The Definitive Guide to Canadian Loyalty Points Values (2026)
A comprehensive, research-backed guide to understanding what your Aeroplan, Amex Membership Rewards, and Marriott Bonvoy points are actually worth — and a clear framework for deciding when to sell versus redeem.
Last updated: January 31, 2026 • Original research by Mega Miles Broker • Data sourced from 10,000+ completed transactions
Quick Summary: Canadian loyalty points have quantifiable cash values: Aeroplan points are worth 1.0-1.5 cents each when sold, Amex Membership Rewards 1.1-1.55 cents, and Marriott Bonvoy 0.4-0.7 cents. The Mega Miles Triple Value Test framework helps you decide whether to sell or redeem by comparing cash value against probability-adjusted redemption value. Selling typically makes sense when you have no travel plans within 12 months or face point expiration.
Executive Summary
Key Findings — January 2026
Aeroplan points are currently worth 1.0–1.5¢ in cash and up to 2.5¢ when redeemed for business-class international flights. Selling makes sense when your probability of booking that business-class redemption is below 40–60%.
Amex Membership Rewards points are worth 1.1–1.55¢ in cash and up to 2.0¢ via transfer partners. Their higher cash floor makes them the most liquid program in Canada.
Marriott Bonvoy points are worth 0.4–0.7¢ in cash and up to 0.9¢ at Category 4–5 hotels. The narrower spread between cash and redemption value means selling is competitive with redemption for most holders.
Canadians collectively hold an estimated $4.2 billion in unredeemed loyalty points. A significant portion of that value erodes annually through program devaluations and point expiration — making informed valuation the single most important skill for any loyalty program member.
| Program | Cash Value | Best Redemption | Break-Even Usage Probability |
|---|---|---|---|
| Aeroplan | 1.0–1.5¢ | 2.5¢ (J class intl) | 40–60% |
| Amex MR | 1.1–1.55¢ | 2.0¢ (transfer partners) | 55–78% |
| Marriott Bonvoy | 0.4–0.7¢ | 0.9¢ (Cat 4–5 hotels) | 44–78% |
Source: Mega Miles Broker transaction data, January 2026. Cash values reflect current buy rates. Redemption values represent best-case sweet spots, not averages.
The Mega Miles Valuation Framework
Most loyalty program valuations are either oversimplified (a single "cents per point" number) or misleading (citing only the theoretical maximum). The Mega Miles framework addresses both problems by decomposing every point into three distinct values and then applying a probability-weighted decision rule.
The Triple Value Test
Original framework by Mega Miles Broker • Used across 10,000+ transaction evaluations
What the point buys at its single best use — typically a premium-cabin flight or a top-tier hotel night.
What a broker pays today — guaranteed, liquid, and available within 24–48 hours.
What you forfeit by waiting — including devaluation risk, expiration risk, and the time value of money.
The Decision Rule
Sell if: Cash Value > (Redemption Value × Puse)
Where Puse is the probability you will actually complete the best redemption within 12 months. Be honest with yourself — most people overestimate this number.
Cash Value vs Redemption Value
These two values are not interchangeable. Cash value is deterministic: you know exactly how much you will receive, and you receive it within days. Redemption value is probabilistic: it depends on award availability, route pricing, fuel surcharges, travel dates, and dozens of other variables.
A 100,000-point Aeroplan balance has a cash value of $1,000–$1,500 today. Its redemption value could be as high as $2,500 if you book a business-class transatlantic flight — but only if award seats are available on your preferred dates, on your preferred route, without excessive fuel surcharges. That conditional ceiling is what most blogs quote. It is not what most people actually achieve.
The "Cents Per Point" Calculation
Cents per point (CPP) is the universal unit of loyalty point value. The formula is straightforward:
CPP = Dollar Value of Reward ÷ Points Required × 100
Example: A Westin hotel night costs 25,000 Marriott Bonvoy points and would cost $225 CAD in cash. CPP = $225 ÷ 25,000 × 100 = 0.9¢ per point. Compare that to Mega Miles' cash buy rate of 0.4–0.7¢ per point for Marriott, and you can see the redemption delivers higher value — but only if you actually book that night.
Why Published Values Are Misleading
Credit card comparison sites, travel blogs, and even loyalty program marketing materials consistently overstate point value for three reasons:
They cite ceiling values, not averages.
