American Express Canada is overhauling its Aeroplan credit card lineup in January 2027, including a major refresh of the American Express Aeroplan Reserve Card and Aeroplan Business Reserve Card.
- 3x miles on Air Canada purchases
- 2x miles on food & drinks
- 1.25x miles on everything else
Both Reserve Cards will see their annual fees increase from $599 to $799 CAD.
However, Amex is combining that $200 annual fee increase with new benefits, including Air Canada travel credits, expanded lounge access, a 15% discount on eligible Aeroplan flight rewards and enhanced hotel and car rental benefits.
So, are the new benefits actually worth another $200 per year?
Here’s what’s changing, what the new benefits could realistically be worth and what we still don’t know ahead of the January 12, 2027 launch.
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Amex Aeroplan Card Changes at a Glance
- Annual fee: $599 > $799
- Increase: +$200 per year
- New benefits launch: January 12, 2027
New Aeroplan Reserve Benefits for 2027
| 2027 Benefit | What You Get |
| AC Wallet credits | Up to $100 per year |
| Dining credit | $200 per year at eligible Air Canada Best New Restaurants |
| Aeroplan reward discount | 15% off eligible Air Canada flight rewards |
| Priority Pass lounges | Up to 6 lounge passes per year |
| Aspire Amex lounges | Up to 8 lounge passes per year |
| Maple Leaf lounges | Expanded worldwide access |
| Priority airport security | Cardmember + up to 8 companions on the same reservation |
| Fourth hotel night | Existing Fourth Night Free benefit continues into 2027 |
| Fourth car rental day | Fourth rental day free at 11,000 car rental locations worldwide |
| High-spend Aeroplan bonus | 10% bonus Aeroplan points at $125,000 annual spend, plus another 10% for each additional $25,000 up to $400,000 |
Ready to apply for the Aeroplan Reserve? You can still apply under the current offer before the January 2027 refresh takes effect. Apply for the Aeroplan Reserve.
The $799 Question: Are the New Aeroplan Reserve Benefits Worth Another $200?
The real value of this refresh will come down to how many of these benefits you can actually use. Some are easy to quantify, while others depend heavily on how often you fly Air Canada, redeem Aeroplan points or use airport perks.
Up to $100 Per Year in AC Wallet Credits
Aeroplan Reserve cardholders will receive up to $100 annually towards Air Canada travel in their AC Wallet, split into two $50 credits throughout the year.
Having to split the credit into two $50 amounts makes it less convenient, but for someone who regularly flies Air Canada, this should be one of the easier benefits to use.
$200 Annual Dining Credit
The personal Aeroplan Reserve is also getting a new $200 annual dining credit at eligible Air Canada’s Best New Restaurants.
The dining credit alone equals the entire $200 annual fee increase, but this isn’t a “use at any restaurant of your choice” credit.
Amex specifically says the credit will apply at eligible participating Air Canada’s Best New Restaurants. For context, Air Canada’s current 2026 Best New Restaurants list includes just 30 finalists across Canada, including nine in Toronto and only four in Vancouver.
That’s a fairly limited selection for a $200 annual dining credit, especially compared with the Platinum Card’s existing $200 dining credit, which can be used at a broader list of eligible restaurants through Amex’s partnership with Canada’s 100 Best.
Amex hasn’t confirmed whether eligibility will include all 30 finalists, only a subset, or restaurants from previous Best New Restaurants lists.
The 15% Aeroplan Reward Discount Could Be the Sleeper Benefit
The benefit I’m most interested in is the new 15% discount on eligible Air Canada flight rewards.
If 100,000 points of eligible redemptions received the full discount, that would represent 15,000 points saved. For frequent Aeroplan users, this could become much more valuable than a fixed annual credit.
We still need to know exactly which Air Canada rewards qualify and whether the savings will be capped.
Lounge Access Gets a Major Expansion
The Reserve already includes complimentary Priority Pass membership, but you still have to pay for each lounge visit, including for any guests. Starting in 2027, cardholders will get six complimentary Priority Pass visits per year, plus eight complimentary visits to select Aspire Amex lounges in Canada.
That makes Priority Pass much more useful, since cardholders will finally get actual lounge visits included rather than just the membership itself.
Priority Airport Security for Up to Eight Travel Companions
The Reserve already includes priority check-in, boarding and baggage handling for the cardholder and up to eight companions travelling on the same reservation.
Starting in 2027, that group will also get access to dedicated priority security lanes at select airports worldwide, expanding the card’s existing Pearson Priority Security benefit.
Fourth Hotel Night Free Continues, With a New Car Rental Benefit
Aeroplan co-brand cardholders can already get a fourth hotel night free when redeeming Aeroplan points for eligible four-night stays.
The current terms run through December 31, 2026, so its inclusion in the refreshed 2027 package confirms the benefit will continue.
What is new is a fourth car rental day free at participating locations worldwide.
High-Spend Aeroplan Bonuses Won’t Matter to Most Cardholders
The personal Reserve will also introduce additional Aeroplan bonuses for very high annual spending. Cardholders who spend $125,000 annually will earn 10% bonus Aeroplan points, with another 10% bonus for each additional $25,000 spent, up to $400,000 in annual spending.
