American Express Aeroplan Reserve Card review

How the Aeroplan Reserve earns points

The Aeroplan Reserve pays its top rate where Air Canada flyers already spend. Air Canada and Aeroplan purchases earn 3 Aeroplan points per dollar, dining and food delivery earn 2 points, and everything else earns 1.25 points. That 1.25-point base rate means spending outside the bonus categories still builds your balance a little faster than 1 point per dollar.

As an example, picture someone who spends $3,000 a year on Air Canada flights, $400 a month on restaurants and delivery, and $1,500 a month on everything else. That works out to 9,000 points from flights, 9,600 from dining and 22,500 from other spending, or 41,100 Aeroplan points a year.

The welcome offer

New cardholders can earn up to 85,000 Aeroplan points. Because the offer is listed as “up to” that amount, the full bonus depends on meeting every condition American Express attaches to it. Check the offer terms for any spending requirement and deadline before you apply, and make sure the spending fits your normal budget.

However large, the bonus is a one-time boost. Over several years, the Reserve’s value depends far more on how often you use the lounge, bag and priority benefits than on the points you collect in year one.

Lounge access and airport perks

Most of the Reserve’s value sits in its Air Canada benefits. When you fly Air Canada, you get Maple Leaf Lounge access, your first checked bag free, and priority check-in, boarding and security.

These perks are easy to overlook if you fly once a year and easy to rely on if you fly every month. A free checked bag on each Air Canada trip and a lounge to wait in during a long connection are the practical reasons frequent flyers keep this card. Confirm the details, including which flights qualify, before you count on them.

Fees, interest and the fine print

The Aeroplan Reserve costs $599 a year, which is just under $50 a month. That’s a premium price, so add up how many Air Canada trips you take in a year and what you’d otherwise pay for checked bags or lounge entry.

Purchases made in a foreign currency carry a 2.5% foreign transaction fee, so $1,000 spent abroad adds about $25. On a travel card, that’s worth planning around, and you may prefer a different card for spending once you land. Purchases and cash advances are both charged 21.99% interest, and paying the full statement balance by the due date avoids purchase interest.

Insurance coverage

The Reserve’s insurance is aimed squarely at travellers, with emergency medical and trip cancellation coverage alongside delay and rental car protection. Limits, eligibility and exclusions are set out in the insurance certificate, so read it before you travel.

• Comprehensive travel emergency medical
• Trip cancellation and interruption
• Flight and baggage delay
• Rental car collision and loss damage

Who it suits, and who should look elsewhere

The Reserve fits travellers who fly Air Canada several times a year, value lounge access and checked bags, and put enough spending on the card for the 3x and 1.25x rates to add up.

It’s a poor fit if you mostly fly other airlines, travel only occasionally, or want one card for everyday spending abroad, given the 2.5% foreign transaction fee. You’ll also want a backup card for merchants that don’t take American Express.

How it compares

The TD Aeroplan Visa Infinite Privilege also costs $599 and also collects Aeroplan points, with a top rate of 2x on Air Canada and Aeroplan purchases and a welcome offer of up to 85,000 Aeroplan points. It runs on the Visa network, while the Reserve earns more per dollar on Air Canada spending.

If $599 is more than your travel justifies, the TD Aeroplan Visa Infinite has a $139 annual fee, a top rate of 1.5x on groceries and a welcome offer of up to 50,000 Aeroplan points. You give up the Reserve’s airport perks but keep earning Aeroplan points for far less.

Before you apply

The recommended credit score is 760 or higher, and American Express makes the final decision using your full credit profile. Fees, earn rates and the welcome offer can change, so confirm the current terms on the American Express website before you apply.