American Express® Aeroplan®* Reserve Card Review

Updated October 14, 20267 min read

This is the Amex card for people who fly Air Canada a lot, and the case for it sits at the airport. Maple Leaf Lounge access with a guest, a free first checked bag and priority boarding for up to 9 people on one booking, and a Worldwide Companion Pass once you spend $25,000 are the reasons to pay for it. The earn rates, 3x with Air Canada, 2x on dining in Canada and at Hyatt, 1.25x on everything else, are not.

The timing matters right now. Amex is raising the fee from $599 to $799 for annual fees charged on or after January 12, 2027, and adding benefits to go with it, so if you apply today, your first renewal is the $799 one. I'd only take it on if the lounge and bag perks are things you would otherwise pay for several times a year.

The bonus

Welcome offer

The Aeroplan Reserve is showing an increased offer of up to 110,000 Aeroplan points, verified on the Amex page on October 13, 2026. It comes in two parts: 70,000 points after $7,500 in purchases in the first 3 months, and 40,000 points when you spend $2,500 in month 13. The standard figures, 60,000 and 25,000, appear struck through, and one page load that day showed the standard offer of up to 85,000 instead.

The month-13 bonus means keeping the card into a second year and paying that year's fee, which will be $799 for fees charged on or after January 12, 2027. Amex says the offer shown is the one currently available to you and that eligibility can change at any time. No end date is published, so confirm the current offer on the issuer's page before applying.

Total welcome bonus110,000 Aeroplan points

Up to $2,200 in flights (Amex's estimate)

1First 3 months+70,000on $7,500 spend

2Month 13+40,000on $2,500 spend

Insider tip

The first tier is the hard one: $7,500 in 3 months is $2,500 a month, so line up large planned purchases, such as an Air Canada booking or an insurance renewal, before applying. Then decide upfront whether you will keep the card past the first renewal, because 40,000 of the 110,000 points only arrive in month 13, once the second-year fee is payable.

What it costs

Fees & eligibility

The annual fee is $599 today, with no first-year waiver. Amex has announced that it rises to $799 for annual fees charged on or after January 12, 2027, so a card opened now renews at the higher price. Additional Reserve Cards are $199 each (rising to $249), and the no-fee Additional Card becomes the Reserve Companion Card at $25 on the same date.

No minimum income is published; Amex lists Canadian residency, a Canadian credit file and the age of majority in your province or territory. The interest rate is 21.99% on purchases and funds advances, rising to 25.99% after 2 missed payments and 29.99% after 3 or more. The product page does not state a foreign transaction fee, so check the cardholder agreement before relying on it abroad, and pay the balance in full each month.

Annual fee$599

Supplementary card$199 / yr ($0 no-fee card)

Points per dollar

Earning rewards

Earning is built around Air Canada. Purchases made directly with Air Canada and Air Canada Vacations earn 3x, while dining and food delivery in Canada and stays at participating Hyatt hotels earn 2x. Everything else earns 1.25x.

The Air Canada rate is strict about the merchant: tickets bought through another website or a travel agent, Air Canada gift cards, and hotel or car bookings made on aircanada.com earn the base rate. Groceries are not part of the 2x dining category. Presenting your Aeroplan number at partner brands or shopping through the Aeroplan eStore lets you earn points twice on the same purchase.

Air Canada & Air Canada VacationsBought directly from Air Canada; agency and third-party bookings earn 1.25x3x

Dining & food deliveryRestaurants, coffee shops, bars and delivery in Canada; groceries excluded2x

Hyatt hotels & resortsParticipating properties, through July 15, 2029 unless extended2x

Everything elseIncluding groceries, gas and dining outside Canada1.25x

No caps on the accelerated categories are printed on the product page. Aeroplan points do not expire while you are the Basic Cardmember of an Amex Aeroplan card. Separately, every $5,000 in eligible purchases earns 1,000 Status Qualifying Credits, up to 25,000 a year across all of your Aeroplan credit cards.

