Head-to-Head: 150,000 Points on the Amex Platinum vs. Aeroplan Reserve

Last week, American Express announced record-breaking new signup bonuses on two of its most premium products, the Platinum Card and the Aeroplan Reserve Card.

The offers are extremely similar, with up to 150,000 points on each card. Surely you’ll want to get both if you can!

But between steep annual fees, hefty spending requirements, and a tight timeline to apply before the offers end on August 3, 2021, it might be more realistic for you to only get one. So which one of these best-ever offers is truly the best?

In today’s Head-to-Head, let’s have a showdown between the two cards, with an emphasis on how the welcome bonuses differ.

In This Post

Bonus Structure

First and foremost, let’s take a look at the signup bonuses, often one of the most significant factors that compels you to get a new credit card.

To recap, both cards are offering 150,000 points, all-time highs not just for the cards themselves but for the Canadian credit card market as a whole.

Platinum Card

Aeroplan Reserve Card

Spend Bonus

70,000 MR points upon spending $6,000 in six months

70,000 Aeroplan points upon spending $6,000 in six months

Eats & Drinks Bonus

10x points in the first six months, up to 50,000 points or $5,000 spent

10x points in the first six months, up to 50,000 points or $5,000 spent

Monthly Bonus


5,000 points in each of the first six months in which you spend $1,000

Second Year Bonus

30,000 points upon making a purchase in months 14–17


Total Spend



Total Points

150,000 MR points

150,000 Aeroplan points

The initial bonus, spending threshold and deadline, and Eats & Drinks bonus are all the same. They key difference is in the remaining 30,000 points.

For the Aeroplan Reserve Card, those points are distributed in monthly chunks of 5,000 points, upon spending $1,000 each month. That means you can’t capitalize on gigantic expenses upfront to earn the full bonus; you’ll have to spread out your spending.

You’ll receive the full bonus within six months. This has two key advantages: you can use your points sooner, and you don’t have to keep the card (and its pricey annual fee) into the second year if you later decide that the ongoing value isn’t worth it for you.

For the Platinum Card, there’s no monthly bonus; instead, you’ll get a modified anniversary bonus. It’s clearly structured to be triggered after Month 14 with the card, beyond the deadline to cancel and receive a full refund on your second-year annual fee.

Therefore, even though the bonuses are technically the same size, you’d need to keep the Platinum Card into the second year to earn the full points payout. While we value 30,000 MR points at $630, more than enough to cover the net annual fee for the second year, you could earn the same value at a lower cost with one year of the Aeroplan Reserve Card instead.

Also, it’s possible that you might score an extra monthly bonus on the Aeroplan Reserve Card without any spend requirement on your first statement, as we’ve seen on this card in the past, as well as on the Cobalt Card. In that case, you could net an extra 5,000 Aeroplan points for no additional trouble.

Verdict: The Aeroplan Reserve Card has a better bonus because you can earn it all in the first year, potentially saving you a premium annual fee in the future, and definitely enabling you to book aspirational trips sooner.

Points Currency

The Aeroplan Reserve Card is a co-branded Aeroplan card, and naturally it earns Aeroplan points. Aeroplan is the best travel rewards program for Canadians, with redemptions on any seat on Air Canada flights, outsized value for long-haul seats in premium partner cabins, and unparalleled interconnectivity linking Canadians across the country to the vast global Star Alliance airline network.

The Platinum Card uses Amex’s in-house travel rewards program, earning Membership Rewards points. They can be used for the Fixed Points Travel chart for flights, redeemed for statement credit, but most importantly, they can be transferred to airline and hotel partners, including Aeroplan.

Simply put, because Membership Rewards can be transferred to Aeroplan, there’s nothing they can’t do that Aeroplan can. I often treat the two interchangeably, and we value them the same at 2.1 cents per point, but there’s a ton of intangible value in flexibility.

With Membership Rewards, I can always choose to use them for a different airline partner, or even to cash them out, if those uses present a better choice when I have a redemption lined up.

You can’t do that with Aeroplan – once the points are in, you’re more limited by what the program allows you to do with them. Even though it’s a great program with lots of redemption options for good value, it’s still a one-trick pony.

Verdict: The Platinum Card wins here, because with all other things being equal, flexibility is a virtue.

Annual Fee

The Aeroplan Reserve Card has an annual fee of $599. On the surface, it looks like it comes out ahead of the Platinum Card’s annual fee of $699.

However, the Platinum Card offers a $200 annual travel credit, which can be easily redeemed for any type of travel booking through the Amex Travel portal. I’d consider this credit as good as cash, since it’s so easy to redeem. Plus, you should have no trouble keeping the credit in case your travel plans change and you need to cancel a refundable booking.

Effectively, this brings down the net annual fee to $499, making the Platinum Card a less expensive choice.

Verdict: The Platinum Card has a slight edge here, saving you $100 each year. But I wouldn’t let that be a dealbreaker if you decide the Aeroplan Reserve Card is an overall better fit for you. Instead, I’d use it as a tiebreaker if none of the other factors sway you strongly in one direction.

Referral Bonuses

The Platinum Card rewards the referrer with 10,000 MR points when family, friends, or colleagues use their referral link and are approved for a new card. You can earn up to 225,000 MR points per calendar year this way – it’ll take quite a few referrals to hit the limit.

Normally, the Aeroplan Reserve Card rewards the referrer with an equivalent 10,000 Aeroplan points, up to 75,000 points per year.

For the duration of these welcome bonuses, however, the Aeroplan Reserve Card has boosted its referral bonus to 20,000 Aeroplan points for the referrer (although the annual limit remains the same). That’s a huge win, on par with the Business Platinum Card‘s 20,000 MR points for the referrer.

If you’re looking to apply for as many cards as you can this month in multiplayer mode, you’d want to prioritize the Aeroplan Reserve Card. Once you start scaling with many referrals, the difference will compound dramatically.

Also, it’s important to consider the limitations on which cards can refer to and from each other. The Aeroplan Reserve Card can refer to itself and to the Aeroplan Business Reserve Card, giving you up to two bonuses for each person you successfully refer (if they open both cards).

The Platinum Card can also refer to two cards, itself and the Business Platinum Card. Even so, you won’t want to use the Platinum Card for referrals. The Business Platinum Card rewards twice as many points, and it can refer to all of the same cards (and then some).

Previously, the Platinum Card could only be referred to by another Platinum Card, so it was useful to have one for referral bonuses as others flocked to Amex’s flagship product. Now, though, the Business Platinum Card can refer to the Platinum Card, so you’re better off generating a referral link that way for a bigger bonus.

Verdict: The Aeroplan Reserve Card is a clear winner here, both short-term and long-term.

Assuming you already have a Business Platinum Card, there’s really no referral benefit on the Platinum Card – and if you expect to maximize your referrals, there’s a strong argument to be made for the Business Platinum Card’s bigger referral bonuses winning out over the Platinum Card’s bigger signup bonus anyway.

Earning Rates

Once you’ve finished with the 10x earn rate to kick off your new card, or for everything that doesn’t fall under Eats & Drinks, it’s important to consider the regular earning rates on the cards, especially if you have an eye on keeping the card long-term.

The Platinum Card uses a 3-2-1 structure: 

  • 3 MR points per dollar spent on dining in Canada
  • 2 MR points per dollar spent on travel purchases
  • 1 MR point per dollar spent on everything else

The Aeroplan Reserve Card uses a similar structure:

  • 3 Aeroplan points per dollar spent on Air Canada and Air Canada Vacations
  • 2 Aeroplan points per dollar spent on dining in Canada
  • 1.25 Aeroplan points per dollar spent on everything else

On these cards, dining includes restaurants, bars, cafes, and food delivery. Groceries are included in the 10x Eats & Drinks bonus, but once that’s finished, they’ll no longer earn extra points.

