American Express Aeroplan Reserve Card Review
Pros
- Earn generous Aeroplan points on eligible purchases
- Comprehensive travel insurance and benefits
- Exclusive Air Canada travel benefits and priority services
- Airport lounge access (including Maple Leaf Lounge and Priority Pass)
- Annual companion fare benefit
Cons
- High annual fee
- Limited acceptance compared to Visa or Mastercard
- Strong emphasis on travel rewards (may not be suitable for those without frequent travel plans)
- No introductory APR promotions for balance transfers or purchases
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Performance test results
At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.
You can see our full testing methodology here to learn why we’re the most trusted source for credit card reviews.
The American Express Aeroplan Reserve Card has earned a 4.64 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).
4.7
Rewards
0.3
Fees
4.5
Perks
2.7
Interest rates
4.3
Insurance
4.0
Acceptance
3.0
Approval
The highest scoring categories for the American Express Aeroplan Reserve Card are rewards and perks.
These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.
This weighting allows us to judge cards on their merits and the customers they are designed for.
For the American Express Aeroplan Reserve Card the most important factors for scoring this card are its rewards and perks.
Rewards
With the American Express Aeroplan Reserve Card, here’s the rates at which you earn rewards for different spending categories per dollar you spend:
| Bills | 1.25 points |
| Pharmacy | 1.25 points |
| Gas | 1.25 points |
| Groceries | 1.25 points |
| Restaurants | 2 points |
| Specific Stores | 3 points |
| Travel | 1.25 points |
| All Other Spend | 1.25 points |
Calculating your annual rewards
We estimate that spending $2,000 per month with the American Express Aeroplan Reserve Card would earn $678 in rewards over the year.
Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.
We found that you’d earn this per category:
| Restaurants | $96 |
| Specific Stores | $72 |
| All Other Spend | $510 |
Our study investigating the value found that each dollar spent on the American Express Aeroplan Reserve Card is worth up to $0.02, depending on how you redeem.
This $678 in rewards value puts the American Express Aeroplan Reserve Card in the top 10% of credit cards in Canada based on rewards earned.
The average credit card in our database earns $337 in rewards for the same spend that the American Express Aeroplan Reserve Card earns $678 in rewards value.
We can compare this card to other options by looking at the earn rate by category.
This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.
For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.
In this example, that’s a 10% earn rate on gas.
| Spend | This Card | Average |
|---|---|---|
| Bills | 2.50% | 1.25% |
| Pharmacy | 2.50% | 1.17% |
| Gas | 2.50% | 1.48% |
| Groceries | 2.50% | 1.71% |
| Restaurant | 4.00% | 1.53% |
| Store | 6.00% | 1.94% |
| Travel | 2.50% | 1.19% |
| Other | 2.50% | 1.08% |
| Redemption method | Annual rewards |
|---|---|
| Transfer to partner hotels | $278 |
| Gift cards | $241 |
| Merchandise | $251 |
| Car rentals | $305 |
| Flight rewards | $678 |
| Air Canada gift cards | $339 |
| Air Canada vactions | $281 |
For an annual spend of $24,000, we estimated annual rewards value at up to $678.
That’s equivalent to a 2.83% return on spending.
The American Express Aeroplan Reserve Card has an annual fee of $599. After deducting this, we predicted net annual rewards of $79.
This puts it in the bottom 30% of credit cards for net rewards after fees.
In comparison, the average card earns net annual rewards of $254.
Fees
The American Express Aeroplan Reserve Card has a $599 annual fee.
The average card charges $85. So, the American Express Aeroplan Reserve Card is in the top 10% of cards based on the cost of the annual fee.
Perks
We manually review the perks of each credit card to determine how they compare to other cards.
The American Express Aeroplan Reserve Card scored a 4.5 out of 5 for perks, putting it in the top 10% of cards.
The average card scores 1.6 out of 5 for perks.
Interest Rates
| Purchase | 20.99% |
| Cash Advance | 21.99% |
| Balance Transfer | N/A% |
The average (median) credit card has a purchase interest rate of 19.99% and so the American Express Aeroplan Reserve Card charges 1% more than the average.
For cash advances it costs 21.99% compared to the average of 19.96%.
Testing the American Express Aeroplan Reserve Card with a $2,000 starting balance, you can see in the graph how the 1% more in interest rates impacts the interest over a year, compared to the average card.
Insurance coverage
| Insurance | This Card | Average |
|---|---|---|
| Extended Warranty | 1 year | 1 year |
| Purchase Protection | 90 days | 90 days |
| Travel Accident | $500,000 | $500,000 |
| Emergency Medical Term | 15 days | 15 days |
| Trip Cancellation | $1,500 | $1,500 |
| Trip Interruption | $1,500 | $2,000 |
| Flight Delay | $1,000 | $500 |
| Baggage Delay | $1,000 | $500 |
| Lost or Stolen Baggage | $1,000 | $1,000 |
| Rental Car Theft & Damage | Yes | No |
| Hotel Burglary | $1,000 | $1,000 |
We scored it 4.3 out of 5 for insurance.