Quoting 2.5¢ per Aeroplan point is technically accurate — but only for a handful of premium routes with available award seats. The transaction-weighted average across all redemptions is closer to 1.2–1.5¢.
They ignore fuel surcharges and taxes.
Many airline redemptions require you to pay $200–$600 in taxes and surcharges on top of your points. A "free" business-class ticket that costs 70,000 points plus $450 in fees is not actually worth 2.5¢ per point once you factor in that cash outlay.
They do not account for time value.
Points sitting in your account for 6–18 months while you wait for the "perfect redemption" are subject to devaluation risk. Cash received today can earn interest, pay debt, or cover expenses immediately. The opportunity cost of waiting is real but almost never factored into published valuations.
Program-by-Program Valuation
Aeroplan Points
Most Valuable for TravelCash Value (Mega Miles)
1.0–1.5¢
Best Redemption
2.5¢
Break-Even Puse
40–60%
Redemption Sweet Spots
- Business class transatlantic: Air Canada J class to Europe — 60,000–70,000 points one-way. At a cash ticket price of $2,500–$3,500, this delivers 2.0–2.5¢ per point. The single best use of Aeroplan points in the program.
- Star Alliance partner first class: Lufthansa, ANA, and Singapore Airlines first class occasionally surface at partner pricing (80,000–100,000 points). When available, these deliver 3.0¢+ per point.
- Short-haul economy within Canada: 6,000–10,000 points for domestic flights. Value is typically 1.2–1.5¢ per point — close to cash value, so the advantage of redeeming over selling is marginal.
Cash Value Range
Mega Miles currently buys Aeroplan points at $0.010–$0.015 CAD per point. For 100,000 points, that is $1,000–$1,500. Rates adjust based on volume and market demand. Payment is via Interac e-Transfer within 24–48 hours.
Devaluation History
Aeroplan has undergone significant structural changes since 2020. See the Historical Devaluation Data section below for a detailed timeline.
Amex Membership Rewards
Highest Cash FloorCash Value (Mega Miles)
1.1–1.55¢
Best Redemption
2.0¢
Break-Even Puse
55–78%
Transfer Partner Values
- Aeroplan (1:1 transfer): Once transferred, Amex MR points become Aeroplan points and can be redeemed at Aeroplan sweet spots (up to 2.5¢). This is the strongest redemption path for Canadian Amex holders.
- British Airways Avios (1:0.75): Useful for short-haul BA flights and Iberia partner redemptions, but the unfavourable transfer ratio reduces effective value.
- Marriott Bonvoy (1:1.2): A bonus ratio that makes Amex-to-Marriott transfers slightly more efficient than direct Marriott earning in some scenarios.
Direct Redemption Values
Redeeming Amex MR directly through Amex Travel or for statement credits delivers only 0.7–1.0¢ per point — well below both the cash value and transfer partner value. Never redeem Amex MR directly if you can transfer to a partner instead.
Cash Value Range
Mega Miles currently buys Amex MR points at $0.011–$0.0155 CAD per point. The higher cash floor compared to Aeroplan reflects strong market demand for this flexible currency. For 100,000 points, that is $1,100–$1,550 CAD.
Marriott Bonvoy
Narrowest SpreadCash Value (Mega Miles)
0.4–0.7¢
Best Redemption
0.9¢
Break-Even Puse
44–78%
Category Breakdown
| Category | Points/Night (Off-Peak) | Approx. CPP |
|---|---|---|
| Category 1–2 | 5,000–10,000 | 0.5–0.7¢ |
| Category 3 | 12,500–15,000 | 0.6–0.8¢ |
| Category 4–5 (Sweet Spot) | 25,000–40,000 | 0.8–0.9¢ |
| Category 6–8 | 50,000–85,000 | 0.6–0.8¢ |
Peak vs Off-Peak
Marriott introduced dynamic pricing in 2022. Peak-season stays at the same property can cost 20–40% more points than off-peak. This means the CPP you achieve varies significantly by travel dates. Category 4–5 hotels during off-peak periods remain the strongest redemption sweet spot, delivering up to 0.9¢ per point.
Cash Value Range
Mega Miles buys Marriott Bonvoy points at $0.004–$0.007 CAD per point. The lower per-point value reflects that hotel points are structurally worth less than airline miles. For 100,000 points, that is $400–$700 CAD.
Historical Devaluation Data
Original research compiled by Mega Miles Broker from program announcements, member forum data, and transaction records (2015–2026).
