Aeroplan points + cash: the different redemption options

You will face four different ways to book an award ticket, with varying proportions of Aeroplan points + cash.

When you search for an Aeroplan award, a cost in Aeroplan points + cash is displayed on the search results. This cost equals the lowest fare in points + airport taxes.

You will then be taken to the purchase confirmation page once you have selected the flight you want. This is where you will have to choose between four different payment methods.

Aeroplan points + cash: the different redemption options - argent-2

The different options of Aeroplan + cash points

The payment options are :

The regular number of Aeroplan points + cash (taxes and fees) required
All Aeroplan points + $0
80% of regular points + 20% of required points converted to cash + cash (taxes and fees)
60% of regular points + 40% of required points converted to cash + cash (taxes and fees)

For example, here is what the search for a flight to Los Angeles yields:

Aeroplan points + cash: the different redemption options - Résultats de recherche

We can see that the cost displayed in Aeroplan points + money is 11,500 points + $74.94 on the results.

Then, on the confirmation page, the following four options are proposed:

Aeroplan points + cash: the different redemption options - argent

I Granted, these options are not well positioned on the website for easy explanation.

First, we need to locate the cost that was displayed on the search result page, which was 11,500 points and $74.94; this rate is the regular number of points Aeroplan + cash required, which will be called the “true cost” of the airfare, and the cash amount to be paid is only the cash taxes.

If you click on the link “View price breakdown”, you can see that you only pay the actual airport fees.

Aeroplan points + cash: the different redemption options - Détails de la répartition des prix

The two options on the left are 60% and 80% of the regular number of points. In these cases, you are buying some of the Aeroplan points deliberately or because you lack the points to choose the “true cost” of Aeroplan points + cash. You can see the different amounts that are added to your bill when you look at the details of your selection.

Aeroplan points + cash: the different redemption options - Répartition 60 %

Aeroplan points + cash: the different redemption options - Répartition 3e option

Then on the right, we find the price entirely in points. Air Canada will redeem points to pay the taxes and fees in this situation.

If you do not have enough points, you will be unable to select these options. You must have a minimum of 60% of the standard cost of the flight to use the Aeroplan + Cash points feature.

Aeroplan points + cash: the different redemption options - argent disponible

In the jargon of the travel hacker, we always say that you should take the third option; it is the “true cost” and the most optimal Aeroplan points + cash. In the application, the “true cost” is displayed second on the list to mix you up.

Aeroplan points + cash: the different redemption options - Résultats mobile

Aeroplan points + cash: the different redemption options - Résultats mobile 2

Understand the implication of each option

So, here is a quick summary of the different Aeroplan points + cashoptions for this flight from Montreal to Los Angeles:

60% of the standard cost in Aeroplan points: you pay 4,600 fewer points and make up for it by paying $117.06 more (purchase value 1 point = 2.54¢)
80% of the standard cost in Aeroplan points: you pay 2,300 points less and make up for it by paying $71.26 more (purchase value 1 point = 3.10¢)
Standard cost of Aeroplan points + cash: 11,500 points and $74.94 in taxes and fees
Points only: Air Canada will convert $74.94 in taxes into 7,494 points (sales value 1 point = 1¢)

Calculate the value of Aeroplan points

Milesopedia estimates the value of an Aeroplan point at 2¢. So, by purchasing your ticket entirely with points, you must use an additional 7,494 Aeroplan points to cover the $74.94 in taxes and fees.

However, these points are valued at $149.88; this is a less than optimal use of the points, as you could use the excess points for many other situations where they will be worth more than $74.94.

On the other hand, if you are short on points or choose the 60% or 80% Aeroplan points + cash options, you will pay more to get those points than their actual value. In fact, 4,600 points equals $92, but Air Canada charges you $117 to make up that number of points.

