Point Valuations
What Are Amex Membership Rewards Points Worth in Canada?
The Points Standard values Amex Membership Rewards (MR) points at 1.9¢ each (CAD) on our current Index, with a floor of 1.0¢ — marked down alongside Aeroplan on July 11 after Air Canada's June award-chart increases. MR is Canada's most flexible points currency — and its value depends entirely on how you redeem.
The value ladder
| Redemption | Value per point |
|---|---|
| Transfer to Aeroplan, redeem business class | 2.5–4.0¢ |
| Transfer to Aeroplan, redeem economy partner awards | 1.5–2.2¢ |
| Transfer to Avios for short-haul awards | 1.5–2.0¢ |
| Fixed Points Travel Program | 1.0–1.75¢ |
| Statement credit / Amazon checkout | 1.0¢ or less |
Every MR transfer partner, ranked
MR moves in 100-point increments (1,000-point minimum) to seven partners — two of them clearly worth using, and the rest worth knowing exist so you can rule them out with confidence rather than guesswork:
| Partner | Ratio | Worth transferring? |
|---|---|---|
| Air Canada Aeroplan | 1:1 | Yes — the default, sets MR's ceiling |
| Air France-KLM Flying Blue | 1:1 | Yes — upgraded from 1:0.75 on January 3, 2026; often the best route to Europe |
| British Airways Avios | 1:1 | Situational — strong for short-haul partner awards, our Avios sweet spots covers where |
| Marriott Bonvoy | 5:6 | Rarely — converts to roughly 0.9¢/point Bonvoy value, barely above MR's own 1¢ floor |
| Cathay Pacific Asia Miles | 1:0.75 | Rarely — a 25% haircut versus transferring to Aeroplan for the same trip |
| Delta SkyMiles | 1:0.75 | Rarely — same 25% haircut as Cathay |
| Hilton Honors | 1:1 | Skip — Hilton points individually run well under 1¢ |
Two partners carry the program: Aeroplan for the broadest Star Alliance access, and Flying Blue specifically for transatlantic Europe redemptions since its January 2026 upgrade to 1:1. Everything below that in the table exists, but rarely beats simply transferring to Aeroplan and booking the same trip through its partner network instead.
Why transfers set the price
MR's superpower is the 1:1 transfer to Aeroplan. Since we value Aeroplan at 1.9¢, MR inherits nearly all of that value while adding flexibility: you don't have to commit to Aeroplan until you're ready to book. That optionality is why we score MR-earning cards so highly for flexibility.
Transfer bonuses (periodically 10–30% to select partners) can push effective value well past the headline number — one reason to hold points until you have a use.
The floor matters too
Every MR point can become a 1¢ statement credit. So a card like the Amex Cobalt earning 5x on food is a guaranteed 5% back — with a realistic path to 10%+ when transferred well. That guaranteed floor plus high ceiling is the strongest earn proposition in Canadian cards. See our Cobalt application and year-two math breakdown for exactly how that plays out on one card.
What to avoid
Redeeming MR at checkout (Amazon and similar) or for merchandise typically returns under 1¢ — you're spending 2¢ assets at half price. The Cathay, Delta, and Hilton transfers above sit in the same category: technically available, rarely the right call next to Aeroplan or Flying Blue.
The practical takeaway
If you never plan to transfer points to airlines, MR is a 1¢ currency for you, and a simple card like the Scotiabank Gold Amex may serve you better. If you'll transfer even once a year, MR-earning cards top our overall ranking for a reason.
Two alternatives if MR isn't the right fit
Skip MR if Amex acceptance is a real problem for your regular spend — a points currency you can't earn is worth 0¢, not 2¢. Consider Aeroplan directly through a Visa co-brand if Air Canada is your primary carrier and you'd rather not manage a transfer step, or a straightforward cash-back Visa/Mastercard like the CIBC Dividend Visa Infinite if you want guaranteed value with zero redemption homework.
Last reviewed July 16, 2026. Transfer-partner ratios verified against Amex Canada's published partner pages via Prince of Travel and Frugal Flyer's transfer-partner guides (see our transfer partners guide for the full sourcing). Methodology and assumptions: The Points Standard Index.