Last verified: November 11, 2026

Introduction: Another Currency Canadians Already Use

Most Canadian households already hold a second currency without thinking of it that way. It sits in a grocery app, a credit card statement, an airline account, a fuel program and a handful of retail cards. The balances are small individually. Together they can represent hundreds or thousands of dollars of purchasing power, and they are governed by rules that the issuer can usually change.

This guide is a map, not a ranking. It explains how loyalty programs work, why points are not interchangeable, what each major Canadian program is built to do, and how to think about value. It does not recommend a card, and it does not suggest spending more, or applying for new credit, to collect rewards. The most reliable return from any program is the one that comes from spending a household was already going to do, paid in full each month.

The Canadian landscape changed a great deal in 2025 and 2026: WestJet moved to points, AIR MILES became Blue Rewards, Shell joined Scene+, and Aeroplan took on a minority investor. Details in this guide reflect public information as of November 2026, and any specific rate or rule should be confirmed with the issuer before a decision is made.

How Loyalty Programs Actually Work

A loyalty program is a marketing expense returned to customers in a structured way. The company issues a point, mile or dollar in exchange for spending or behaviour, sets what it can be redeemed for, and keeps the right to amend the rules.

Three funding models cover most Canadian programs. In retail and grocery programs, the merchant funds the points out of margin and gets data on customer behaviour in return. In airline and hotel programs, the company sells points in bulk to banks and partners, which makes the program a significant revenue line in its own right. In credit card programs, a portion of the fee the merchant pays on each transaction, known as interchange, helps fund the rewards. Whoever funds the points expects a return, which is why programs tighten when costs rise.

Breakage is the other structural feature. Breakage is the share of issued points that are never redeemed, whether through expiry, inactivity rules, minimum redemption thresholds or simple neglect. Issuers price programs with some breakage in mind.

Terms of service matter. Aeroplan, WestJet and PC Optimum all state that points have no cash value, and programs reserve the right to change or end them. This guide offers no legal view on whether points are property. The practical point is narrower: the issuer’s terms matter a great deal, subject to applicable law, so a balance is something to use, not store.

What You Share in Exchange

Points are not free money handed over for nothing. The other half of the exchange is information. Programs that tie points to a membership number or card can record what a member buys, where and how often. Companies use that record to personalize offers, run targeted promotions and encourage repeat visits. A retailer that sees a household drifting away can spend a few points to win it back, which is part of the program economics described above.

Canada’s privacy regulator describes the risk in measured terms. The Office of the Privacy Commissioner (OPC) notes that retailers and loyalty programs can track purchases and tie them to other information, and that in some cases data brokers or marketers may buy data from them. Its advice is to understand a program before joining and to decide how much personal information you are comfortable giving. The OPC’s consent guidance has also said that customizing offers from purchasing habits likely requires opt-in consent.

A recent finding shows where the practical questions arise. In March 2026, the OPC reported its findings on Loblaw’s PC Optimum program, which has more than 17 million members. The regulator found that Loblaw kept members’ purchase histories after they closed their accounts, for analytics and product development, and that the steps it took to remove identifiers were not enough to make that data anonymous. The OPC news release summarizes the outcome. The finding concerns how long and in what form data was kept. It does not say the data was sold.

For a household, the sensible habits are modest. Read what each program says it collects and shares, register only programs worth the exchange, and use the consent choices on offer. A discount tied to a membership number is partly paid for with data.

Not All Points Are Created Equal

Loyalty currencies fall into a few families, and the differences matter more than the headline earn rates.

Fixed-value currencies redeem at a published rate. PC Optimum redeems at 10,000 points for $10 at participating stores. Scene+ redeems at 1,000 points for $10 on groceries. Blue Rewards redeems at 1,500 points for $10 in store or as an e-gift. The main risks are minimum thresholds and rate changes.

Dynamic or variable-value currencies, which include most airline and hotel points, have no single exchange rate. The value depends on what is redeemed, when, and what the cash price would have been. A point can be worth less than a cent in one redemption and several times that in another.

Transferable bank currencies, such as American Express Membership Rewards and RBC Avion, sit between a bank and a set of travel partners. Their value depends on the transfer partners available, the ratios and the redemption chosen at the other end.

Cash back is the simplest form: a stated percentage returned as a credit or deposit, and easier to evaluate.