Just like currency exchanges where the bank sets the rates, the general rule of thumb for the Aeroplan points + cash exchange rate is :

1¢ per point if you sell the points
2¢ per point if you buy the points

It’s a marketing strategy to make you feel good about not having to pay a single dollar out of pocket or part with fewer points. Do the math! (or follow our advice and always select the famous 3rd option).

Measure the real value of your redemption

To know whether a redemption is worth it, compare it with the price of the same ticket paid entirely in cash. The formula fits on one line: value per point (in ¢) = (cash price of the ticket − cash portion of the points option) ÷ number of points × 100.

For example, a domestic flight priced at $379 in cash or 24,000 points + $241 gives (379 − 241) ÷ 24,000 × 100, or about 0.58¢ per point. That is well below the 2¢ per point value estimated above: in this case, paying cash and keeping your points is the better choice.

These gaps come from how Aeroplan sets its prices, as of September 2026:

Air Canada and a few partners (United, Emirates, Etihad, etc.): the price in points follows the cash price of the ticket. The Aeroplan Flight Reward Chart only shows a starting price and a median.
Other partners: the number of points is fixed by zone and distance flown, and a $39 partner booking fee applies per ticket.
Taxes and fees: Air Canada adds no carrier surcharges to its flight rewards, but taxes and third-party charges, such as airport fees, still apply.

Fixed-price partners therefore often give the best value when the equivalent ticket is expensive in cash, for example in Business Class on a long-haul flight.

Should we use the Aeroplan points + cash function?

As we have just demonstrated, the best way to pay for a flight is with the actual cost in Aeroplan points + cash; that is to say the 3rd option.

The disadvantageous situations of Aeroplan + cash points

Aeroplan points are straightforward to collect, especially with the many generous welcome bonuses. A credit card like the TD^® Aeroplan^® Visa Infinite* Card can give you enough points to go on a long weekend in New York with your family, and then the annual fee is waived for the first year.

Free points are better than points charged at 2¢ per point with the Aeroplan points + cash option.

Our credit card selection
Credit card	Annual fee	Welcome offer
FeaturedTD^® Aeroplan^® Visa Infinite* Card Apply NowCompare	Annual feeFirst Year Annual Fee Rebate$139 $0First Year Annual Fee Rebate	Welcome offerAfter $12,000 in 12 months Up to 50,000 points After $12,000 in 12 months	Apply NowCompare

Then, on a day-to-day basis, you can earn lots of Aeroplan points with your TD^® Aeroplan^® Visa Infinite* Card on expenses like Costco! Also, you will always be entitled to one free bag on Air Canada flights with this card.

Then, if you don’t want to apply for a new credit card, there are often discounted point purchase promotions. The opportunity to purchase points at 1.75¢ comes a few times a year!

Finally, if you choose to pay only with points, you cannot take advantage of the coverages of some credit cards that require you to charge “a certain amount” on the card. For example, you are eligible for travel insurance from National Bank’s World Elite Mastercard^® and BMO Ascend World Elite Mastercard travel insurance with a simple charge such as taxes(minimal for the 3rd option).

So it’s a huge incentive to use the 3rd Aeroplan points + cash option to get coverage at a low price!

Our credit card selection
Credit card	Annual fee	Welcome offer
ExclusiveBMO Ascend^™ World Elite^®* Mastercard^®* Apply NowCompare	Annual feeFirst Year Annual Fee Rebate$150 $0First Year Annual Fee Rebate	Welcome offerAfter $20,000 in 12 months Up to 115,000 points After $20,000 in 12 months	Apply NowCompare
ExclusiveNational Bank World Elite^® Mastercard^® Apply NowCompare	Annual feeFirst Year Annual Fee Rebate$150 $0First Year Annual Fee Rebate	Welcome offer$150 annual fee rebated First Year Annual Fee RebateEnds Nov 4, 2026 $150 annual fee rebated	Apply NowCompare

The advantageous situations of Aeroplan + cash points

However, if you don’t have enough points right away, the 60% or 80% Aeroplan points + cash option may be an excellent way to purchase your airfare and secure your seat.

