I'm talking about the three current IHG cards: the $0 annual fee One, the $150 annual fee Premier, and the $350 annual fee Select. I currently have the Premier and just applied for the Select. Can I get the SUB and then downgrade the Select to the One card, and then apply for the Select again before Q1 of next year? That would be 40 ENC right there. Add the biz card and that's 55 ENC, making 70 nights within easy reach.
As a general rule, when you downgrade within the same product line and then apply again, eligibility for the sign-up bonus usually depends on whether you've received the SUB for that product before, not just on which card you currently hold. If you downgrade from Select to One and then apply for Select again, the system may still treat you as having already received the Select bonus, so it's best to check the terms carefully before you proceed.
I have some questions about the 40 enc algorithm—specifically, whether the downgraded one can still be counted in the three-hold enc structure. It may depend on whether each card's enc is calculated independently.
Start with a small downgrade to test the waters, then confirm your sub eligibility before making any large purchases.
Have you confirmed the time window for how soon you can get the Select sub again after downgrading?