You have no plans to travel anytime soon? You have a bunch of unused points? Buying gift cards with reward points can be an interesting solution for you.
This is not a solution that we generally recommend for using points since it is always more advantageous to use them for other purposes, such as travel. But using points to get gift cards can help!
There’s also a technique for buying gift cards with credit cards to earn more reward points!
You can purchase gift cards using Aeroplan points at many retailers across Canada.
Here is the usual exchange rate:
This is the case, for example, for Amazon, Esso or Hudson’s Bay.
However, at some retailers, Aeroplan Points have a higher value. This is the case with Air Canada:
But if you just want to be able to buy almost anything with your Aeroplan points, you can get a prepaid Mastercard :
AIR MILES bonus miles come in two forms:
It is not possible to transfer DREAM MILES to CASH MILES (or vice versa).
You can use Cash Miles at your AIR MILES store like Shell to get a discount on your bill: 95 miles = $10.
It’s a great way to reduce your grocery, gas or drugstore bill. You can do this directly at the store’s cash register.
Also, in the Rewards section, under “Online vouchers“, several partners offer you the opportunity to purchase and immediately obtain gift cards. The rate is the same, 95 miles for $10 off.
There is the option of buying it and giving it to someone else. Then simply print it out and use it at the store.
The American Express Membership Rewards program is probably the most flexible in Canada for using points.
And of course, it allows you tobuy gift cards with Membership Rewards points!
Examples include Air Canada, Home Depot and Esso.
However, with some retailers, Membership Rewards have a higher value. This is the case with American Express Prepaid cards, which you can use wherever American Express is accepted as a means of payment:
This is better value than using Membership Rewards points for an account credit on any purchase.
For example, American Express Cobalt? Cardholders earn 5 Membership Rewards points per dollar spent at grocery stores, restaurants and Couche-Tard convenience stores. During the first year, a welcome bonus of 2,500 Membership Rewards per month is offered after spending $500.
So if you spend $500 a month in the 5 Membership Rewards per dollar categories, you get:
That’s 5,000 Membership Rewards per month, or 60,000 Membership Rewards points in the first year!
Usually, we recommend using these points for travel (this represents a value of $600). But you could also use them to buy an American Express gift card: 62,500 Membership Rewards = $500.
Find out in this article why we consider this card to be the best credit card available in Canada.
All loyalty programs offer to buy gift cards with points:
For BMO Rewards, the value is different for each card: a $100 card can be redeemed for anywhere between 17,500 and 20,300 points. We detailed that here.
And even hotel programs like Marriott Bonvoy offer the possibility ofusing points to buy a gift card! Dozens of merchants are available, such as Costco or Home Depot.
Here, you will need to use 25,000 Marriott Bonvoy points to get a $100 gift card.
We have always advised to use the points at their full value. However, in uncertain times, or when you don’t have any travel plans, it can be a good idea to purchase gift cards with points to meet YOUR needs!
Savings are here:
