"Should I collect Aeroplan or Amex Membership Rewards points?"

"For most Canadians who want to fly Air Canada, the answer is: collect Amex Membership Rewards first (via the Amex Cobalt at 5x on food and drink), then transfer to Aeroplan 1:1 when you have a redemption ready. This earns more Aeroplan points per dollar on everyday spending than any direct Aeroplan card. If you fly Air Canada regularly and want the on-flight card benefits (priority boarding, free bags, Status Qualifyin Miles), the TD or CIBC Aeroplan Visa Infinite is the better front-of-wallet card."

"Do Amex MR points transfer to Aeroplan at 1:1?"

"Yes — American Express Membership Rewards points transfer to Aeroplan at a 1:1 ratio. There is no bonus for larger transfers (unlike Marriott Bonvoy's Aeroplan transfer). A transfer of 50,000 MR points yields exactly 50,000 Aeroplan points. Transfers are typically processed within a few days."

"Which Amex card earns the most MR points to transfer to Aeroplan?"

"The Amex Cobalt is the best Amex card for earning MR points to transfer to Aeroplan. It earns 5x MR on food and drink purchases (restaurants, grocery, food delivery, coffee shops) — which transfers to 5 Aeroplan points per dollar on food spending. No direct Aeroplan credit card matches this earn rate on food and grocery."

"Can you transfer Aeroplan points to Amex MR?"

"No. The transfer relationship is one-way: Amex MR points can be sent to Aeroplan, but Aeroplan points cannot be transferred back to Amex MR. This means you should only transfer MR to Aeroplan when you have a specific redemption in mind, as the conversion is irreversible."

"Are Amex MR points or Aeroplan points worth more per point?"

"Amex MR points are worth approximately 1.0–2.5 cents per point depending on how you redeem them. The best MR redemption is typically transferring to Aeroplan (or another airline partner) for a flight redemption. Aeroplan points used for business class can be worth 2.0–5.0+ cents per point. Since MR transfers to Aeroplan at 1:1, the ceiling value is effectively the same — but MR gives you the flexibility to choose among multiple airline partners."

Aeroplan vs. Amex Membership Rewards: Which Is Better? Canada 2026

Aeroplan and Amex Membership Rewards (MR) are Canada’s two most important loyalty currencies for flight-focused collectors — but they serve different roles. Aeroplan is Air Canada’s direct loyalty program; Amex MR is a flexible points currency that transfers to Aeroplan and over a dozen other airline and hotel programs. This guide explores how the two programs interact, when to collect one vs. the other, and the optimal strategy for Canadian travellers.

Quick Verdict

Collect Amex MR if: You want maximum flexibility — the ability to send points to Aeroplan, British Airways Avios, Air France/KLM Flying Blue, Marriott Bonvoy, or other partners depending on the best available redemption at the time.

Collect Aeroplan directly if: You fly Air Canada regularly and want credit card benefits that attach to Aeroplan (priority boarding, Status Qualifying Miles, lounge access on the Reserve card), or if you don’t have a strong Amex card in your wallet.

The optimal strategy for most: Use the Amex Cobalt (5x MR on food/drink) as your primary everyday earner, transfer to Aeroplan when a strong Air Canada redemption is available.

At a Glance: Aeroplan vs. Amex MR

Feature	Aeroplan	Amex Membership Rewards
Program type	Airline loyalty (Air Canada)	Flexible transferable currency
Primary issuer	TD, CIBC, American Express	American Express
Best card for earning	Amex Aeroplan Reserve (3x Air Canada)	Amex Cobalt (5x food/drink)
Best everyday earn rate	1.5x (TD/CIBC Visa Infinite base)	5x on food/drink (Cobalt)
Transfer to Aeroplan	Direct	1:1 (irreversible)
Transfer to other airlines	None	British Airways, Air France, KLM, Etihad, and more
Fixed point value	No	No (value depends on redemption)
Best redemption value	2.0–5.0+ cpp (business class)	Same via Aeroplan transfer
Non-travel redemptions	Limited (poor value)	Amex Travel portal, statement credit (poor)
Points expiry	18 months inactivity	No expiry while card open

Why Amex MR Is the Better Earning Vehicle

The Amex Cobalt earns 5 MR points per dollar on food and drink — restaurants, grocery stores, food delivery, coffee shops. Since MR transfers to Aeroplan at 1:1, this effectively means 5 Aeroplan points per dollar on food spending via the Cobalt.

Compare that to direct Aeroplan cards:

TD Aeroplan Visa Infinite: 1.5x on everyday spending, 3x on Air Canada
CIBC Aeroplan Visa Infinite: 1.5x on everyday, 3x on Air Canada

On food and grocery — which is the largest non-housing expense for most Canadian households — the Amex Cobalt + MR transfer route earns 3.3x more Aeroplan points per dollar than the TD or CIBC Aeroplan cards.

Why Direct Aeroplan Cards Have Their Own Advantage

The Amex Cobalt’s points must be manually transferred to Aeroplan, and the transfer is irreversible. More importantly, direct Aeroplan credit cards come with credit card benefits attached to Air Canada travel that Amex MR cards cannot replicate:

Benefit	TD/CIBC Aeroplan Cards	Amex Cobalt (via MR transfer)
Priority boarding on Air Canada	✓	✗
Free first checked bag	✓	✗
Status Qualifying Miles (SQM)	✓	✗
Travel insurance tied to Air Canada booking	✓	Partial
Companion voucher	✗	✗

For frequent Air Canada flyers who want status progress and airport benefits, the TD or CIBC Aeroplan Visa Infinite is the better card to hold — even if the Cobalt earns more points on everyday spending.

Amex MR Transfer Partners: The Flexibility Advantage

Amex MR’s key advantage over Aeroplan is that you can send points to multiple programs. If a British Airways Avios redemption is more efficient for a particular route than Aeroplan, you can transfer there instead.

Key Amex MR transfer partners (Canadian cardholders):

Partner	Ratio	Best Use
Aeroplan	1:1	Air Canada, Star Alliance
British Airways Avios	1:1	Short-haul routes, Oneworld airlines
Air France/KLM Flying Blue	1:1	European routes
Etihad Guest	1:1	Middle East, Asia Pacific
Marriott Bonvoy	1:1.33 (MR:Bonvoy)	Hotel nights
Singapore KrisFlyer	1:1	Singapore Airlines (Star Alliance)

Aeroplan points, by contrast, have no outbound transfer partners — they can only be used within the Aeroplan ecosystem.

The Two-Card Strategy

The most common optimal Canadian setup for Aeroplan collection:

Card 1: Amex Cobalt — Everyday spending, food/drink (5x MR → Aeroplan)
Card 2: TD or CIBC Aeroplan Visa Infinite — Air Canada flights, for the airline benefits

This combination captures the highest point earn on everyday spending via the Cobalt while maintaining the Air Canada benefits and Status Qualifying Miles via the Aeroplan card.

When to Transfer Amex MR to Aeroplan

Transfer MR to Aeroplan when:

You have a specific Air Canada (or Star Alliance) flight booked and need Aeroplan points to cover it
You’ve identified an Aeroplan “sweet spot” redemption (business class with availability)
You’re topping up your Aeroplan balance for a redemption you’re ready to book

Don’t transfer speculatively — MR points can’t come back from Aeroplan, and other transfer partners (Avios, Flying Blue) may offer better value for some redemptions. Keep your MR balance flexible until you know your redemption destination.

Details current as of June 2026. See our Advertiser Disclosure.