Indeed, prices for Air Canada flights are dynamic. So, it may be best to buy a few 2¢ points to guarantee this rate as it may jump by the time your welcome bonus arrives or your points transfer on the statement date.

Then, flights with partners are available in minimal quantities; these flights may not be available in the future. It would be a shame to let one of those rare First Class seats on Etihad slip away, for example.

See an excellent first-class flight to the Maldives for 130,000 points when you only have 105,000 in the bank? Paying $525 with the Aeroplan points + cash option to get your hands on this $20,000 seat may be worth it. It all depends on your goals, but it can be a small price to pay to ensure you’re on a First Class flight, a superior product to Business Class, for 13 hours in a 787!

Aeroplan points + cash: the different redemption options - Coût en argent EY

Similarly, it depends on how you look at it, but paying $500 or $900 for the opportunity to fly to Japan in First Class on All Nippon Airways is a suitable way to treat yourself when the equivalent airfare is worth over $20,000.

Personally, it’s not a dilemma for me if I don’t have enough points; I would have paid that cost to get to Tokyo since it’s a lesser amount than a class economy flight segment purchased! It’s all relative.

And even if it was only business class, it already retails for over $8,000.

Aeroplan points + cash: the different redemption options - Tokyo 1ere

Aeroplan points + cash: the different redemption options - Coût en argent NH

So, it’s up to you to consider all the different elements of whether or not the combination of Aeroplan points + cash can be advantageous to you; indeed, with time on your hands, it’s better to accumulate points through a bonus or on your organic spending.

In fact, your organic spending (everyday expenses) can be enough to quickly accumulate a large number of points with a card like the American Express Cobalt^® Card which gives 5X Privilege points per dollar on groceries and anything else purchased at the grocery store, such as gas or Amazon gift cards.

These privilege points transfer to the Aeroplan program at parity, which translates into 5 Aeroplan points per dollar.

Bottom Line

The Aeroplan points + cash feature is essential to understand, as you can save valuable points or dollars for your next adventure!

On the other hand, the combination of Aeroplan points + cash can give us a small and reasonable financial boost for particular situations such as securing a fare or a seat.

I repeat the golden rule: always choose the 3rd option when available (or the 2nd option if you book through the application).

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American Express Cobalt^® Card

American Express Amex Membership Rewards

Annual fee: $191.88
Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$255Total$255Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.: $255
Welcome offerGet 1,250 points after $750 in purchases per month for 12 months: Up to 15,000 points

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on American Express's website

Apply with confidenceCheck whether your application will be approved before you submit it, with no impact on your credit score*When you apply for a personal American Express Credit Card, we will tell you whether you are eligible without affecting your credit score. So you can apply with confidence.*Instant decisions are only available for consumer Card applications (also called “personal Cards”).

The American Express Cobalt^® Card is the best credit card from American Express, whether you want points for travel or cash back.

American Express Cobalt^® Card welcome offer

The welcome bonus is paid out monthly over your first 12 months. You earn 1,250 Membership Rewards points for each monthly billing period in which you charge $750 in net purchases to your card, in any category (1X, 2X, 3X or 5X). That adds up to 15,000 Membership Rewards points over the year, a welcome offer we value at $255.

Earning the full bonus means $9,000 in net purchases spread across 12 monthly billing periods. This offer rewards steady monthly spending rather than one large purchase.

You can use these points as statement credits on everyday or travel purchases, at the same rate either way: 1,000 points = $10.

You can also transfer them to Aeroplan, Avios (British Airways and Qatar Airways), Flying Blue, Marriott Bonvoy or Hilton Honors. With the full welcome bonus, that is a choice between:

15,000 Aeroplan points
15,000 Avios points
15,000 Flying Blue Miles
18,000 Marriott Bonvoy points

If hotel points are what you are after, our ultimate guide to Marriott Bonvoy and our complete map of Marriott Bonvoy hotels by category show what those points can actually buy.

