InterContinental Hotels Group Signs New Agreements To Continue Co-Branded Credit Cards In U.S.

(RTTNews) - InterContinental Hotels Group Plc. (IHG.L) said that it has signed new agreements with its existing issuing and financial services partners to continue offering co-branded IHG One Rewards credit cards in the U.S. These agreements, which include a partnership with JPMorgan Chase Bank, N.A., are effective immediately and will remain in place until at least 2036.

Co-branded credit cards play a key role in boosting membership and loyalty to the IHG One Rewards program, strengthening guest relationships and driving more business to IHG hotels.

As part of the new agreements, upfront cash inflows totalling $137 million, pre-tax, are expected to be received over the coming months as part of IHG's cash flow, and will be recognised within fee income over the term of the new agreements.

The IHG One Rewards programme is on track to have approximately 145 million members globally by the end of the year, with enrolments to date in 2024 having grown by more than 10% year-on-year. Loyalty members typically spend approximately 20% more in IHG hotels than non-members and are around ten times more likely to book through IHG direct channels, the company said.

IHG One Rewards co-brand credit card holders stay even more frequently and spend more in IHG hotels.