Airline Loyalty Programs in Canada

Aeroplan is Air Canada’s program and, by size, the dominant travel currency in the country, with more than 10 million members according to Air Canada. For travel on or after January 1, 2026, Air Canada’s published earning rules pay a base of 1 point per $1 spent on the base fare and carrier surcharges, excluding taxes, fees and third-party charges, with Elite members earning between 2 and 6 points per dollar depending on tier. Status is measured in Status Qualifying Credits, earned from fares, eligible card spending and partner activity, each with caps. The standard rule in the program terms is that an account with no earning or redeeming for 18 consecutive months is treated as inactive and its points are forfeited, unless Aeroplan permits otherwise at its discretion. Air Canada’s inactivity policy page says that primary holders of TD, CIBC and American Express Aeroplan cards, and Aeroplan Elite members, can keep points from expiring. That standard rule is not what is operating today. Air Canada has paused expiry until November 30, 2026, and says its normal expiration policy applies from that date. Anyone reading after November 30 should check whether the pause ended or was extended. The terms also state that points have no cash value.

Air Canada announced in August 2026 that Blackstone and La Caisse, together with PSP Investments and BCI, would invest $2.5 billion for a 25 per cent minority stake in Aeroplan, valuing it at $10 billion. Air Canada’s announcementand a follow-up release confirm that the proceeds were received on August 17, 2026, so the transaction has closed. Air Canada keeps 75 per cent and control, and it said members, partners and employees should see no changes as a result of the deal. That describes the closing, not future rules.

WestJet Rewards converted WestJet dollars to points on April 30, 2025, at 100 points per $1. WestJet’s redemption page advertises as little as 2,500 points for $25 off a booking, which works out to 100 points per dollar, and says points can also cover taxes, fees and extras such as seat selection, at rates WestJet sets. Its payment page requires a minimum of 2,500 points per flight booking and 5,000 per vacation booking. Points have no fixed expiry date, but under the program terms an account with no earning, redeeming, transferring or converting for 24 months can be deactivated, and deactivated accounts lose their points. WestJet may change redemption rates and may end the program on 30 days’ notice outside Quebec. Points cannot be transferred. A WestJet and Petro-Canada link announced for early 2027 has not launched.

Porter runs VIPorter. According to its terms, members earn points on the base fare and some add-ons at a rate set by membership level, points can be applied only against the base fare, and all points expire after 24 consecutive months without qualifying Porter travel or a redemption toward a flight.

Foreign airline programs matter to Canadians mostly as transfer destinations from bank points, and the useful facts are narrow. British Airways Club uses Avios, which are fixed per route and cabin and paired with a cash amount for taxes and fees, and which the airline says expire only after three years of inactivity. American Express Membership Rewards and RBC Avion both transfer to Avios at 1:1. Flying Blue, the Air France and KLM program, transfers 1:1 from Membership Rewards. Its terms say miles are valid for two years after an extending activity. American Airlines AAdvantage miles expire after 24 months without qualifying activity, and RBC Avion converts to them at 10 Avion points for 7 miles. Check award pricing before any transfer.

Credit Card Rewards Programs

Credit card programs are best understood by the type of currency they issue, not the product that carries them. This section describes program structures only. It does not rank cards.

American Express Membership Rewards is a transferable currency. According to the Canadian Membership Rewards terms issued by Amex Bank of Canada, 1,000 points transfer to 1,000 Aeroplan points, 1,000 Flying Blue miles or 1,000 British Airways Avios, and ALL Accor is listed at 1,000 points to 500 Accor points, with other partners at different ratios. The terms say partners and rewards are subject to change, reward options differ by card tier, and transfers cannot be reversed.

RBC Avion is also transferable. RBC’s conversion table lists WestJet, British Airways Avios and Cathay Pacific at 1:1 and American Airlines at 10 points to 7 miles. RBC notes that not all members are eligible for all partners, and conversions cannot be reversed.

Scene+ is a coalition program owned by Scotiabank and Empire Company, the parent of Sobeys. Its points have fixed redemption values for groceries and entertainment, covered below.

TD Rewards, CIBC Aventura and BMO Rewards are the large banks’ own points programs. TD says TD Rewards Points can be redeemed for travel, purchases at Amazon.ca or credits against purchases, and that they do not expire while the account is open and in good standing. CIBC’s Aventura Points are redeemed through the CIBC Rewards Centre. BMO Rewards points are redeemed through Pay with Points against eligible travel purchases and other options. BMO Rewards is separate from BMO Blue Rewards, discussed below. This guide does not compare their rates.