American Express Cobalt^® Card benefits

Here is what the card gives you, starting with the benefits cardholders use most.

5X points on eligible eats and drinks in Canada: groceries, restaurants and bars, home food delivery and convenience stores. A spend cap applies.
3X points on eligible streaming subscriptions in Canada.
2X points on eligible gas, public transit and ride sharing purchases in Canada.
1 additional point on eligible hotel and car rental bookings made through American Express Travel Online.
1X point per dollar on everything else, with no category restrictions.
Points that hold the same value either way: 1,000 points = $10 as a statement credit, or a 1:1 transfer to several airline and hotel loyalty programs.
No minimum income requirement, as with every American Express Canada card.
Additional cards at no extra cost: the first and every other supplementary card is $0.
The Hotel Collection: a room upgrade when available, 12pm check-in and late check-out when available, and up to $100 USD in hotel credit on amenities charged to the room for a stay of two or more consecutive nights, booked through American Express Travel.
Front Of The Line^® presale and reserved tickets for concerts and theatre performances, plus offers and events curated for cardmembers through Amex Experiences.
A soft credit check before you apply: you can see whether you will be approved with no impact to your credit score. This applies to American Express personal card applications.

To see how it compares with the rest of the line-up, read our round-up of the best credit cards from American Express in Canada.

The 5X categories and where they apply

The 5X rate is the reason most people carry this card. In Canada it covers four kinds of merchants:

Groceries: Metro, IGA, Sobeys, Super C, Safeway, Whole Foods.
Restaurants and bars: sit-down meals, takeout and drinks.
Home food delivery.
Convenience stores: Couche-Tard, 7-Eleven.

The 2X rate covers gas stations such as Esso, Shell and Petro-Canada, along with public transit and ride sharing.

With the American Express Cobalt^® Card, you earn between 1 and 5 points per dollar:

Category	Points per dollar
Grocery (Metro, IGA, Sobeys, Super C, etc.)	5
Home food delivery	5
Restaurants and bars	5
Convenience stores	5
Streaming services	3
Service station	2
Transport	2
Travel	1
Other	1

That works out to a 1 to 5% return on those purchases. For example, if you spend $1,000 per month across groceries, restaurants and food delivery, you earn $50 back per month, or $600 per year from that category alone. Transfer the points to a program such as Aeroplan instead and the return can be higher.

You can also stack these categories with the hundreds of stores that offer 5x points.

American Express Cobalt^® Card insurance coverage

The card comes with a broad insurance package. The amounts below are the coverage limits; conditions, age limits and exclusions are set out in the certificate of insurance linked in the Insurance section above.

Travel insurance

Emergency medical: up to $5,000,000 for the first 15 days of a trip.
Travel accident: accidental death and dismemberment of up to $250,000 for you, your spouse and dependent children under age 23 when travelling on a common carrier (plane, train, bus or ship) and the tickets are charged to your card. Supplementary cardholders and their families are covered too.
Flight delay: up to $500 for necessary hotel, meal and sundry expenses bought within 48 hours when you are delayed or denied boarding for four hours or more and no other transportation is available. This $500 is an aggregate limit per occurrence, shared with missed connection and delayed baggage coverage.
Delayed baggage: up to $500 for essential clothing and sundries bought within four days when your outbound luggage is delayed six hours or more. This $500 is an aggregate limit per occurrence, shared with missed connection and flight delay coverage.
Lost or stolen baggage: up to $500 per occurrence for all insured persons combined, for checked or carry-on baggage and personal effects in transit, when the airline tickets are charged to your card. Within that limit, jewellery is capped at $300 per occurrence and golf clubs, including golf bags, at $250 per occurrence.
Hotel and motel burglary: up to $500 against the loss of most personal items if your hotel or motel is burglarized, when the stay is charged to your card.

