The Amex Aeroplan Reserve is American Express Canada’s premium Air Canada card. Its fee is high and about to go higher, and the case for it rests on Maple Leaf Lounge access, free checked bags and a companion pass that only pays off with regular Air Canada flying. This review works through the fee using Amex’s own value estimates. It is general education, not financial advice.
Compare this card with the Amex Cobalt (better for everyday spending), the Amex Aeroplan Card (the lower-fee Aeroplan card), or the Marriott Bonvoy Amex (hotel-focused). Full lineup in Best Travel Credit Cards Canada 2026 and Best Aeroplan Credit Cards.
Amex Aeroplan Reserve at a glance
- Annual fee: $599, rising to $799 on annual fees charged on or after January 12, 2027
- Standard welcome offer: up to 85,000 Aeroplan points: 60,000 after $7,500 in net purchases in the first 3 months, plus 25,000 when you spend $2,500 in month 13
- Amex’s value for the welcome offer: up to $1,700 in flights (Amex's estimate, at $0.02 a point or more)
- Earn rates: 3 Aeroplan points per $1 on eligible Air Canada and Air Canada Vacations purchases; 2 Aeroplan points per $1 on eligible dining and food delivery in Canada; 1.25 Aeroplan points per $1 on everything else
- Lounge access: complimentary access to Maple Leaf Lounges and Air Canada Cafés in Canada and the United States, with one guest per eligible Cardmember
- Companion pass: one Companion Pass a year after $25,000 in net purchases before your card anniversary; the companion's Air Canada economy base fare is fixed at $99 to $599, plus taxes and fees
- Interest: 21.99% on purchases and 21.99% on advances
- Additional cards: $199 a year for each additional Aeroplan Reserve Card ($249 from January 12, 2027)
YieldMaple checked Amex’s Aeroplan Reserve page on October 11, 2026. The fee, earn rates, welcome offer and value estimates above come from that page.
| Item | Current figure | Source |
|---|---|---|
| American Express Aeroplan Reserve Card annual fee | $599 | americanexpress.com Verified October 11, 2026 |
| American Express Aeroplan Reserve annual fee from January 12, 2027 | $799 on annual fees charged on or after January 12, 2027 | americanexpress.com Verified October 11, 2026 |
| American Express Aeroplan Reserve additional card fee | $199 a year for each additional Aeroplan Reserve Card | americanexpress.com Verified October 11, 2026 |
| American Express Aeroplan Reserve additional card fee from January 12, 2027 | $249 from January 12, 2027 | americanexpress.com Verified October 11, 2026 |
| American Express Aeroplan Reserve earn rate on Air Canada | 3 Aeroplan points per $1 on eligible Air Canada and Air Canada Vacations purchases | americanexpress.com Verified October 11, 2026 |
| American Express Aeroplan Reserve earn rate on dining and food delivery | 2 Aeroplan points per $1 on eligible dining and food delivery in Canada | americanexpress.com Verified October 11, 2026 |
| American Express Aeroplan Reserve earn rate at Hyatt | 2 Aeroplan points per $1 on eligible spending at participating Hyatt hotels and resorts | americanexpress.com Verified October 11, 2026 |
| American Express Aeroplan Reserve base earn rate | 1.25 Aeroplan points per $1 on everything else | americanexpress.com Verified October 11, 2026 |
| Aeroplan Reserve Card Maple Leaf Lounge access | complimentary access to Maple Leaf Lounges and Air Canada Cafés in Canada and the United States | americanexpress.com Verified October 11, 2026 |
| Amex's estimated value of Maple Leaf Lounge access on the Aeroplan Reserve | up to $590 a year (Amex's estimate, based on up to 5 visits a year with a guest) | americanexpress.com Verified October 11, 2026 |
| Free first checked bag on the American Express Aeroplan Reserve Card | a free first checked bag (up to 23 kg) for you and up to eight companions on the same reservation, when travel starts on an Air Canada flight | americanexpress.com Verified October 11, 2026 |
| American Express Aeroplan Reserve Annual Worldwide Companion Pass | one Companion Pass a year after $25,000 in net purchases before your card anniversary; the companion's Air Canada economy base fare is fixed at $99 to $599, plus taxes and fees | americanexpress.com Verified October 11, 2026 |
| American Express Aeroplan Reserve NEXUS credit | up to $100 in statement credits every four years toward a NEXUS application or renewal fee | americanexpress.com Verified October 11, 2026 |