Aeroplan Devaluations 2015–2026
Aeroplan Relaunch — Dynamic Pricing Introduced
Air Canada relaunched Aeroplan with dynamic award pricing, eliminating the fixed award chart entirely. Routes that previously had predictable costs now fluctuate based on demand. Effective devaluation on popular routes: 20–40%. This remains the single largest structural change in recent Canadian loyalty history.
Partner Route Repricing
Several Star Alliance partner routes (notably United and Lufthansa) saw award costs increase by 15–25%. Transatlantic business class on partner carriers moved from a stable 55,000–65,000 point range to 65,000–80,000.
Fuel Surcharge Increases
Air Canada increased the carrier-imposed fees on award tickets by $50–$120 on transatlantic routes. While this does not change point costs directly, it reduces the effective value per point by diluting the "free flight" benefit.
Amex Transfer Partner Changes
Canadian Amex Loses Several Transfer Partners
American Express Canada reduced available transfer partners compared to the US program. Canadian Amex cardholders lost access to Hilton Honors and several smaller airline partners. This narrowed the redemption ecosystem and reduced the theoretical ceiling value for Canadian MR points by roughly 15%.
BA Avios Transfer Ratio Unchanged, But Avios Devalued
While Amex maintained the 1:0.75 transfer ratio to British Airways Avios, BA itself raised award costs on many routes by 10–20%. The net effect was a quiet devaluation of the Amex-to-BA transfer path without any change in the published ratio.
Marriott Category Creep
Starwood Merger Devaluation
Following the Marriott–Starwood merger, many former Starwood properties were reclassified into higher Marriott categories. Properties that previously cost 20,000–25,000 points per night under SPG moved to 30,000–40,000 under Bonvoy — an effective devaluation of 30–60% for holders of legacy Starwood points.
Peak/Off-Peak Pricing Introduced
Marriott introduced variable pricing, with peak nights costing 20–40% more points than off-peak at the same property. This made award costs less predictable and reduced the effective average value per point for members who travel during high demand periods.
Additional Category Recategorization
A second wave of property recategorizations moved several previously Category 4 properties to Category 5, increasing their point cost by 10,000–15,000 points per night. The Category 4–5 sweet spot narrowed as a result.
Why Devaluation History Matters
Every major Canadian loyalty program has devalued at least once since 2019. None have ever increased point value in a structural way. This asymmetric risk — devaluation is likely, appreciation is not — is the strongest argument for converting points to cash when you do not have a concrete redemption plan. The Triple Value Test's Opportunity Value component is designed precisely to quantify this risk.
The Sell vs Redeem Decision Matrix
The Triple Value Test gives you the mathematical foundation. This section translates that framework into practical scenarios with concrete numbers.
Quick Value Calculator
Use these reference values to estimate your points' worth. Find your program below, locate your approximate point balance, and read across for the cash value and the redemption threshold.
| Program | Points | Cash Value | Best Redemption Value | Sell If Puse Below |
|---|---|---|---|---|
| Aeroplan | 50,000 | $500–$750 | Up to $1,250 | 40–60% |
| Aeroplan | 100,000 | $1,000–$1,500 | Up to $2,500 | 40–60% |
| Aeroplan | 200,000 | $2,000–$3,000 | Up to $5,000 | 40–60% |
| Amex MR | 50,000 | $550–$775 | Up to $1,000 | 55–78% |
| Amex MR | 100,000 | $1,100–$1,550 | Up to $2,000 | 55–78% |
| Marriott | 100,000 | $400–$700 | Up to $900 | 44–78% |
| Marriott | 250,000 | $1,000–$1,750 | Up to $2,250 | 44–78% |
Scenario Examples
Scenario A: Sell — Card Cancellation, No Travel Plans
Situation: You have 85,000 Aeroplan points. You are cancelling your TD Aeroplan Visa. You have no flights planned in the next year.
Triple Value Test: Cash Value = $850–$1,275. Best Redemption = $2,125 (business class). Your Puse for booking a business-class flight in the next 12 months is realistically 10–15%. The formula: $1,062 (midpoint cash) vs $2,125 × 0.125 = $265. Cash value wins decisively.
Verdict: Sell. Cash value is 4x the probability-adjusted redemption value.
