Point Valuations
What Are Amex Membership Rewards Points Worth in Canada?
The Points Standard values Amex Membership Rewards (MR) points at 2.0¢ each (CAD) as of July 2026, with a floor of 1.0¢. 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 |
Why transfers set the price
MR's superpower is the 1:1 transfer to Aeroplan. Since we value Aeroplan at 2.1¢, 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.
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 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 6, 2026. Methodology and assumptions: The Points Standard Index.