Getting value out

Redeeming rewards

Aeroplan is an airline program, so the value depends on what you book. Amex's own figure is that most of its Aeroplan cardmembers get 2 cents per point (cpp) or more on flight redemptions, which is how it values the 110,000-point offer at up to $2,200 in flights. Cardmembers can also often book flight rewards for fewer points through preferred pricing.

Beyond flights, points cover Air Canada Vacations, cabin bid upgrades and in-flight Wi-Fi, hotels, car rentals, merchandise and gift cards. Hotel redemptions get a 4th night free on bookings made through December 31, 2026 unless extended, and from January 12, 2027 the card adds FLY15OFF, a 15% reduction in the points needed for Air Canada flight rewards.

Air Canada and partner flights180+ Air Canada destinations and 1,200+ through airline partners; cardmembers can often book for fewer points with preferred pricing.

4th night freeRedeem points for 3 hotel nights and the 4th is free, on bookings through December 31, 2026 unless extended.

Upgrades and extrasCabin bid upgrades, in-flight Wi-Fi, Air Canada Vacations and car rentals.

FLY15OFF (from January 12, 2027)15% fewer points on Air Canada flight rewards.

Beyond the points

Perks & benefits

The airport is where this card earns its fee. You and a guest get into Maple Leaf Lounges and Air Canada Cafés in Canada and the US when departing on Air Canada or a Star Alliance airline, and you plus up to 8 companions on the same reservation get a free first checked bag, priority check-in, Zone 2 boarding and priority baggage. Spend $25,000 in a card year and you receive an Annual Worldwide Companion Pass, which sets a companion's economy base fare at $99 to $599 depending on the region.

The rest is a long list: 1,000 SQC per $5,000 spent toward Aeroplan Elite Status, Priority Pass membership with pay-per-visit lounges, a NEXUS credit of up to $100 every 4 years, World of Hyatt Discoverist status, Avis President's Club, and Pearson valet, parking and car care discounts. From January 12, 2027, alongside the $799 fee, Amex adds 2 free Priority Pass visits a year, 8 Aspire Amex lounge passes in Canada, worldwide Maple Leaf Lounge access, a $200 Air Canada's Best New Restaurants dining credit and $100 a year in AC Wallet credit.

Maple Leaf Lounge + guestLounges and Air Canada Cafés in Canada and the US on Air Canada or Star Alliance departures; worldwide from January 12, 2027.

Free first checked bagFor you and up to 8 companions on the same Air Canada reservation, with priority check-in, boarding and baggage.

Annual Worldwide Companion PassAfter $25,000 in net purchases in a card year; companion base fare from $99 to $599 plus taxes and fees.

Status Qualifying Credits1,000 SQC per $5,000 spent, up to 25,000 a year; a 10% SQC head start for 25K members from 2027.

Priority PassMembership fee waived with pay-per-visit lounges; 2 complimentary visits a year from January 12, 2027.

NEXUS and Pearson perksUp to $100 NEXUS credit every 4 years; Pearson priority security, valet, and 15% off parking and car care.

Coverage included

Insurance

The insurance covers the full premium travel list, with one gap: travellers 65 and over get no medical cover. Emergency medical pays up to $5,000,000 for the first 15 days of a trip for insured persons 64 or under, with no need to charge the trip. Trip cancellation covers up to $1,500 per person ($3,000 per trip) and trip interruption up to $1,500 per person ($6,000 per trip), for travel charged to the card or booked with the card's reward points.

Flight delay and baggage delay share $1,000 per occurrence, lost baggage and hotel burglary each pay up to $1,000, and travel accident cover is $500,000. Car rental theft and damage is primary for vehicles up to $85,000 MSRP and rentals of 48 days or less. Purchase Protection and a one-year warranty extension round it out; there is no mobile device insurance on this card.

Emergency medicalUp to $5,000,000 for the first 15 days of a trip; insured persons must be 64 or under on departure.

Trip cancellationUp to $1,500 per person and $3,000 per trip, for prepaid travel charged to the card or booked with the card's reward points.

Trip interruptionUp to $1,500 per person and $6,000 per trip; out-of-pocket expenses at $100 a day per person, up to $1,000.