Grocery and Retail

PC Optimum is Loblaw’s program, and membership is free with no purchase required. Under its terms, current as of August 1, 2026, redemption starts at 10,000 points, worth $10 at participating stores, in increments of 10,000, with a maximum of $500 per transaction unless Loblaw sets a higher limit. Points do not expire, but account closure is a separate matter: the terms let Loblaw close an account in certain circumstances, including two years without earning or redeeming, and a closed account can lose its balance. The terms also contain provisions for members who take part through PC Financial products, which are one of several ways to participate rather than a requirement. Members should read the current terms before relying on a balance. Redemption events can raise point values or lower minimums, so value is partly in the issuer’s hands.

Scene+ points redeem at 1,000 points for $10 at grocery and at 100 points per $1 for movie tickets, food and drinks, according to the program help pages. Per Scene+ grocery help, scanning the card at a grocery checkout does not earn base points per dollar, and a qualifying Scotiabank credit card is needed for that. Shell joined Scene+ in Alberta on March 3, 2026 and nationwide on May 26, 2026, and Shell Canada lists 1 point per litre of fuel.

Moi is Metro’s program. Under its terms, points are redeemed in increments of 125 points for $1 with a 500-point minimum, up to $200 per transaction and $500 per day. Metro may change the terms, including points expiry, and the terms reviewed for this guide do not state a fixed expiry period.

Triangle Rewards, run by Canadian Tire Corporation, pays electronic Canadian Tire Money, which redeems dollar for dollar at participating stores. The base rate shown there is 0.4 per cent of qualifying pre-tax purchases, with higher rates on Triangle credit cards and bonus offers, and members must register to collect and redeem.

BMO Blue Rewards, the successor to AIR MILES, took effect on June 2, 2026. According to the official FAQ, 95 AIR MILES miles convert to 1,500 Blue Points, and 1,500 points are worth $10 in store at participating partners or as an e-gift, subject to daily limits. Travel redemption through Expedia carries no fixed rate. An account with no earning or redeeming for 24 months goes dormant and its points are removed.

Hotel Loyalty Programs

Hotel program value is closely tied to what the hotel charges for the same night in cash.

Marriott Bonvoy is a long-established hotel program with Canadian American Express cards and a Membership Rewards transfer at 1,000 points to 1,200 Bonvoy points under the same Canadian terms. Any cents-per-point figure for it is an estimate.

Hilton Honors gained a Canadian co-branded card on October 29, 2026, when the Hilton Honors American Express Card launched as Hilton’s first co-branded card in Canada. Hilton’s announcement lists a $150 annual fee, 6 points per dollar at Hilton, 4 on eligible gas, grocery and dining in Canada, 2 elsewhere, and complimentary Gold status. The fee test later in this guide applies.

World of Hyatt announced in February 2026 an award chart update that took effect May 20, 2026. On July 15, 2026, Hyatt and Air Canada launched a link between World of Hyatt and Aeroplan. Hyatt’s announcement lists the following as available at launch: members can redeem Aeroplan points for Hyatt Free Night Awards starting at 25,000 points, convert World of Hyatt points to Aeroplan points at 2:1 with a 5,000-point minimum, and elect 500 Aeroplan points per eligible stay. Eligible Aeroplan cardholders earn bonus Hyatt points on Hyatt spending, and only Aeroplan Elite members can convert in the other direction. Most benefits require linking the accounts. A path for Hyatt Explorists and Globalists toward Aeroplan Elite status is listed as coming later in 2026 and should not be counted on yet.

Fuel, Shopping and Other Programs

Petro-Points from Petro-Canada is a free program that earns 10 points per litre, with redemptions valued at 1,000 points for $1. Under the terms, Suncor may close an account that has had no earning or redeeming for 12 consecutive months, and points are forfeited on closure. The terms also limit where dollar-off rewards apply, which is Petro-Canada fuel and convenience purchases made in store, so check where points can be used before counting on a balance. Platinum Status, introduced January 1, 2026, gives 50 per cent more points to members who buy 1,000 litres in a quarter.

Journie Rewards is a fuel and convenience program with a published structure of 1 point per litre at the pump and 2 points per dollar in store, with rewards at milestones, for example a discount of 7 cents per litre at 300 points. It can also be linked with Aeroplan.

