💳 The Real Value of Canadian Credit Card Points — Finally Explained

Canadian banks spend millions every year promoting their travel rewards programs — yet they make it nearly impossible to understand what those points are actually worth.

It’s a bit like being paid in a foreign currency without being told the exchange rate. You might be getting a good deal…or you might not.

Take RBC, for instance. The bank has three different types of Avion points, each worth a different amount. American Express offers both transferable Membership Rewards points and fixed-value Scene+ points. And then there’s Air Miles, with their Dream Miles and Cash Miles — a naming choice that confuses even seasoned travellers.

So, what’s actually valuable, and what’s just marketing fluff? Let’s cut through the noise and break down the true value of every major Canadian credit card point — from TD and CIBC to RBC, BMO, Scotiabank, Amex, and WestJet.

By the end of this guide, you’ll know exactly what your points are worth — and how to make them work harder for you.

By the way…

I made a video on this exact subject. If you’d prefer to watch the video instead of reading the blog, see below. Otherwise, continue onwards!

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The Two Types of Points in Canada

Before looking at numbers, there’s one key distinction you need to understand.
Every Canadian travel reward falls into one of two categories:

1. Fixed-Value Points

Think of these like poker chips: their value is set in stone.
A $10 chip is worth $10 — no surprises.

Fixed-value points are:

• Easy to use
• Predictable in value
• Limited in potential

They’re perfect for travellers who prefer simplicity over strategy.

2. Variable-Value Points

These are the wildcards of the points world — the “magic beans” that can either grow into a beanstalk or stay in your pocket. Used strategically, they can unlock premium experiences like business class flights to Asia or Europe for a fraction of the cash price.

Variable-value points are:

• Flexible and powerful
• Potentially far more valuable
• Complex and time-consuming to master

The right choice depends on your travel style. If you love optimizing every detail, variable-value points are for you. If you prefer straightforward redemptions, stick with fixed-value programs.

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Fixed-Value Points: What They’re Really Worth

Here’s what each major Canadian fixed-value program is actually worth — no fine print required.

Bank / Program	Best Redemption	Value per Point
TD Rewards	Expedia for TD	0.5¢
CIBC Aventura	CIBC Rewards Centre	1¢
BMO Rewards	BMO Travel Portal	0.67¢
Air Miles	Dream or Cash Miles	1.05¢
Scene+	Expedia or statement credit	1¢
WestJet Dollars	WestJet flights	1¢

These programs offer consistent, no-surprises value. You won’t unlock first-class flights with them, but you also won’t need to read a 20-page forum thread to figure out how to redeem them.

For casual travellers or anyone who prioritizes simplicity, fixed-value points are a reliable, stress-free choice.

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Variable-Value Points: Where the Real Upside Lives

Now for the points that can truly move the needle — RBC Avion, Amex Membership Rewards, and Aeroplan.

These are transferable points, meaning you can move them to airline programs like Air France Flying Blue, British Airways Executive Club, or Air Canada Aeroplan. That’s where the magic happens.

Consider this example:

A one-way business class flight that costs $8,872 CAD in cash could be redeemed for 80,300 points through Aeroplan.

That’s 10.8¢ per point in value — nearly 20 times more than TD’s fixed 0.5¢ rate.

Of course, this kind of redemption takes effort. Availability is limited, flexibility is key, and premium cabins are snapped up quickly. But for those who enjoy the game, the payoff can be extraordinary.

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How to Maximize Variable-Value Points

Here’s a straightforward framework for getting the most from your variable-value points:

1. Transfer strategically.
   Only move your points when you’ve found the flights you want.
   • Amex transfers: Aeroplan, Air France, British Airways, and more.
   • RBC transfers: British Airways, Cathay Pacific, and others.
2. Aim for premium cabins.
   Business and first-class redemptions offer the best value — often several cents per point more than economy.
3. Be flexible.
   The most valuable redemptions often involve unusual routes or off-peak dates.

For most travellers, variable-value points are worth around 2¢ each on average — but with research and patience, it’s possible to achieve 4¢+ per point redemptions.

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A Reality Check: It’s Not Just About Value per Point

Here’s a crucial detail most people overlook: earning rate matters just as much as redemption value.

A card that earns 5x points worth 0.5¢ each gives you a 2.5% return — better than a card earning 1x points worth 2¢ each (just 2%).

So don’t get too caught up in the value per point alone. The best strategy balances:

• Strong earning potential
• High-value redemption opportunities
• A generous welcome bonus

When those three factors align, your rewards become far more powerful.

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The Bottom Line

• Fixed-value points = simplicity and reliability
• Variable-value points = flexibility and premium travel potential

If you want effortless redemptions, fixed-value programs are your best bet.

If you love the challenge of unlocking business class seats for economy prices, variable-value points will reward your effort many times over.

Either way, understanding what your points are actually worth is the first step toward smarter, more rewarding travel.

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✈️ Ready to find your perfect travel credit card?
Try the free Canadian Jetsetter Credit Card Finder. It matches you with the best Canadian travel cards based on your habits — so your points work harder for you, not the banks.