Amex Points vs Aeroplan: Which Should You Sell for Cash?
If you have points in both Amex Membership Rewards and Aeroplan, you might wonder which to sell first—or whether to transfer between programs before selling. This guide breaks down the math, rates, and strategy for Canadian point sellers.
Quick Answer:
Sell Amex MR points directly—don't transfer to Aeroplan first. Amex points typically sell for 0.1-0.3¢ more per point due to their flexibility. The exception is Amex Cobalt (MR Select), which must be transferred to Aeroplan before selling. If you have points in both programs, sell both at their respective rates.
Head-to-Head Comparison: 2025 Rates
| Factor | Amex MR Points | Aeroplan Points |
|---|---|---|
| Cash Rate (2025) | $0.011 - $0.0155 CAD | $0.010 - $0.014 CAD |
| 100K Points Value | $1,100 - $1,550 | $1,000 - $1,400 |
| Minimum Sale | 25,000 points | 25,000 points |
| Transfer Flexibility | 10+ airline/hotel partners | Locked to Aeroplan |
| Expiration Risk | Tied to card membership | 18 months of inactivity |
| Sale Method | Transfer to partner account | Family Sharing transfer |
Key insight: Amex MR commands a 5-15% premium over Aeroplan in the cash market. This reflects MR's flexibility—brokers can resell to multiple partner programs, while Aeroplan points are locked to a single airline alliance.
Why Amex Points Sell for More Than Aeroplan
The 0.1-0.3¢ per point premium for Amex MR points isn't arbitrary—it reflects real market dynamics:
Transfer Partner Optionality
Amex MR can transfer to Aeroplan, British Airways Avios, Marriott Bonvoy, and other programs. This optionality lets brokers capture value across multiple markets. Aeroplan points can only be used within the Aeroplan ecosystem.
Arbitrage Opportunities
When one partner offers better redemption value, MR points can flow there. This flexibility creates arbitrage opportunities that justify higher acquisition costs for brokers.
Premium Cardholder Demographics
Amex MR cardholders (Platinum, Gold) tend to accumulate larger balances from higher spending. Larger transactions are more efficient for brokers, allowing them to offer better per-point rates.
The Transfer Math: Should You Convert Before Selling?
Since Amex MR transfers to Aeroplan at 1:1, you might wonder if it matters which you sell. The answer: don't transfer MR to Aeroplan before selling. Here's why:
Scenario: 100,000 Amex MR Points
Option A: Sell MR Directly
100,000 MR × $0.013 = $1,300
Option B: Transfer to Aeroplan First, Then Sell
100,000 MR → 100,000 Aeroplan (1:1 transfer)
100,000 Aeroplan × $0.012 = $1,200
Result: You lose $100
Transferring first costs you $100 on this transaction. Always sell MR directly.
Exception: Amex Cobalt cardholders. Cobalt earns MR Select, which has limited transfer options. You must transfer MR Select to Aeroplan (1:1) before selling. This doesn't reduce value—you just can't sell MR Select directly.
Decision Framework: Which Points to Sell
If you have points in both programs, consider these factors:
Sell Amex MR First If:
- You're cancelling or downgrading your Amex card (points expire with card)
- You want the highest per-point rate
- You have a large MR balance (500K+) for premium rates
- Your annual fee renewal is approaching
Sell Aeroplan First If:
- Your Aeroplan points are approaching expiration (18-month inactivity)
- You want to keep MR flexibility for potential future travel
- You're still actively earning MR and want to grow that balance
- You have a smaller Aeroplan balance to liquidate
Sell Both If:
- You need maximum cash now and have no specific travel plans
- You're simplifying your loyalty program portfolio
- Both balances meet the 25,000 point minimum
- You're concerned about future devaluations in either program
Real Scenarios: Maximizing Your Return
Scenario 1: Cancelling Amex Platinum
You have 150,000 Amex MR and 80,000 Aeroplan. You're cancelling your Platinum Card to avoid the $799 fee.
Recommended: Sell the 150,000 MR immediately (before cancelling).
150,000 MR × $0.013 = $1,950
Keep Aeroplan for future travel, or sell later if needed. MR points must be sold before card cancellation—Aeroplan has no such deadline.
Scenario 2: Points About to Expire
You have 50,000 Aeroplan points with no activity in 16 months (expiring in 2 months) and 75,000 Amex MR.
Recommended: Sell Aeroplan first to avoid expiration.
50,000 Aeroplan × $0.012 = $600
Your Amex MR won't expire as long as you keep the card. Sell those when convenient or keep for travel.
Scenario 3: Maximum Cash Out
You want to liquidate everything: 200,000 Amex MR and 120,000 Aeroplan.
Recommended: Sell both at their respective rates.
200,000 MR × $0.014 = $2,800
120,000 Aeroplan × $0.012 = $1,440
Total: $4,240 via single Interac e-Transfer
Frequently Asked Questions
Should I transfer Amex points to Aeroplan before selling?
Generally no. Amex MR points typically sell for slightly higher rates ($0.011-0.0155) than Aeroplan points ($0.010-0.014) due to their flexibility. Transferring first doesn't increase value—it just adds an extra step. The exception: if you have Cobalt (MR Select), you must transfer to Aeroplan first since MR Select has limited transfer options.
Why do Amex points sell for more than Aeroplan?
Amex MR points command a slight premium (0.1-0.3¢ per point more) because they can transfer to multiple airline and hotel programs, giving brokers more options for resale. Aeroplan points are locked into one program, reducing flexibility.
Can I sell both Amex and Aeroplan points in the same transaction?
Yes! Many Canadians have points in both programs. You can sell them simultaneously or separately. We provide quotes for each based on current market rates, and you receive a single Interac e-Transfer for the total amount.
What if I have Amex points that I already transferred to Aeroplan?
No problem—once MR points are in your Aeroplan account, they're Aeroplan points and sell at Aeroplan rates. You can sell them through Family Sharing just like any other Aeroplan points.
Which program devalues faster—Amex or Aeroplan?
Both programs face devaluation risk. Aeroplan moved to dynamic pricing in 2020, making some redemptions more expensive. Amex MR value depends on transfer partners, which can change ratios. Selling locks in guaranteed cash value regardless of future program changes.