It is one of the most tempting buttons in your account, and one of the worst. Redeeming Aeroplan points for a gift card feels like turning points into cash. The problem is the exchange rate: gift cards return about a penny a point, roughly half what the same points are worth on a flight. Here is the math, when a gift card is actually defensible, and what to do instead.
Usually no. A typical gift card redemption runs near 200,000 points for a 2,000 dollar card. That is exactly one cent per point.
One cent is the floor, not the goal. Aeroplan points earn their reputation on flights, where the same points routinely return one and a half to two cents each, sometimes more in business class. Cashing them out for a gift card throws away the part that makes the points worth holding.
Value per point is the whole game. The higher the cents per point, the more your balance is really worth. Gift cards sit at the bottom.
| Redemption | Typical value per point |
|---|---|
| Gift cards | ~1 cent |
| Merchandise | Often under 1 cent |
| Pay with points on an Air Canada booking | ~1 cent |
| Hotels and car rentals | ~1 cent |
| Economy flight | ~1.5 to 2 cents |
| Business or premium flight | 2 cents and up |
Flight values vary with route, demand, and dynamic pricing. For how to measure it yourself, see what cents per point means.
Take the same balance from the example above and point it at the two extremes.
Same points. Roughly double the value. That gap is what the gift card button quietly costs you.
There are a few honest exceptions. Even in these, check the alternative first.
Yes, but at roughly one cent per point. About 200,000 points buys a 2,000 dollar card, around half what the same points return on a flight.
About one cent on a gift card, versus one and a half to two cents (or more in business) on a flight. Flights usually return roughly double.
Rarely: points expiring with no travel plans, a small leftover balance, or you truly never fly. Even then, keeping the account active or a points plus cash flight usually beats it.
No. Paying with points toward a cash Air Canada booking also lands near one cent per point. An award flight is where the value lives.
Come in for a free conversation. We can look at your points and your travel and find a redemption worth far more than a gift card.