What the Card Offers
Amex markets the Aeroplan Reserve as its premium Air Canada card: up to 85,000 welcome points, 3x on Air Canada, Maple Leaf Lounge access, an annual companion pass, priority airport services and up to $4,400 in value in the first 13 months.
- 3x
On Air Canada1
3 points per $1 on purchases made directly with Air Canada and Air Canada Vacations.
- 2x
Dining and food delivery1
2 points per $1 at restaurants, cafés, bars and food delivery in Canada.
- 1.25x
Everything else1
1.25 points per $1 on all other purchases.
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- 85,000
Welcome Aeroplan points2
60,000 points after $7,500 in purchases in 3 months, plus 25,000 for $2,500 spent in month 13.
- Lounges
Maple Leaf Lounge access3
Maple Leaf Lounges and Air Canada Cafés in Canada and the U.S. for you and one guest, on same-day Air Canada or Star Alliance flights.
- $99+
Annual companion pass4
A companion fare from $99 base each year, after more than $25,000 in yearly purchases.
- $100
NEXUS credit5
Up to $100 in statement credits for NEXUS fees every 4 years.
- $5M
Emergency medical6
Up to $5,000,000 per person for the first 15 days of a trip, for travellers 64 or under.
Benefits as advertised by the issuer. The conditions attached to them are in the Fine Print Report below.
Sources (6)
- Amex Aeroplan Reserve product page footnotes (retrieved 2026-10-21), earn rate terms
- Amex Aeroplan Reserve product page footnotes (retrieved 2026-10-21), Welcome Bonus terms
- Amex Aeroplan Reserve product page footnotes (retrieved 2026-10-21), Maple Leaf Lounge terms
- Amex Aeroplan Reserve product page footnotes (retrieved 2026-10-21), Annual Worldwide Companion Pass terms
- Amex Aeroplan Reserve product page footnotes (retrieved 2026-10-21), NEXUS terms
- American Express Aeroplan Reserve Card Insurance Product Summary and Fact Sheet
Points & Redemption
Rates: TD Aeroplan Visa product pages (retrieved 2026-10-13), redemption section and welcome-offer value footnote; Aeroplan Terms and Conditions for TD Credit Cards 599192 (04/25), section 3.1; CIBC Aeroplan Visa Infinite product page, welcome offer and footnote "aeroplan-redeem" (retrieved 2026-10-18). The CardTruth estimate is our own valuation, not a rate stated in the terms. The program states no fixed cash value, so what a point is worth depends on how you redeem it. Ranges marked est. are CardTruth estimates, from a conservative redemption to a typical one.
The Fine Print Report
Moderate fine print. Strong for Air Canada regulars; costly otherwise.
Fee rises to $799 from January 2027Impact level: High
The annual fee rises from $599 to $799 for fees charged on or after January 12, 2027
Amex's page says the annual fee increases to $799 for annual fees charged on or after January 12, 2027, with new benefits. Additional Reserve Cards go from $199 to $249, and the no-fee additional card becomes a Companion Card at $25 a year.
Why it matters: Anyone applying now pays $599 in year one but should expect $799 at their first renewal.
Medical: 64 or under, first 15 daysImpact level: High
Emergency medical insurance covers only travellers 64 or under, for the first 15 days of a trip
The $5,000,000 emergency medical coverage applies for a 15-day period including the days you leave and return, and only if the insured person is 64 or under. Conditions that weren't stable in the 90 days before departure are excluded.
Why it matters: Travellers 65 or older, or on trips longer than 15 days, need separate travel medical insurance.
Companion pass needs $25,000 a yearImpact level: Medium
The companion pass needs more than $25,000 in yearly spending, and is cancelled if you close or change the card
One Annual Worldwide Companion Pass is issued 8 to 10 weeks after your card anniversary, only if net purchases in the previous 12 months were more than $25,000. It's for economy fares on Air Canada only, booked directly with Air Canada; the companion pays a base fare of $99 to $599 plus all taxes and surcharges. Unused passes are cancelled when the card is cancelled or changed to another product.
Why it matters: Below $25,000 a year in spending there's no pass at all.
Priority Pass visits are paidImpact level: Medium
Priority Pass membership is included, but every lounge visit is charged a usage fee
The Priority Pass terms say all lounge visits are subject to a usage fee at the prevailing rate, for the Cardmember and guests, charged automatically to the card. Free lounge access is limited to Maple Leaf Lounges and Air Canada Cafés in Canada and the U.S., with one guest, on a same-day Air Canada or Star Alliance flight.
