Loyalty Lobby reported that IHG is converting expiring credit card free nights to 25,000 points if you call and ask. If you do not call, you get nothing for certificates set to sunset after December 31, 2021.
These free nights are valid on stays that cost up to 40,000 points. On average they’re used for some amount less than that. 25,000 points is less value than you could get using the certificates, but gives you greater flexibility and is IHG limiting its cost (and perhaps this reflects an approximate revenue equivalency received from Chase for the benefit).
You should request the conversion by phone, since email could take too long, and it’s not yet clear whether they’ll do the conversion after expiration of the certificates or only before they expire.
Since IHG customer service is worse even than calling Marriott, expect inconsistency. Some agents will tell you there’s nothing they can do for you. Hang up, call back. That’s annoying due to hold times. But persistence seems to pay off. Note that the points are posted but it seems certificates – which will disappear from your account in a couple of days anyway – don’t get removed.