| American Express Aeroplan Reserve travel emergency medical insurance | up to $5,000,000 for the first 15 consecutive days of a trip, if you are under 65 | americanexpress.com Verified October 11, 2026 |
In short: the annual fee is $599 today and $799 on annual fees charged on or after January 12, 2027. An additional card costs $199 a year for each additional Aeroplan Reserve Card, or $249 from January 12, 2027. The card earns 3 Aeroplan points per $1 on eligible Air Canada and Air Canada Vacations purchases, 2 Aeroplan points per $1 on eligible dining and food delivery in Canada, 2 Aeroplan points per $1 on eligible spending at participating Hyatt hotels and resorts and 1.25 Aeroplan points per $1 on everything else. Benefits include complimentary access to Maple Leaf Lounges and Air Canada Cafés in Canada and the United States, which Amex values at up to $590 a year (Amex's estimate, based on up to 5 visits a year with a guest); a free first checked bag (up to 23 kg) for you and up to eight companions on the same reservation, when travel starts on an Air Canada flight; one Companion Pass a year after $25,000 in net purchases before your card anniversary; the companion's Air Canada economy base fare is fixed at $99 to $599, plus taxes and fees; a NEXUS credit of up to $100 in statement credits every four years toward a NEXUS application or renewal fee; and travel medical cover of up to $5,000,000 for the first 15 consecutive days of a trip, if you are under 65.
Is the Amex Aeroplan Reserve worth the fee?
By Amex’s own estimates, the Reserve’s core benefits are worth more than the current fee and only slightly more than the 2027 fee.
Amex publishes a value for each perk:
- Maple Leaf Lounge access: up to $590 a year (Amex's estimate, based on up to 5 visits a year with a guest)
- Free first checked bags: $140 (Amex's estimate for two people on one round trip)
- Priority Pass membership: $99 USD a year (about $136 CAD, Amex's figure)
- NEXUS credit: up to $100 in statement credits every four years toward a NEXUS application or renewal fee
Added up, that is $966 in year one, or $367 more than the fee. The NEXUS credit only comes every four years, so a typical later year counts $866, against a fee of $799 on annual fees charged on or after January 12, 2027: a margin of only $67.
Two things move that answer. Amex’s lounge figure assumes up to 5 visits a year with a guest, which works out to about $118 a visit; a cardholder who uses Maple Leaf Lounges every month gets more than Amex’s estimate, and one who rarely flies gets close to nothing. The second is the companion pass, covered below, which fixes the companion’s base fare on an Air Canada economy ticket but requires heavy spending.
How many Aeroplan points does the Reserve earn in a year?
On $30,000 of yearly spending split across Air Canada, dining and everything else, the Aeroplan Reserve earns 49,000 points in this worked example.
The example uses made-up spending; swap in your own numbers. The earn rates are Amex’s: 3 Aeroplan points per $1 on eligible Air Canada and Air Canada Vacations purchases, 2 Aeroplan points per $1 on eligible dining and food delivery in Canada and 1.25 Aeroplan points per $1 on everything else.
- Air Canada flights: $4,000 a year earns 12,000 points.
- Dining and food delivery in Canada: $6,000 a year, or $500 a month, earns 12,000 points.
- Everything else: $20,000 a year earns 25,000 points.
- Total: 49,000 points on $30,000 of spending, an average of about 1.63 points per $1.
Amex’s own estimates use a flight value of 2 cents a point. At that figure, 49,000 points are worth about $980. That is $381 more than the current fee and $181 more than the 2027 fee, before counting any lounge, bag or companion pass value. Aeroplan points have no fixed cash value, so a redemption below 2 cents a point shrinks that margin.
The same $30,000 also clears the $25,000 companion pass threshold with $5,000 to spare. A household that puts $15,000 a year on the card earns fewer points and misses the companion pass by $10,000.
How much is the Aeroplan Reserve welcome bonus worth?
Amex values the standard Aeroplan Reserve welcome offer at up to $1,700 in flights (Amex's estimate, at $0.02 a point or more), earned over 13 months with two annual fees in between.