Basically, between the two, travel and dining are flipped, and the Aeroplan Reserve Card gets a minus for restrictions on which travel expenses earn bonus points, but a plus for a higher earning rate on other purchases.

That said, there’s a unique advantage with the Air Canada category: no other cards (aside from the Aeroplan Business Reserve Card) will earn that many points. Even the Aeroplan Visa Infinite Privilege cards only earn 2x points on those purchases. If you spend a lot of money with Air Canada, there’s no better card to make the most of those purchases on an ongoing basis.

On the other hand, 3x points on dining on the Platinum Card is certainly juicy, but it’s hardly exclusive. For instance, you can earn 5 MR Select points on dining with the Cobalt Card, which can be transferred via Marriott Bonvoy to 40+ airline partners at a ratio of 2:1.

In other words, you could have 2.5x airline miles with a huge variety of hard-to-access airline loyalty programs such as ANA Mileage Club, Singapore KrisFlyer, or Aeromexico ClubPremier, or 3x airline miles with Amex’s smaller roster of direct transfer partners from the Platinum Card. Depending on your goals, using the Platinum Card at restaurants is hardly a no-brainer.

Verdict: As usual, it depends on what you tend to spend the most money on, but I’ll give the edge to the Aeroplan Reserve Card for its comparative advantage on its bonus categories. There are many cards with strong dining bonuses, but few with 3x points on Air Canada cash fares. Also consider the higher rate on uncategorized spending, and this card makes a compelling case whether or not you’re a big Air Canada spender.

Lounge Access

Nothing compares to the Platinum Card’s comprehensive suite of lounge benefits. You’ll get unlimited access to Priority Pass airport lounges for yourself plus one guest, as well as access to Centurion lounges and a plethora of other lounge affiliates around the world.

Most major airports have a Priority Pass lounge, so you and your travelling companion will always be able to find respite from the crowds in the terminal.

The Aeroplan Reserve Card is no slouch either, with unlimited access to Maple Leaf Lounges in North America when travelling on Air Canada or a Star Alliance partner.

That might be useful if you frequent the 14 airports with a Maple Leaf Lounge, but overall, the Platinum Card will elevate your travel experience in a wider variety of situations.

Also, now that Plaza Premium has ended its relationship with Priority Pass, it’s a lot harder to access Plaza Premium lounges with other credit cards. They have a strong presence in Canada and were always a good choice for the single-use passes found on many Visa cards.

The Platinum Card, however, has maintained access to Plaza Premium, since they are a direct partner with Amex, not just through Priority Pass. That comparative advantage makes the strong Platinum Card even stronger.

Verdict: No question, the Platinum Card comes out ahead.

Other Travel Benefits

Premium credit card perks aren’t just about lounge access – there are other travel benefits that you need to consider.

With the Platinum Card, you’ll get automatic Gold Elite status with Marriott Bonvoy, Hilton Honors, and Radisson. While you might not score top-tier treatment, it’s still useful for a baseline level of service, including things like late check-out and some amenities. If you concentrate your efforts on one hotel loyalty program, such as Marriott Bonvoy Platinum Elite, then no-brainer Gold Elite status can be useful for the odd times when you stay at a different hotel.

Alternatively, you could also use the Amex Fine Hotels & Resorts program, a de facto elite status program for assorted luxury hotels, only available to Platinum cardholders.

Both cards offer a mixed bag of priority airport services. The Platinum Card will score you car rental discounts and priority security lanes at Toronto Pearson.

On the other hand, the Aeroplan Reserve Card gives a very strong collection of benefits when travelling with Air Canada, including priority boarding, priority check-in, and a free checked bag.

Also, you’ll get preferred pricing discounts on Aeroplan award tickets, at the best rate available to premium credit card holders. Furthermore, you’ll be able to carry over up to 20 unused eUpgrade credits year after year, which you can parlay into business class flights for the price of premium economy.