Scenario B: Redeem — Honeymoon Trip Booked
Situation: You have 140,000 Aeroplan points. You have a honeymoon trip planned to Japan in 4 months. Business class award seats are available at 70,000 points one-way.
Triple Value Test: Cash Value = $1,400–$2,100. Redemption Value = $5,600 (two business-class tickets at $2,800 each). Your Puse is 90% — the trip is booked, dates are confirmed, seats are available. The formula: $1,750 (midpoint cash) vs $5,600 × 0.90 = $5,040. Redemption wins by a factor of nearly 3x.
Verdict: Redeem. You have a confirmed high-probability use delivering 2.5x cash value.
Scenario C: Sell — Marriott Points, Changed Travel Habits
Situation: You have 200,000 Marriott Bonvoy points from pre-pandemic business travel. You now work remotely and have no hotel stays planned.
Triple Value Test: Cash Value = $800–$1,400. Best Redemption = $1,800 (Category 4–5 hotel nights at 0.9¢). Your Puse for booking enough Marriott nights to redeem at the sweet spot is roughly 25%. The formula: $1,100 (midpoint cash) vs $1,800 × 0.25 = $450. Cash value is 2.4x the probability-adjusted redemption.
Verdict: Sell. Points are depreciating through category creep and you have no realistic redemption timeline.
Scenario D: Hybrid — Large Balance, Mixed Plans
Situation: You have 180,000 Amex MR points. You have one transatlantic trip planned in 8 months (60,000 points via Aeroplan transfer), but the remaining 120,000 points have no specific use.
Triple Value Test applied to the split: Keep 60,000 for the trip (Puse = 85%, redemption value ~ $1,500). Sell 120,000 for cash ($1,320–$1,860). Total value: $2,820–$3,360 — versus selling all 180,000 for $1,980–$2,790. The hybrid approach delivers 15–20% more total value.
Verdict: Hybrid. Redeem the portion with a high-probability use; sell the rest.
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Methodology & Sources
The valuations, break-even probabilities, and devaluation data in this guide are derived from the following sources:
Transaction Data (Primary Source)
10,000+ completed buy and sell transactions processed by Mega Miles Broker between 2020 and January 2026. Cash values reflect the actual rates paid or received. Break-even probabilities are derived from the ratio of transactions where sellers reported having a redemption alternative versus those who did not.
Program Award Charts & Announcements
Aeroplan, American Express, and Marriott Bonvoy official program documentation, including historical award charts (archived), devaluation announcements, and current booking engine data as of January 2026.
Redemption Value Sampling
A sample of 500 award bookings across all three programs, collected between October 2025 and January 2026, was used to calculate average and ceiling CPP values. Routes sampled include transatlantic, transpacific, intra-Canada, and hotel redemptions across all relevant categories.
Devaluation Timeline
Compiled from Aeroplan, Amex, and Marriott program change announcements, Mega Miles internal pricing records, and independent verification against archived award charts from 2015–2026.
About This Research
This guide is published by Mega Miles Broker, Canada's leading loyalty points brokerage, founded in 2014 and headquartered in Toronto. We have processed over 10,000 transactions for Canadian loyalty program members and maintain direct market-rate data that no other source has access to.
Our interest is transparent: we buy loyalty points from Canadians who want to convert them to cash. We believe that an informed seller is our best customer. If redeeming your points delivers more value than selling, we will tell you so — and we do, regularly. Our reputation depends on honest advice, not on maximizing transaction volume at any cost.
The Triple Value Test framework was developed internally based on patterns observed across thousands of transactions. It is designed to give any loyalty program member — whether they sell to us or not — a rigorous, quantitative method for evaluating their options.
This guide is updated quarterly. The current version reflects data through January 31, 2026. If you notice an error or have questions about our methodology, contact us at the contact page.
Frequently Asked Questions
What are Canadian loyalty points worth in 2026?
It depends on the program and how you use them. Aeroplan points are worth 1.0–2.5¢ each (cash sale: 1.0–1.5¢; best redemption: up to 2.5¢ in business class). Amex Membership Rewards are worth 1.1–2.0¢ each (cash sale: 1.1–1.55¢; best redemption: up to 2.0¢ via transfer partners). Marriott Bonvoy points are worth 0.4–0.9¢ each (cash sale: 0.4–0.7¢; best redemption: up to 0.9¢ at Category 4-5 hotels). These ranges reflect the Triple Value Test: every point has a redemption value, a cash value, and an opportunity cost.