Costco is a membership model, not a points program. According to the Canadian site, Gold Star membership is $65 a year and Executive membership is $130, so the upgrade costs an additional $65 (prorated in the first year, plus taxes). Executive members receive an annual 2 per cent reward on most purchases, up to a maximum of $1,250. Dividing the $65 incremental cost by 2 per cent gives about $3,250 of qualifying annual purchases to break even on the upgrade, and the reward reaches its cap at $62,500. Costco’s exclusions include prescription drugs, tobacco, food court items, gasoline, Costco services and membership fees, with further pharmacy and optical exclusions in Quebec, and it points to the warehouse for the full list, so the threshold counts only eligible purchases, not total spending. A household with less eligible spending than that is paying for the upgrade without recovering it.

Rakuten Canada is a cash back portal that returns a share of the retailer’s commission when a member shops through its links. Its help pages say cash back is paid every three months with a $5.01 minimum, and its terms say tracking can fail if a member skips the click-through or uses outside coupons.

What Is a Point Actually Worth?

The basic formula is simple:

Cents per point = (value received, in cents) divided by (points used)

For a flight, value received is the cash price of the same ticket minus any cash paid on the points booking, such as taxes and fees.

Hypothetical example, not a real redemption: a flight priced at $800 in cash can be booked for 40,000 points plus $120 in taxes. Value received is $680, or 68,000 cents. Dividing by 40,000 points gives 1.7 cents per point.

That calculation uses only one of at least five different ideas of what a point is worth, and they can give very different answers.

The published cash price is the sticker price of what was bought. It is generous when the traveller would not have paid that price. The cost of a reasonably equivalent alternative is what it would cost to buy a comparable trip, such as a nearby date or a cheaper fare class, and it is often lower than the sticker price. Personal utility, or willingness to pay, is what the redemption was worth to the person, which can be higher than the cash price for a trip made to see family and lower for a seat that would never have been bought. Opportunity cost is what the same points would have produced in the best realistic alternative, such as a fixed-value redemption or cash back. The cost of purchasing additional points applies only where a program sells points, and it is what a household would pay to top up a balance. If buying the 40,000 points in the example cost more than $800, booking with purchased points would be dearer than paying cash, even though the cents-per-point figure looks attractive.

These are different questions, not rival answers. A sound valuation says which one it used.

Every valuation in this guide belongs to one of four classes. Fixed contractual values are published by the issuer, such as 1,500 Blue Points for $10. Commonly achievable values are what a typical member can reach with ordinary effort. Estimated or subjective values are third-party estimates, such as published cents-per-point figures for Aeroplan or Membership Rewards, which depend on assumptions. Exceptional values are best-case results, such as a rare fixed-chart redemption, and should not be used for planning.

Loyalty Programs Can Be Devalued

A devaluation is any change that lowers what a point buys or raises what a reward costs. It can be explicit, such as a new award chart, or gradual, such as dynamic pricing drifting upward. Recent Canadian examples show the range. Hyatt’s May 2026 award chart update changed some stay costs. Aeroplan moved flights to a revenue-based earning model on January 1, 2026, and Air Canada published an update to its flight reward chart for 2026 with both increases and decreases. WestJet reserves the right to change its redemption rates. Terms are not fixed, so a long-term plan should not depend on a specific rate holding. Use points within a reasonable time, know each program’s inactivity rules, and treat a balance as perishable.

Should You Pay an Annual Fee?

An annual fee is a cost that points must beat. The Financial Consumer Agency of Canada offers a simple method on its credit card choice page: estimate the rewards earned, then subtract the annual fee. The federal Office of Consumer Affairs also notes that fees and higher interest rates on some rewards cards can cancel out the value of the points, and that carrying a balance can outweigh the program benefit.

Hypothetical comparison, not a recommendation: assume a household spends $30,000 a year on a card. A no-fee card returns 1 per cent in cash back, or $300. A premium card with a $150 annual fee earns 2 points per dollar, or 60,000 points. If those points are worth 1 cent each, the gross value is $600 and the net is $450. If the household can realize only 0.75 cents, the gross is $450 and the net is $300, which matches the no-fee card. If it realizes less, the no-fee card wins.

Three numbers are easy to confuse here. Gross rewards are what the points are worth before any cost: $600 at one cent. Net rewards subtract the annual fee: $450. The incremental benefit compares that net figure with the no-fee card’s $300, which is $150 at one cent and $0 at 0.75 cents. Only the incremental figure answers whether the premium card is worth paying for. It also depends on a valuation the household must actually achieve, it moves with spending, and it ignores perks such as insurance, which have value only if used.

