Amex Aeroplan Reserve Review 2026: $599 Worth It?

It depends entirely on lounge usage and Air Canada flight frequency. The Maple Leaf Lounge access alone is worth approximately $650/year if you visit one a month (lounge access at YYZ/YVR is otherwise ~$50 per visit). Combined with the welcome bonus (~$1,800 first-year value) and the free first checked bag (~$120-200/year savings on multi-bag families), the Reserve breaks even or wins for frequent Air Canada flyers. For someone flying 1-2 times per year, it does not.

Up to 95,000 Aeroplan points: 50,000 points on first $3,000 spent in the first 6 months, plus an additional 45,000 points on $3,000 more spent in months 7-12. Total welcome value is approximately $1,800-$2,000 in Aeroplan flights, depending on redemption efficiency. The most efficient redemptions (long-haul economy or short-haul business class) extract the most value per point.

Cobalt for everyday spending and flexibility (5x grocery/dining, 1x other, MR points transferable to multiple programs). Reserve for Air Canada loyalty plus lounge access. Many Canadians hold both — the Cobalt for 5x earn at groceries and restaurants, and the Reserve for Air Canada flights, lounge access, and the elevated insurance package. Combined annual fees: $755. Combined value for active travelers: $1,500-$2,500/year.

Yes. Cardholders receive unlimited Maple Leaf Lounge access in Canada and the United States. Pre-pandemic this was estimated at $650+ in annual value for someone visiting once a month. The lounge access also extends to one guest each visit (worth another $50 per visit if you typically travel with someone). Maple Leaf Lounge access is the single largest justification for the $599 fee.

Each cardholder receives one Worldwide Companion Pass per anniversary year, valid for travel in North America (Canada, US, Mexico, Caribbean) on Air Canada or Aeroplan partners. Companion pays only ~$199 + applicable taxes (vs. a normal economy fare of $400-$1,000). Most cardholders use this for a long-weekend trip. Effective value: $300-$700/year if used.

2.5% foreign currency conversion fee — same as most Amex Canadian cards. Pair the Reserve with the Scotia Passport Visa Infinite (no FX fees) for international travel. The Reserve still earns Aeroplan points on overseas Air Canada flights paid in CAD; on local foreign-currency purchases use the Scotia Passport.

No, but it does provide several elite-style benefits: Priority Check-In, Priority Boarding (Zone 2), free Preferred Seat selection on most flights, free first checked bag for cardholder and up to 8 companions on Aeroplan-issued tickets. For full Aeroplan elite status, you need to fly enough qualifying segments — the card alone doesn't grant it.

Most cardholders evaluate annually. Year 1 is almost always positive (welcome bonus + lounge access ≫ fee). Year 2+ depends on continued Air Canada flying. If you fly Air Canada less, downgrade to the Aeroplan Visa Infinite ($120 fee) or convert MR points by holding the Cobalt instead. Don't pay $599 if you only flew Air Canada twice last year.

Yes. American Express allows product changes between Aeroplan cards (Reserve → Aeroplan → no annual fee Aeroplan). Downgrades preserve your account history and credit. Most Aeroplan loyalists hold the Reserve when they fly Air Canada heavily and downgrade in low-travel years to retain the relationship.