Originally Posted by
ComplexAnalysis
You can't transfer to Icelandair/Delta/etc. from Ultimate Rewards, but you can use them as cash value while booking through the Ultimate Rewards travel agency for 1.25 cents/point. I checked the UR site and indeed, there is availability through Icelandair.
With the new bonus, Chase Ink offers 60k + 5k(from spend) points which is ~$812 through UR, and could pay for the ticket.
I knew you couldn't transfer to Icelandair, but I did NOT know they had Icelandair tickets available through their travel portal. That's awesome, thanks!