You can also earn Status Qualifying Miles and Status Qualifying Segments by spending on your Aeroplan Reserve Card. If you’re an Aeroplan Elite with lots of Status Qualifying Dollars from buying revenue fares, but need a boost on the other side, this card can help you climb the status ladder.

Finally, both cards have very strong insurance. The Platinum Card has some of the most generous payouts and coverage in the business, while the Aeroplan Reserve Card will cover your Aeroplan award bookings if you pay the taxes and fees with the card.

Verdict: It depends. The Aeroplan Reserve Card truly shines for Air Canada loyalists, whether you rack up lots of cash fares as a Super Elite, or redeem lots of Aeroplan points for flight rewards. But if you’re not going to maximize those perks, the Platinum Card might be a better all-around fit for the breadth it offers.

Cash Rebates

Amex often doles out generous offers throughout the year for existing cardholders. In fact, the 10x points on Eats & Drinks component of the signup bonus is also available for anyone who’s already opened these cards.

Here’s a sample of some notable Amex Offers we’ve had in recent years:

In the past, the Platinum Card has received the best offers. As Amex’s premier product, naturally its cardholders get the best incentives.

I’m encouraged by the strong rebates that we’ve seen on the Aeroplan Reserve Card more recently. Since the Aeroplan relaunch in November 2020, it looks like Amex is elevating this card’s status in its lineup, promoting it on equal footing with the Platinum Card.

Verdict: A very slim edge to the Platinum Card here thanks to historical precedent, although I really don’t think you can go wrong either way.

Charge Card vs. Credit Card

Finally, you’ll need to make sure that you can actually get the card you’re applying for!

Amex is usually quite generous with who they’ll approve, and they have no income requirements. But there is one specific rule that might trip you up: you can only have four Amex credit cards at a time.

Amex is unique amongst Canadian credit issuers in that they are the only one that offers charge cards. They’re similar to credit cards, except they have no preset spending limit, and an obligation to pay in full every month (which you should be doing anyway).

Luckily, Amex doesn’t count charge cards against the four-card limit. You can have as many charge cards as you want, but only four credit cards.

The Platinum Card is a charge card, and it won’t impact your limit. Hooray!

The Aeroplan Reserve Card is a credit card, competing in your wallet with other useful keeper cards including both Marriott Bonvoy cards, the Cobalt Card, the Air Miles Reserve Card, and the SimplyCash cards. Boo!

Verdict: As a charge card, the Platinum Card wins, since it won’t fill a precious credit card slot.


One thing’s for sure: American Express has set the bar one way or another with these two offers. There’s a compelling case for either card, and it always depends on your own situation, but overall I’d give a slight edge to the Platinum Card over the Aeroplan Reserve Card.

Realistically, the answer is probably extremely simple: get whichever card you don’t have yet. But if you’re new to American Express credit cards, then the world is your oyster – go forth and conquer as many signup bonuses as you can handle before these glorious offers expire on August 3, 2021.

  1. Trav YOW

    Feeling pretty good. I just reached my minimum and best earn spend for 120,000 MR points. 30,000 more points next year when I renew.

    What is the next, best card for me to earn Aeroplan, or convertible poi
    nts from?

  2. Ash

    I have a cobalt card , and want to get reserve card , can I refer myself for referral bonus, read somewhere that I can and how ?

    1. Ron Sigal

      While self-referral used to be ok, it is now a no-no and it carries the risk of Amexile.

  3. Pete

    Does anyone know when the 10X food and grocery are supposed to post for the Aeroplan Reserve card? I got my statement and the grocery posted but they did not award the 10X bonus yet. Only base earn rate.

  4. rob

    i have the amex business platinum – is there any benefit to getting the amex aeroplan card (not the reserve)? there are sign up bonuses, but with the ability to use your amex points towards any travel cost (actually anything charged to your card), i’m not exactly seeing the benefit.