Interest can erase that incremental advantage long before it consumes the gross rewards. Assume an illustrative annual rate of 21.99 per cent, about 1.83 per cent a month. On an average balance of $5,000 that is roughly $92 a month, or about $1,100 over a year, ignoring compounding and payments, since actual interest depends on daily balances, transactions and payment timing. The $150 incremental advantage is gone after a little more than a month and a half of carrying that balance, and the full $600 of gross rewards after a little more than six months. Interest and rewards do not have to arise from the same transactions. Rewards are earned on new purchases, while interest accrues on whatever balance is carried, which may come from earlier purchases, cash advances that earn no points, or spending on another card. Households carrying balances are better served by addressing the debt first, as covered in our guide to debt ratios in Canada.

A Practical Loyalty Strategy for Canadian Households

A workable approach is deliberately boring. Pay the full statement balance every month, because nothing else here outweighs interest. Identify the two or three programs a household naturally uses, usually its main grocer, its fuel or pharmacy, and possibly one airline. Ignore the rest.

Choose currencies by how they will be redeemed. Fixed-value programs, such as grocery points, are easier to use than variable travel points. Keep a short list of balances and expiry dates, and redeem at a steady pace. Be willing to switch: if a program’s rules change for the worse, the right response is to move spending, not to defend a sunk balance.

Do not spend to earn. A bonus that requires extra spending, a card opened for its welcome offer, or a purchase made to reach a status tier is a cost presented as a benefit. Cash flow, fees and credit health come before points. See also our guide to premium bank accounts in Canada, and our look at Canadian grocery stocks.

Which Programs Deserve a Closer Look?

This table describes what each program is built to do. It contains no ratings and does not name a winner.

Program	Category	Primary strength	Main limitation	Best suited for
Aeroplan	Airline	Wide partner network and Air Canada access	Value varies by redemption; revenue-based earning since 2026	Households that fly Air Canada or its partners
WestJet Rewards	Airline	Fixed 100 points per $1 on base fares	Limited to WestJet; taxes and fees follow separate rules; not transferable	WestJet-centred households
Membership Rewards	Bank, transferable	Multiple airline and hotel partners	Valuation depends on partners; partner lists change	Households comfortable with transfers
RBC Avion	Bank, transferable	Access to several partners including WestJet	Partner eligibility conditions and uneven ratios	RBC clients who value flexibility
PC Optimum	Grocery, retail	Clear value; points do not expire	10,000-point minimum; closure rule after two years of inactivity	Loblaw-banner shoppers
Scene+	Coalition	Fixed grocery value; broad partner base	Base grocery earning tied to a Scotiabank card	Sobeys and Scotiabank households
Blue Rewards	Coalition	Large converted AIR MILES base	Travel redemptions lack a fixed rate; dormancy after 24 months	Existing AIR MILES balance holders
Marriott Bonvoy	Hotel	Large global network	Dynamic pricing; estimated value only	Frequent hotel guests
World of Hyatt	Hotel	Aeroplan link launched July 2026	2026 chart update; limited Canadian presence	Travellers using Hyatt properties
Petro-Points	Fuel	Free to join; simple redemption value	Small value per litre; closure after 12 months of inactivity	Petro-Canada drivers
Costco Executive	Membership	Simple 2 per cent annual reward	Annual cap and exclusions; fee must be covered	Large, regular Costco spenders
Rakuten	Shopping portal	Cash back on online purchases	Quarterly payouts; tracking can fail	Regular online shoppers

The Sovereign Canadian Loyalty Programs Series

This guide is the hub for a planned series of shorter articles on individual programs and on practical topics such as comparing cash back with points and tracking balances before they expire. Those guides are still in preparation, so none are linked here. As each is published, this guide will point to it.

Conclusion: Extract Value Without Becoming Loyal

Loyalty programs reward consistency, and they quietly reward inattention too, through expiry rules, thresholds and breakage. A household that understands the difference can use them as a modest discount on spending it already does.

The sound habits are few. Pay in full. Learn the rules of the two or three programs that fit real habits. Value points honestly. Redeem within a sensible window. And remember that the value of a points balance depends heavily on rules the issuer can change, subject to applicable law. The goal is to extract value without becoming loyal to the program, since the program has made no commitment to be loyal in return.

Sources and verification details are in the accompanying Research and Verification Notes. Program terms change frequently and should be confirmed with each issuer before any decision.