Aeroplan Points on Your Mortgage? What the New Chexy Partnership Means
Image courtesy of The Globe and Mail
Canadians may soon have another way to earn Aeroplan points on one of their largest monthly expenses: their mortgage payment. Through a new partnership with Chexy, users can pay their mortgage from a bank account and earn one Aeroplan point for every dollar paid — but the 1.75% fee means the value depends on how you use those points.
Chexy began by helping Canadians pay rent with a credit card to earn rewards, then expanded into bills such as utilities and property taxes. This new offering is different because mortgages generally cannot be charged directly to a credit card; instead, Chexy processes the payment through the user’s bank account while awarding Aeroplan points.
The cost versus reward
The headline is appealing: earn points on a bill you already pay. But homeowners should treat this as a math decision, not a free perk.
A 1.75% fee can add up quickly. Before enrolling, compare the dollar cost of the fee with the realistic value you expect to get from Aeroplan points. Points may be valuable for someone who regularly redeems strategically for flights, but much less valuable if they expire unused or are redeemed for low-value rewards.
An applicable example
Say your mortgage payment is $3,000 per month.
Chexy’s 1.75% fee would cost $52.50 per month
Over a year, that equals $630 in fees
At one Aeroplan point per dollar, you would earn 36,000 Aeroplan points per year
For some frequent travellers, 36,000 points may help offset the cost of a future flight. For others, paying $630 annually just to earn rewards may not make sense — especially if that money could go toward an emergency fund, a prepayment, high-interest debt, or other financial goals.
My take as a mortgage professional
I like that Canadians have more options and transparency around their largest recurring expenses. But I would be careful not to let rewards reshape your mortgage strategy.
Your first priorities should always be making payments comfortably, maintaining an emergency reserve, and using prepayment privileges when it makes sense. Earning points can be a nice bonus, but it should never lead to carrying extra debt, missing a payment, or spending money that is better used to reduce your mortgage balance.
This could make sense for a homeowner with strong cash flow who already travels frequently and has a clear, high-value plan for Aeroplan redemptions. It is probably less compelling for someone rebuilding their budget, managing higher renewal payments, or trying to get ahead financially.
Questions to ask first
What will the fee cost me every month and every year?
How much are the points realistically worth to me?
Does my lender allow this payment arrangement without issue?
Is the payment timing reliable enough to avoid any late-payment risk?
Would the fee be better used toward debt repayment, savings, or a mortgage prepayment?
Want help looking at the full cost of your mortgage — from payment structure and renewal options to prepayment strategy and cash flow? Reach out to Mr. Mortgage today.
Kechanth Kannan | Mr. Mortgage
Phone: +1 (647) 554-2718
Instagram: @_mrmortgage