  5. Justin

    Can someone confirm whether the travel credit on the Platinum is only offered in the second year? A representative from AMEX revealed that the credit is applied on the “anniversary date”. If that is the case, it appears the value (strictly in points) is heavily in favour of the Aeroplan Reserve.

    1. Penny

      You are correct. Your Travel Credit is issued annually on the anniversary date that your account was opened. That means you would be offsetting $200 from the second year (you’d have to keep the card the second year if you want the extra 30k points since you have to make a purchase on month 14-17). That makes the Reserve better if you are planning on getting your points and not having to pay the second year fee. It essentially boils down to whether you prefer the perks from the Platinum card or if you are going to keep the card anyway.

  6. Penny

    With the current bonus offers, if you get the Platinum card and add an authorized Gold Card, does the spend on that Gold Card count towards earning the 70,000 MR and would it also earn the 10x points in the first six months for eats and drinks?

  7. Trav YOW

    Hi Josh,

    Does the $699 annual Platinum fee count towards the $6,000 spend? Not that I want to waste it on non-food&drink, but good to have as a back-up if I need it.

    1. Josh YVR

      Nope, same goes for any other card with any bank – fees (annual, interest, etc) never count as spend towards the welcome bonus requirement. Hope you’re hungry!

  8. Leo

    I’m looking to cancel my Platinum Card and refer the new Platinum to my wife so we can start a new with referral bonus and new bonus. My questions is two fold, when should I cancel my card (assume I have to wait for the bonus points and my wife gets her card) and if I cancel my card, what do I do with the Amex MR points so I don’t lose them? Will Amex keep them for me? Do I need to transfer to something like AeroPlan?
    Thank you!

    1. Ricky YVR

      You can transfer them out to Aeroplan, or get a different MR card (Business Platinum, Business Gold, personal Gold, etc.) and merge the points to keep them alive.

  9. Dale

    My wife has the Platinum card and added me as an additional user with my own card. Could I still sign up for the Platinum myself, or would I have to drop my additional card? Also, I got added as an authorized user for free through a deal with her work.

    1. Ricky YVR

      Yes, you could still sign up for the Platinum Card yourself and get the full bonus.

  10. Rob

    I read the fine print to say that the Food and Drinks bonus does not apply to grocery store shopping with the Aeroplan Reserve card and grocery store shopping does get the bonus with the Platinum card. This makes a big difference to some of us. Is that a correct reading of the details?

    1. Josh YVR

      The personal Aeroplan Reserve gets 10x on groceries; the Business Reserve doesn’t.

  11. Chris

    Great review.
    do you have a quick list of what cards give insurance for Aeroplan rewards – I can never seem to find when I need.

  12. Mike

    Does anyone know if the 50k eats and drink bonus will count towards aeroplan 25k’s 100k point earning requirement?

    Can we buy gift cards for these points?”?

    1. Ricky YVR

      Yes, they will count towards Everyday Status Qualification, and I’d expect gift card purchases to qualify.

  13. Tofu

    Josh you mentioned the Business platinum being able to refer to other business platinum cards as well as personal platinum cards – is this really the case? It doesn’t seem like an option on the AMEX site

    1. Josh YVR

      From the Business Platinum link, the person applying will have the option to “explore other cards” including the personal Platinum, Business Gold, and Business Edge.

      1. Tofu

        Ah gotcha, thank you!!

  14. Jay

    Hi Josh,

    I just got the Amex reserve card last week and as you said, I do see 5000 Aeroplane points without any spending. If I make $1000 spend in the first month, do I get another 5000 Aeroplan Points?

    1. Josh YVR

      That’s the idea – the first bonus is a freebie, in case your first statement is too short to hit the spending requirement. So get spending! 😉

      1. Jay

        Lovely, Thanks Josh for your prompt response. Gratitude 🙂

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