Aeroplan devaluation 2026

Chase has launched another 20% transfer bonus to Air Canada Aeroplan, but this can be effectively sweetened to 30% if you also hold the Chase Aeroplan Credit Card: stack the bonuses correctly and you can effectively turn Chase Ultimate Rewards points into 1.625 cents toward travel.

Chase Offers 20% Transfer Bonus To Aeroplan, With An Even Better Deal For Cardholders

Through September 30, 2026, Chase Ultimate Rewards points transfer to Air Canada Aeroplan with a 20% bonus.

That means:

50,000 Chase points become 60,000 Aeroplan points
100,000 Chase points become 120,000 Aeroplan points
200,000 Chase points become 240,000 Aeroplan points

That’s already a decent promotion if you have a specific Aeroplan redemption in mind.

But holders of the Chase Aeroplan Credit Card can do even better.

Aeroplan Cardholders Can Stack Another 10%

One of the more interesting benefits of the Chase Aeroplan Card is a 10% bonus when transferring at least 50,000 Ultimate Rewards points in a single transaction to Aeroplan.

That benefit is capped at 25,000 bonus Aeroplan points per calendar year.

Importantly, the 10% cardholder bonus stacks with the current 20% transfer bonus.

So a transfer of 50,000 Chase points would yield:

50,000 base Aeroplan points
10,000 points from the 20% Chase promotion
5,000 points from the Aeroplan cardholder bonus
65,000 Aeroplan points total

That’s effectively a 30% bonus.

And there’s another interesting angle.

Turn Chase Points Into 1.625 Cents Toward Travel

Chase Aeroplan cardholders can use Aeroplan’s Pay Yourself Back feature to redeem Aeroplan points at 1.25 cents each toward eligible travel purchases charged to the card.

Do the math with the stacked 30% transfer bonus:

50,000 Ultimate Rewards points become 65,000 Aeroplan points.

65,000 Aeroplan points redeemed at 1.25 cents each are worth $812.50.

Divide $812.50 by the original 50,000 Chase points and you’re getting 1.625 cents per Ultimate Rewards point.

That’s at least worthy of consideration, particularly considering the erosion in value we have seen from other Chase partners.

There are limits, of course. The extra 10% Aeroplan cardholder transfer bonus is capped at 25,000 points per calendar year, while Pay Yourself Back travel redemptions are also subject to an annual limit. But for cardholders who can take advantage of both benefits, this is an unusually good way to lock in a predictable floor value for Ultimate Rewards points and be able to book exactly the (Air Canada or JV) flights you want.

Should You Transfer Chase Points To Aeroplan?

Generally, I don’t recommend making speculative transfers simply because a bonus is available. Aeroplan remains one of my favorite airline loyalty programs, but as I discussed yesterday, it is not the program it once was.

Premium partner award availability has become much harder to find, variable pricing has expanded, and some of Aeroplan’s greatest historical sweet spots are either gone or far less useful than they once were.

Still, there is plenty of value left. A 20% bonus can make sense if you already have an award in mind, and the effective 30% bonus for Chase Aeroplan cardholders is even more attractive.

I would just find the award first and transfer second. Chase transfers to Aeroplan are typically quick, but transfers are one-way. Once your Ultimate Rewards points become Aeroplan points, they’re not coming back.

CONCLUSION

Chase is offering a 20% transfer bonus to Air Canada Aeroplan through September 30, 2026, and holders of the Chase Aeroplan Credit Card can stack an additional 10% bonus on qualifying transfers.

That means 50,000 Chase points can become 65,000 Aeroplan points.

Better yet, using Pay Yourself Back can effectively turn those Chase points into 1.625 cents each toward eligible travel.

That’s a very respectable return considering you are not limited to “saver space” availability. I wouldn’t dump Ultimate Rewards points into Aeroplan speculatively, but if you already have a use in mind, this is a good time to transfer.