When the Aeroplan® Credit Card from Chase launched they said they’d be adding a ‘Pay Yourself Back’ feature with points worth 1.25 cents apiece towards paid travel. That feature starts January 13, 2023.

The card lets you earn 70,000 points after you spend $3,000 on purchases in the first 3 months as an initial bonus and has a $95 Annual Fee. Earn is 3x points for each dollar spent on grocery stores, dining at restaurants, and Air Canada directly; 1x points for each dollar spent on all other purchases; plus 500 bonus points for every $2,000 you spend in a calendar month.

Cardmembers will be able to redeem Aeroplan points for travel purchases made on the card within 90 days (flights, including on other airlines); hotels; taxis; and trains. Any travel purchases made in the 90 days prior to feature launch will be eligible. While there’s a cap of 50,000 points annually you may redeem this way, that cap does not apply in 2023.

It’s nice to offer this feature, since it sets a floor on the value of points earned via the card, in much the same way that Chase did years ago with United and the launch of their Choices program in 2006 set a one cent floor.

However I hope you never use your Aeroplan points this way, since there are so many opportunities to get outsized value from them. For instance when they launched their new program and eliminated fuel surcharges, business class from the East Coast to Europe on partners like Lufthansa became a bargain.

Bear in mind that a key benefit of this card is status. In addition to encouraging spend with monthly bonus points, the card comes with the first tier of elite status for the remainder of the year in which you’re approved plus the following year. And you can keep that status with $15,000 in annual spend. Then spending $50,000 on the card bumps you up an elite level – to 35,000 mile status based on spend alone if you aren’t already at that level or higher. An Aeroplan 75K member who spends $50,000 on the card becomes Super Elite in the next calendar year.