Through September 3, 2014, Hilton is offering a 20% discount on the purchase of HHonors points. You can purchase at most 40,000 HHonors points per calendar year.
Factoring in the discount, points cost 0.8 cents each. I value HHonors points at roughly 0.4 cents each, so it’s definitely not a rate at which I’d speculatively buy points. It’s worth noting that purchased points should post within 24 hours, and are processed by points.com, meaning they don’t qualify as a hotel purchase for the purposes of credit card spend.
There are definitely some circumstances under which it could make sense to take advantage of this bonus. For example, Hilton charges 5,000 points per night for Category 1 properties, and enough points for that could be purchased for just $40.
As a totally random example, take the Doubletree in Wuxi, China. It’s a Category 1 property so you can book a free night there for just $40 worth of purchased points, while paid rates are usually closer to $100. And keep in mind if you redeem for four nights, the fifth night is free, so that can lower the pro-rated cost to $32 per night.
Even on the other end of the spectrum there are cases where it could make sense. For example, if Points & Money is available at the Conrad Koh Samui, the rate is ~$193 plus 38,000 points, so you could purchase those 38,000 points for ~$300 and still come out quite a bit ahead.
The full terms read as follows:
Each HHonors Member or Mutual Account may purchase no more than 40,000 “Non-Reservation Points” in a single calendar year. Any Points in addition to this limit will not be posted to your account. Points.com and Hilton HHonors reserve the right to terminate discount promotions at any time. The 20% discount (cost of $.008 per Point up to 40,000 Points) is available for purchases made between July 10, 2014 at 12:01am EST and September 3, 2014, at 11:59pm EST. All purchases are non-refundable. To purchase Points by phone please call +1 800 548 8690 or view a global list of Hilton Worldwide Reservation centers. Offer is subject to change. Offer cannot be combined with any other offer. Points will be posted to the recipient’s Hilton HHonors account within 24 hours of the completed transaction. Buy and Gift Points transactions are final and non-refundable. All Hilton HHonors program terms and conditions apply.
Again, I certainly wouldn’t speculatively purchase points, and in 99% of cases you shouldn’t take advantage of this. But even since the big Hilton devaluation there are certainly circumstances under which it could still make sense to purchase points. I’ve certainly redeemed plenty of Hilton points for over a penny each of value.