Points Capital

Bad timing if you were about to apply for the Chase Aeroplan Card. The welcome offer is now 60,000 bonus points after $3,000 in purchases in the first 3 months, plus up to 20,000 more points through a temporary 1.5X earning promotion. Chase’s own page bills it as “up to 80,000 bonus points.” The catch is that the recent public offer was 85,000 points with a single spending requirement.

How the new offer works

• Part one: 60,000 bonus points after you spend $3,000 on purchases in the first 3 months from account opening.
• Part two: up to 20,000 extra bonus points through a 1.5X earning promotion. Doctor of Credit describes it as 1.5X bonus points on purchases that normally earn 1 point, during the first 2 months. Chase’s full terms spell out exactly how it’s counted, so read them before you plan around it.
• Annual fee: $95.
• Previous offer: 85,000 points after $4,000 in spend, per Doctor of Credit.
• End date: Chase hasn’t published one that we could find.

Here’s why that second piece is harder than it looks. If the promo pays an extra 1.5 points per dollar on 1X spending, maxing out 20,000 points would take around $13,000 of everyday purchases in just two months. Most people won’t get close, so for a typical applicant this offer is really 60,000 points plus a bit.

What you still get with the card

• 3X on grocery and dining (including delivery) and on Air Canada purchases made directly, 1X on everything else.
• Aeroplan 25K status for the rest of this year and next, then you keep it by spending $15,000 a year.
• Free first checked bag on Air Canada for you and up to 8 companions.
• Up to $100 every four years toward Global Entry, TSA PreCheck or NEXUS.
• Preferred pricing on Aeroplan flight rewards.

Who this affects

If you live near a Canadian gateway, fly Air Canada a lot, or love booking Star Alliance awards through Aeroplan, this card is still a useful one to hold. The question is just when to open it. Chase co-brand offers move around, and both an 85,000-point offer and a 100,000-point version with a much bigger spending requirement have shown up before. There’s no guarantee either comes back, but history says waiting usually pays here.

And remember that the Aeroplan card counts toward Chase’s 5/24 rule like any other Chase card. If you’re close to that limit, a lower bonus is an even worse use of a slot.

Want Aeroplan points without opening the Aeroplan card? Chase Ultimate Rewards points transfer to Aeroplan, and you can apply for a Sapphire card through our Chase referral link.
Disclosure: This is our personal Chase referral link. If you’re approved through it, we may earn a referral bonus, at no extra cost to you. You can always apply directly on Chase’s website. See our Advertising & Referral Disclosure.

Our take

Unless you need the card right now, we’d wait for a better offer.

The math is simple. Compared with the last offer, you’re giving up 25,000 guaranteed points to save $1,000 on the spending requirement, and getting a promo back that most people can only partly earn. Aeroplan points are some of the more useful airline points out there, so 25,000 of them is real money in award flights.

That said, there’s a case for applying anyway. If you’ve got a big Air Canada trip coming up and want the free checked bags and 25K status for it, or you’d rather hit $3,000 than $4,000, 60,000 points for a $95 card is still a decent return. Just go in knowing it’s not the best this card has offered.

If you mostly want Aeroplan points and don’t care about Air Canada perks, a flexible Chase Ultimate Rewards card may be the better move, since those points transfer to Aeroplan and to other airlines and hotels too.

Source: Chase travel credit cards page (current offer); Doctor of Credit (promo mechanics, card benefits and previous offer).

Card offers and terms change frequently; confirm current terms with the issuer before applying. Points Capital is not a financial advisor.