 12x at IHG, 6x on dining and travel including rideshare, 3x everywhere. The 200k bonus requires just $5,000 in three months; add an authorized user in the first three months for another 10k.

The business side followed suit with the renamed IHG One Rewards Business card jumping from $99 to $200, gaining some credits but nothing revolutionary.

Grandfathering, Deadlines, and the Fine Print

Doctor of Credit and Frequent Miler readers report the legacy Select fee increase is locked in for 2027 renewals — if your renewal is late this year, you still pay $49 once more before it doubles. No enhanced benefits to sweeten it. Existing Premier holders get a soft landing on status through 2027 but will feel the fee pinch next year.

New Premier Select is open even if you hold other IHG cards. Chase’s 5/24 rule still applies, and you must be bonus-eligible (no recent bonus on this specific new product, which is easy since it just launched).

The math is straightforward for heavy IHG users. The new Select’s $300 F&B and $200 airline credits can offset most of the fee if you actually stay and fly. The 60k free night certificate is meaningfully better than the old 40k caps. But for occasional visitors, it’s another premium card chasing your wallet.

What You Should Actually Do

If you hold the legacy Select, downgrade it to the no-annual-fee IHG One Rewards card before your 2027 renewal if you value the $49 savings more than the Platinum status. The free night and status are nice, but not worth an automatic double fee with no upside.

For the refreshed Premier, hold if you’ll use the new credits and can hit the spend for Platinum via $15k annual spend. Otherwise, consider product-changing or closing before the fee hits.

The real play for most business-class travelers juggling hotel programs: Grab the new Premier Select for the 200k bonus while it’s fat. Use the points and credits hard in year one, then decide whether the ongoing $350 makes sense against your actual IHG nights. These cards reward spend and loyalty only when it suits the issuer’s margins.

Either way, check your Chase inbox this month for personalized notices. Don’t let the fee quietly renew at the higher rate without a plan.

Action item: Log into Chase today, review your IHG cards’ renewal dates, and decide on upgrade, downgrade, or new application before the November 18 bonus window closes. The 200k isn’t forever, but the fee hikes probably are.