Flight and baggage delayDelays of 4+ hours, denied boarding, missed connections and bags 6+ hours late: $1,000 combined per occurrence.

Lost or stolen baggageUp to $1,000 per occurrence for all insured persons; jewellery capped at $300 and golf clubs at $250.

Hotel burglaryUp to $1,000 per occurrence when the stay is charged to the card.

Travel accidentUp to $500,000 when the full fare is charged to the card.

Car rental theft and damagePrimary coverage with no deductible, MSRP up to $85,000, rentals of 48 days or less; decline the agency's CDW/LDW.

Purchase Protection and warranty90 days against theft or damage, $1,000 per occurrence; warranty extended up to 1 extra year ($10,000 per item, $25,000 a year).

Opinion

My take

JasonRated 6.6 / 10

I'd get the Aeroplan Reserve if you fly Air Canada often enough to use the lounge and free bags several times a year; I'd skip it if you mostly want points from everyday spending.

The value is in what you stop paying for. Lounge entry with a guest, checked bags for a whole travelling party, priority boarding and a companion fare from $99 add up quickly for a frequent Air Canada flyer, and the SQC earn helps on the way to Elite Status. The 110,000-point offer is strong on paper, but 40,000 of it waits until month 13, when the next fee is already due.

That fee is the part I'd think hardest about. At $599 it is a premium card; at $799 from January 2027 it needs the new benefits (Aspire lounge passes, FLY15OFF, the AC Wallet and dining credits) to pull their weight for you. With 1.25x on most spending, it is not the card to put everything on, so I'd pair it with a stronger everyday earner.

The good

Maple Leaf Lounge access with a guest
Free first bag and priority for up to 9 travellers
Companion pass after $25,000, plus 1,000 SQC per $5,000

The catch

Fee rises to $799 for fees charged from January 12, 2027
1.25x base rate, and 2x dining only counts in Canada
40,000 of the welcome points need month-13 spend after renewal

— Jason

Questions

Frequently asked

Is the Aeroplan Reserve annual fee going up?

Yes. Amex has announced the fee rises from $599 to $799 for annual fees charged on or after January 12, 2027. Additional Reserve Cards go from $199 to $249, and the no-fee Additional Card becomes the Reserve Companion Card at $25. New benefits start on the same date.

How does the 110,000-point welcome offer work?

70,000 points after $7,500 in net purchases in the first 3 months, plus 40,000 points when you spend $2,500 in month 13. The month-13 part requires keeping the card into its second year and paying that year's fee. The offer can differ between visitors, so confirm the current figures on the Amex page.

Who can use the Maple Leaf Lounges?

The Basic Cardmember and each eligible Supplementary Cardmember, plus one guest each, at Maple Leaf Lounges and Air Canada Cafés in Canada and the US, with a same-day departing flight on Air Canada or a Star Alliance airline. Lounges outside Canada and the US are excluded until worldwide access starts on January 12, 2027.

How do I earn the Worldwide Companion Pass?

Spend more than $25,000 in net purchases in the 12 months before your card anniversary. The pass arrives 8 to 10 weeks after the anniversary and sets a companion's round-trip economy base fare at $99 to $599 depending on the region, plus taxes and fees.

Does Priority Pass include free lounge visits?

Not yet. Today the $99 USD membership fee is waived, but each visit is charged at the prevailing rate. From January 12, 2027 the card adds 2 complimentary visits a year, with 4 more in the current year and 4 in the next after $25,000 in calendar-year spend.

Does the card include trip cancellation insurance?

Yes, up to $1,500 per insured person and $3,000 per trip for prepaid travel charged to the card, plus trip interruption up to $1,500 per person and $6,000 per trip. Emergency medical covers the first 15 days of a trip for insured persons 64 or under.

Can I get the bonus if I had another Aeroplan card?

Current or former Aeroplan Reserve Cardmembers are not eligible. Aeroplan's terms can also exclude you if you already received welcome or incentive points on an Aeroplan card of the same category from another issuer, so check that before applying.