That’s an enormous amount of personal credit card spend, so for the average Aeroplan Reserve cardholder this benefit probably isn’t going to move the needle.
Considering the Aeroplan Reserve?
See the current Aeroplan Reserve welcome offer, full card benefits and application details in my complete review.
Aeroplan Business Reserve Gets Fewer Announced New Benefits
The Aeroplan Business Reserve is also increasing from $599 to $799 and receives many of the same enhancements, including AC Wallet credits, the 15% Aeroplan reward discount, expanded lounge access, priority security and the hotel and car rental benefits.
However, Amex’s announcement does not list the new $200 dining credit for the Business Reserve. It also does not include the personal Reserve’s new high-spend Aeroplan bonus.
That means the Business Reserve is getting the same $200 annual fee increase, but only $100 in obvious new annual credits from the AC Wallet benefit. The other travel perks could still add meaningful value, but based on what Amex has announced so far, the path to offsetting the higher fee is less straightforward than it is with the personal Reserve.
See the Aeroplan Business Reserve Card review for the current welcome offer, earn rates and full benefits.
- 3x miles on Air Canada purchases
- 2x miles on hotels & car rentals
- 1.25x miles on everything else
Existing Aeroplan Reserve Benefits That Will Continue
Core benefits staying in place include:
- 3 Aeroplan points per $1 spent on eligible Air Canada and Air Canada Vacations purchases
- A free first checked bag for the cardholder and up to eight companions
- Priority check-in
- Zone 2 boarding and priority baggage handling
- The Annual Worldwide Companion Pass after meeting the required spending threshold
- American Express Front Of The Line access.
When Do the New Benefits and $799 Annual Fee Take Effect?
American Express announced the refreshed Aeroplan portfolio on September 29, 2026, but the new benefits don’t launch until January 12, 2027.
The new $799 annual fee will take effect on each cardholder’s first annual fee billing date after January 12, 2027.
Supplementary Card Fees Are Increasing Too
For the personal Aeroplan Reserve, the annual fee for a full-benefit Additional Aeroplan Reserve Card will increase from $199 to $249. The previously no-fee supplementary card option will also be replaced by a new Aeroplan Reserve Companion Card with a $25 annual fee.
That means a cardholder with one full-benefit supplementary Reserve Card will see their combined annual fees rise from $798 to $1,048 – a $250 increase.
The Business Reserve is seeing the same changes. Employee Aeroplan Business Reserve Cards will increase from $199 to $249, while the previously no-fee Employee Card option will be replaced by a $25-per-year Expense Card.
What We Still Don’t Know
What Will the New Welcome Bonuses Look Like?
The biggest question for anyone considering applying for one of these cards is the welcome bonus. However, Amex has not included new welcome offers as part of the relaunch announcement.
Welcome bonuses can make a major difference to the first-year value of a premium credit card, especially with annual fees on the Reserve Cards increasing to $799.
Before applying, it’s worth seeing how today’s offers stack up against the best bonuses Amex has offered in the past:
- Aeroplan Card Welcome Bonus History
- Aeroplan Reserve Card Welcome Bonus History
- Aeroplan Business Reserve Card Welcome Bonus History
The new benefits don’t launch until January 12, 2027, so this announcement alone isn’t an immediate reason to apply. I’ll reassess the first-year value of each card once Amex confirms the welcome offers that will accompany the refreshed benefits.
Waiting for a better Aeroplan offer? Get PointsWise email updates so you don’t have to keep checking.
We Still Need the Complete Benefit Terms
We still need the final terms for the 15% Aeroplan reward discount, AC Wallet credits, dining credit, lounge access, hotel and car rental benefits and priority security. Those details could change how much value each benefit actually provides.
What About the Other Amex Aeroplan Cards?
Amex is refreshing five Aeroplan co-brand cards beginning January 12, 2027, including the Aeroplan Reserve and Aeroplan Business Reserve Cards covered above.
The standard Aeroplan Card is also increasing from $120 to $150 annually and is part of the January 2027 refresh, although Amex hasn’t provided the same level of detail about its new benefits as it has for the Reserve Cards.
Changes are also coming to the Aeroplan Corporate Card and Aeroplan Corporate Reserve Card.
Separate enhancements are also coming to the invite-only American Express Air Canada Card, with more details to be shared directly with existing cardmembers in the coming weeks.
Not sure how the refreshed Aeroplan Reserve compares with Amex’s other premium cards? See the Best American Express Cards in Canada guide for a side-by-side look at the strongest current options.
PointsWise Bottom Line
A $200 annual fee increase is significant, and seeing the Aeroplan Reserve jump from $599 to $799 initially looks pretty ugly. But the personal Reserve is getting enough meaningful new benefits that the $200 increase isn’t as bad as it first looks.
There are still too many unanswered questions to give the refreshed cards a final verdict, particularly without complete benefit terms or new welcome offers.
For now, the personal Aeroplan Reserve looks very different from the card we know today, and potentially much more rewarding for the right type of Air Canada traveller.
PointsWise will continue updating this post as Amex releases the complete benefit terms and any new welcome offers ahead of the January 12, 2027 launch.
Ready to apply? Apply for the Aeroplan Reserve.
