The value of IHG points is different for everyone.

It is possible that in your case they can be worth 0.6 to 0.7 cents.

In my book they are 0.3 to 0.4 cents. Not yet accounting for the new trend of more limited availability of reward nights, and rampant inflation.

For me a big plus in using the credit card is that the stay is treated as a paid stay. This allows you to book the room type you want, and avoids any discussion on benefits. IHG is very stingy with benefits on reward nights, remember? It is only a side effect that this makes the new stays eligible for point earning, promotions and cashback.