The standard offer is up to 85,000 Aeroplan points: 60,000 after $7,500 in net purchases in the first 3 months, plus 25,000 when you spend $2,500 in month 13. The first part requires $7,500 in three months, or about $2,500 a month. The month-13 part requires keeping the card into a second year, and anyone approved now pays $599 up front and $799 on annual fees charged on or after January 12, 2027 at renewal: $1,398 in fees across the 13 months. Against Amex’s top estimate, that leaves about $302 of flight value from the welcome offer alone, before any lounge or bag value.
On October 11, 2026, Amex’s other Reserve product page also showed a higher offer labelled "Elevated Offer" on Amex's product page, which Amex says is available on that webpage and can change at any time. The offer shown when you apply is the one that applies.
Amex’s estimates assume roughly 2 cents a point on flights. Aeroplan points have no fixed cash value, and Amex’s own headline figure is up to $4,400 or more in the first 13 months, before the annual fee (Amex's estimate, including about $1,760 from spending and $1,000 from benefits). The spending part of that estimate is $1,760 from 88,000 points on $55,000 of net purchases in a year.
How does the Aeroplan Reserve Companion Pass work?
The Companion Pass gives a second Air Canada economy ticket at a fixed base fare once you spend $25,000 on the card in a card year.
That spending works out to about $2,083 a month. Base fares for the companion are $99 within Canada and the continental US; $299 to or from Hawaii, Mexico, Central America and the Caribbean; $499 to or from South America, Europe, the Middle East and Africa; $599 to or from Asia, Australia and New Zealand (base fare, plus taxes and fees). The count resets each year: the net-purchase count resets to zero on each card anniversary; the pass is deposited 8 to 10 weeks after the anniversary. Earlier versions of this review described a flat-price “buddy pass”; that was wrong. The $199 a year for each additional Aeroplan Reserve Card figure is the fee for an additional card, not a companion fare.
Where does the Reserve fall short?
- Single-program rewards. Aeroplan points stay in Aeroplan. Membership Rewards points from the Amex Cobalt transfer to Aeroplan at 1,000 Membership Rewards points = 1,000 Aeroplan points and to other airline and hotel programs.
- Everyday earning is modest. Outside Air Canada and dining, the Reserve earns 1.25 Aeroplan points per $1 on everything else. The Cobalt earns 5 points per $1 at eligible restaurants, coffee shops, bars, stand-alone grocery stores and food delivery in Canada, on up to $2,500 in combined net purchases a month, then 1 point per $1. On $800 a month at stand-alone grocery stores, the Reserve earns 12,000 points a year and the Cobalt 48,000 points a year.
- The fee is rising. $799 on annual fees charged on or after January 12, 2027, and additional cards go to $249 from January 12, 2027.
- Lounge value depends on use. Without regular Air Canada trips, the biggest part of the value case is unused.
- Priority Pass isn’t free entry. It is Priority Pass membership, with a usage fee charged for every lounge visit.
What insurance does the Aeroplan Reserve include?
The Reserve includes emergency medical, trip cancellation, trip interruption and flight delay insurance; Amex’s page for the lower-fee Aeroplan Card lists no emergency medical cover.
- Out-of-province emergency medical: up to $5,000,000 for the first 15 consecutive days of a trip, if you are under 65
- Trip cancellation: up to $1,500 per insured person per trip, to a maximum of $3,000 for all insured persons
- Trip interruption: up to $1,500 per insured person per trip, to a maximum of $6,000 for all insured persons
- Flight delay: up to $1,000 (combined maximum with baggage delay insurance)
Coverage depends on charging the trip to the card and on the insurer’s certificate terms.
Who the Aeroplan Reserve suits (and who it doesn’t)
It suits people who fly Air Canada through Canadian and US hubs often enough to use the lounges on most trips, travel with a companion, and put enough spending on the card to earn the companion pass. Amex’s own estimates show the card roughly paying for itself on lounges and bags; regular use pushes it well ahead.
It doesn’t suit occasional travellers or people who split flying across airlines. For them, the Amex Aeroplan Card at $120 keeps the free first checked bag at a much lower fee, and the Cobalt earns more on everyday spending. Holding the Reserve and the Cobalt together costs $790.88 a year until the Reserve fee rises.
Bottom line
The Aeroplan Reserve is a specialist card for Air Canada loyalists. Amex’s own figures put the lounge, bag, Priority Pass and NEXUS value at $966 in year one, against a $599 fee. After the fee rises to $799 on annual fees charged on or after January 12, 2027, the card makes sense mainly for people who use the lounges more than Amex’s 5-visit assumption or who earn and use the companion pass.