Why it matters: Outside Canada and the U.S., or when not flying Air Canada or Star Alliance, lounge visits cost extra.
Other Aeroplan card bonuses can block itImpact level: Medium
Current or former Aeroplan Reserve Card Cardmembers can be approved but get no welcome bonus, and other Aeroplan card bonuses can count against you
Amex may approve your application but won't pay the welcome offer if you hold or have held this card before. You may also be refused the bonus if you've already received welcome or incentive Aeroplan points on an Aeroplan card of the same category from another issuer, such as TD or CIBC, under Aeroplan's own terms. Points can be deducted if returns take your spending below a threshold you've already met.
Why it matters: Check your history with this card and with other banks' Aeroplan cards before applying for the bonus.
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25,000 points need a second annual feeImpact level: Medium
25,000 points of the welcome bonus needs you to keep the card into its second year and pay the next annual fee
The last part of the welcome offer is paid for spending $2,500 in month 13 of Cardmembership. The terms say you must keep the card into its second year, that the second-year annual fee will be payable, and that it may be higher than the first year's. The fee is already set to rise to $799 from January 12, 2027.
Why it matters: Count the second annual fee against the second part of the bonus when working out what the offer is really worth.
Missed payment: that month's points lostImpact level: Medium
Miss a payment and the Aeroplan points from that billing period can be withheld or taken back
If the required payment isn't received by the next statement date, Amex can withhold or deduct all Aeroplan points earned in that billing period, including bonus points. Getting them back requires a request within 120 days and a reinstatement fee for each billing period. Amex can also treat cancelling or downgrading the card, or returning purchases made to earn points, as abuse of the Aeroplan program.
Why it matters: Set up automatic payments. A late month can cost both interest and that month's points, including any welcome bonus points earned in it.
Missed payments: rates to 29.99%Impact level: Medium
Two missed payments raise your rates to 25.99%, three to 29.99%
The 21.99% purchase and funds-advance rates are the preferred rates. After 2 separate Missed Payments your rates become 25.99%, and after 3 or more they become 29.99%. The definition of a Missed Payment is in the information box sent with the application.
Why it matters: If you carry a balance, set up automatic minimum payments.
2.5% FX fee, not refunded on returnsImpact level: Medium
2.5% foreign currency conversion commission, not refunded on returns
Charges in a foreign currency are converted by Amex's currency affiliate and a 2.5% conversion commission is added. The agreement sets the rate in the information box sent with the application rather than on the product page. The commission isn't returned when a foreign-currency purchase is refunded.
Why it matters: Spending $200 a month in U.S. dollars, on subscriptions for example, adds about $60 a year in conversion fees, and refunds of foreign purchases don't return the original commission.
$4,400 value claim: 2¢/pt, $55,000 spendImpact level: Low
The "up to $4,400 in value" assumes 2 cents a point and $55,000 of yearly spending
Amex's figure values every Aeroplan point at 2 cents, based on what most cardholders got on flight redemptions, and assumes $55,000 a year in purchases to reach $1,760 of annual earn.
Why it matters: Your value depends on your spending and on redeeming for flights at that rate.
Third-party payments earn 1.25xImpact level: Low
Bonus rates don't apply through payment services, phone card readers or marketplaces; those earn 1.25x
Purchases made through a third party's payment account or service, on a card reader attached to a mobile phone, or with an online retailer that sells other merchants' goods earn the base rate of 1.25x, as does any purchase whose merchant category can't be identified.
Why it matters: Pay the merchant directly to get the bonus rate.
Who This Card Is For
Great fit if you...
- Fly Air Canada often from Canada or the U.S.
- Spend over $25,000 a year on the card
- Use Maple Leaf Lounges
- Are 64 or under and take short trips
Consider alternatives if you...
- Fly other airlines
- Spend under $25,000 a year
- Want free Priority Pass visits
- Are 65 or older
Welcome Bonus History
Amex Aeroplan Reserve Welcome Bonus History
The Verdict
The Aeroplan Reserve earns 3x on Air Canada, includes Maple Leaf Lounge access in Canada and the U.S., and has a full travel insurance package.
The fee rises from $599 to $799 in January 2027, the companion pass needs over $25,000 a year in spending, and Priority Pass visits are paid.
The Recommendation: Worth it for frequent Air Canada flyers who'll use the lounges and reach $25,000 a year.
Before you apply: This teardown is general information, not financial, legal or insurance advice, and reflects the issuer's documents as of October 2026. Terms, rates, fees and offers change, and the issuer's own agreement, disclosure statement, insurance certificates and program terms are what govern your card. Read them in full and confirm details with the issuer before you apply. Full disclaimer