Rental car insurance

Theft and damage coverage is included for a rental car with an MSRP, for its model year, of up to $85,000 excluding all taxes, for rentals of up to 48 days. To use it, decline the Loss Damage Waiver (LDW) or any similar option from the rental company and charge the full rental to your card. There is no cost for this coverage, and it replaces the daily insurance the rental company charges, usually $16 to $23 per day.

Mobile device insurance

Your device is covered for up to $1,000 per occurrence when it is charged to the card, for up to two years from the date of purchase. The payout is based on the depreciated value of the device, which falls by 2% of the purchase price for every completed month, less a 10% deductible. Theft and accidental damage coverage starts on the 91st day after purchase, because the first 90 days are covered by purchase protection.

Purchase protection and extended warranty

Eligible items charged to your card are insured against accidental physical damage or theft for 90 days from the purchase date, up to $1,000 per occurrence for all items combined. The card also extends the original manufacturer’s warranty by up to one additional year on eligible items, with indemnification limited to $10,000 per insured item and $25,000 per Cardmember per policy year for all items combined.

American Express Cobalt^® Card fees

Card fee: $15.99 per month, which equals $191.88 per year, for residents outside Quebec. Quebec residents are billed $191.88 per year.
Additional cards: $0.
Purchase interest rate: 21.99%.
Cash advance interest rate: 21.99%.
Foreign transaction fee: 2.5%.
Minimum income required: none.

Because the fee is billed monthly rather than in one annual charge, you can stop and restart the cost in step with how much you are actually using the card.

Legal

American Express is not responsible for maintaining or monitoring the accuracy of information on this website. For full details and current product information, click the Apply Now link. If you apply and get approved for an American Express Card, we may receive compensation from American Express, which can be in the form of monetary payment.

Annual fee

Primary card$191.88

Additional card$0

Annual income required

Individual$0

Household$0

Conversion fees

2.5%

Earning rate

5xConvenience
5xRestaurants
5xGroceries
3xStreaming
2xTransit
2xGas & EV
1xAll spending

Value

1st Year Value$1,828

2nd Year Value$799

Transfer partners

AeroplanAirline
British Airways ClubAirline
Cathay Asia MilesAirline
Etihad GuestAirline
Flying BlueAirline
Hilton HonorsHotel
Marriott BonvoyHotel

Travel insurance

Travel medical (under 55)Up to $5,000,000 / 15 days

Travel medical (55-64)Up to $5,000,000 / 15 days

Delayed BaggageUp to $500

Lost BaggageUp to $500

Flight DelayUp to $500

Hotel BurglaryUp to $500

Travel AccidentUp to $250,000

Purchase protection

Purchase ProtectionUp to $1,000 / 90 days

Extended Warranty+1 years

Mobile DeviceUp to $1,000 / 2 years

Auto Rental Collision (primary)Up to $85,000 / 48 days

Is it better to pay only with Aeroplan points?

No, because when you pay airport taxes with points, you use Aeroplan points at a disadvantageous rate.

Is it better to pay with Aeroplan points + cash?

There are several combinations to pay with Aeroplan points + cash. The third option (when booking on the website) is the best; in this case, you pay the real fare in points and the right amount of money that covers the airport taxes.

What is the best Aeroplan points + cash option?

The third option on the website (or the second menu option on the app) is the best way to pay with your Aeroplan points.

Why are there several options to pay with Aeroplan?

Air Canada allows you to use less of your points or cover airport taxes with your points. Like a bank, the exchange options are always more favourable for the company than for you. The fair price is the regular cost + airport taxes.

Why does Aeroplan points + cash sometimes cost more than the cash fare?

When you are short on points, the 60% or 80% options make you pay cash for the missing points, at a rate above their value. Under the Aeroplan Flight Reward Policy, taxes and fees on these combinations must also be paid entirely in cash. If an Air Canada flight is expensive in points, the total can therefore exceed the cash fare. Calculate the value per point before you confirm.