It offers 11 types of insurance, whereas the average card has 5 types of coverage.
Approval and qualifying
| Do I qualify? | |
|---|---|
| Estimated Credit Score | 660 – 724 |
| Personal Income | $0 |
| Household Income | $0 |
| Fees | |
|---|---|
| Annual Fee | $599 |
| Extra Card Fee | $0 |
| Card type | AMEX |
We scored it 3.0 out of 5 for approval.
We predict that you will require a credit score of at least 660 to qualify for the American Express Aeroplan Reserve Card, while the average card requires 652 to qualify.
This puts it in the top bottom 50% of cards by approval difficulty.
The personal income requirements are $0, while the average card requires $23,896.
This puts it in the top 50% of cards by the income required to qualify.
The American Express Aeroplan Reserve Card is a premium credit card specifically designed for frequent travelers and those loyal to the Aeroplan program. This review will provide an in-depth look at the card’s earning potential, four main benefits, two drawbacks, and other additional information.
Earning potential
The American Express Aeroplan Reserve Card focuses on rewarding users with Aeroplan points. Cardholders earn 3 points per $1 spent when purchasing directly from Air Canada or Air Canada Vacations, 2 points per $1 spent on dining & food delivery in Canada, and 1.25 points per $1 spent on all other purchases.
As a sign-up bonus, new cardmembers can earn up to 90,000 bonus Aeroplan points upon meeting the minimum spending requirements within the first six months.
Benefits
- Travel perks: One of the major advantages of this card is its generous travel perks. Cardholders have access to a range of benefits, such as priority check-in, boarding, and baggage handling with Air Canada, a complimentary Maple Leaf Lounge access within North America, and free checked bags.
These perks elevate the travel experience significantly for frequent flyers. - Annual worldwide companion pass: The American Express Aeroplan Reserve Card offers an annual Worldwide Companion Pass.
As a cardmember, you can receive a complimentary companion pass after spending $25,000, allowing you to book a secondary ticket at a reduced cost for travel in Economy, Premium Economy or Business Class on Air Canada-operated flights. - Travel insurance: Cardholders are covered with comprehensive travel insurance, including emergency medical coverage, travel accident insurance, trip cancellation/interruption insurance, baggage loss/delay, flight delay, and car rental theft/damage coverage.
This protection provides peace of mind when traveling, knowing that you and your family are well-covered. - On My Way travel services: The card offers priority access to Air Canada’s On My Way travel services for flight disruptions like delays, cancellations, or missed connections. Cardholders can receive exclusive assistance in rebooking flights, hotel accommodations, and ground transportation to ensure minimal impact on travel plans.
Drawbacks
- Drawback: A significant drawback of this card is the high annual fee of $599, which can be prohibitive for potential users. To get the full value out of the American Express Aeroplan Reserve Card, cardholders must use the travel benefits and spend a significant amount on the card.
- Drawback: The second drawback is that American Express cards are not accepted everywhere, especially in comparison to Visa and Mastercard. This limitation can be inconvenient when trying to earn rewards on everyday purchases at certain merchants.
Additional information
While not exclusive to this card, American Express offers a referral program that rewards you with bonus Aeroplan points when referring friends or family for an eligible American Express card. This allows you to increase your rewards earning potential even further, beyond your regular spending.
In conclusion, the American Express Aeroplan Reserve Card offers exceptional travel benefits, comprehensive insurance coverage, and multiple ways to earn Aeroplan points.
However, the high annual fee and limited acceptance at some merchants could be concerns for some potential cardholders. It’s essential to evaluate whether the benefits align with your travel needs and spending habits to ensure the card is a good fit for you.
Is the American Express Aeroplan Reserve Card not convincing you? Consider the American Express Gold Rewards Card or the American Express Green Card. Still not the right credit card? Make sure not to miss the Marriott Bonvoy American Express Card.
FAQ
Key benefits
- Earn 3x points on eligible purchases from Air Canada and affiliated partners
- Earn 2x points on eligible dining and food delivery purchases
- Earn 1.25x points on all other purchases
- 15,000 Aeroplan points welcome bonus
- Priority check-in, boarding, and baggage handling with Air Canada
- Complimentary annual access to Air Canada Maple Leaf Lounge
- Priority Pass membership with 6 complimentary visits per year
- Aeroplan Elite status benefits after meeting qualifying spend requirements
- Receive 1 Annual Companion Pass for travel within North America
- Comprehensive travel insurance package, including medical, trip interruption, and rental car coverage
- Global Wi-Fi access through Boingo Wi-Fi for Mastercard
- $599 annual fee