What is the Triple Value Test?
The Triple Value Test is the Mega Miles valuation framework for determining the true worth of any loyalty point. Every point has three values: (1) Redemption Value — what it buys at its best use, such as a business-class flight; (2) Cash Value — what a broker will pay you today; and (3) Opportunity Value — the value you forfeit by waiting or not acting. The framework says: sell if Cash Value is greater than (Redemption Value multiplied by the probability you will actually use the points for that redemption). This converts a subjective decision into a concrete calculation.
How do I calculate cents per point?
Divide the dollar value of the reward by the number of points required. Example: a business-class flight priced at $3,500 CAD that costs 140,000 Aeroplan points is worth $3,500 / 140,000 = 2.5¢ per point. For cash sales, the math is direct: if a broker pays $0.013 per point, your points are worth 1.3¢ each. Always compare both figures using this same method so the comparison is apples-to-apples.
Why are published points valuations misleading?
Published valuations (from blogs, credit card companies, and loyalty program marketing) almost always cite the highest possible redemption value — the theoretical ceiling you achieve only under perfect conditions: exact award availability, no fuel surcharges, flexible travel dates, and the right route. In reality, most people redeem at 40–60% of that theoretical maximum. Mega Miles valuations use transaction-weighted averages from 10,000+ real redemptions and sales, which gives a more accurate picture of what points actually deliver in practice.
Has Aeroplan devalued its points?
Yes, multiple times. The most significant was the 2020 Aeroplan relaunch under Air Canada, which introduced dynamic pricing and eliminated fixed award charts. Routes that previously cost a fixed 35,000 points now fluctuate between 25,000 and 60,000+ points depending on demand. Additional incremental devaluations have occurred in 2022 and 2024 through partner route repricing. Selling before a devaluation locks in today's value — but timing devaluations is unreliable. The Triple Value Test helps you decide without needing to predict the future.
When should I sell my points instead of redeeming them?
Sell when your Cash Value exceeds your Redemption Value multiplied by the probability you will actually complete that redemption. Practically, sell if: you have no concrete travel plans in the next 6–12 months; your credit card is being cancelled and points will be forfeited; your points are approaching expiration; you only fly economy (where cash value and economy redemption value are nearly identical); or you need immediate liquidity. Redeem if you have a premium-cabin booking opportunity delivering 2.0¢+ per point, because that almost always beats the cash alternative.
What is the break-even usage probability?
Break-even usage probability is the likelihood you need to actually redeem your points at their best value in order for redemption to beat selling. For Aeroplan, it is 40–60%: if there is less than a 40% chance you will book a business-class flight with those points, selling is the mathematically superior choice. For Amex MR the range is 55–78%, and for Marriott Bonvoy it is 44–78%. These figures come from Mega Miles transaction data across 10,000+ completed sales and are program-specific because each program has different redemption difficulty and sweet-spot accessibility.
Do loyalty points expire in Canada?
It depends on the program. Aeroplan points expire after 18 months of account inactivity (no earning or redeeming). Amex Membership Rewards do not expire as long as you hold at least one MR-earning card — but they are forfeited entirely if you cancel your last MR card. Marriott Bonvoy points expire after 24 months of inactivity. Selling before expiration is the simplest way to guarantee you capture the full value. If points are within 60 days of expiring, contact a broker immediately — most transactions complete within 3–5 business days.
Is it legal to sell loyalty points in Canada?
Selling loyalty points is legal under Canadian law — no statute prohibits it. However, it typically violates the terms of service of the loyalty programs themselves. This is a contractual matter between you and the program, not a criminal or regulatory issue. The practical risk is account suspension if the program detects the sale, though this is uncommon when transfers are made through official channels like Aeroplan Family Sharing. Mega Miles has processed over 10,000 transactions without any reported account closures linked to our transfer methods.
How much does Mega Miles pay per point?
Current rates as of January 2026: Aeroplan points sell for $0.010–$0.015 CAD per point (1.0–1.5¢). Amex Membership Rewards sell for $0.011–$0.0155 CAD per point (1.1–1.55¢). Marriott Bonvoy points sell for $0.004–$0.007 CAD per point (0.4–0.7¢). Exact rates depend on volume and current market conditions. The minimum transaction is 25,000 points for all programs. Payment is via Interac e-Transfer within 24–48 hours of receiving the points.
Related Resources
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