The value of an Aeroplan mile depends entirely on what it's used for. Redeeming for flights in economy class can get you as high as 2 cents per point (2cpp), which is decent. Redeeming for flights in premium cabins can get you upwards of 5-10cpp, which is excellent.
Redeeming for gift cards and merchandise is poor value and should be avoided.
When you redeem your Aeroplan miles for flights, you’ll pay a certain mileage amount as well as a certain amount in taxes and fees. (Even when choosing Star Alliance airlines that don’t levy fuel surcharges, you still have to pay the government-imposed taxes and airport improvement fees on a ticket.)
To calculate the value that you get for your miles, first figure out how much you would’ve otherwise had to pay for the flights using a search engine like Google Flights. Then, use the below formula to calculate the value:
(price of flights if booked with cash – taxes and fees) / miles redeemed
Value is typically measured in cents per point (cpp). If you run the above calculation on a typical economy class redemption, you’ll probably end up with a value of between 1-2cpp, which isn’t bad. You can trade your points for a higher value by using them on business class or First Class flights, in which chase the nominal value can reach upwards of 5–10cpp. And once you add stopovers and open-jaws into the mix, the value can skyrocket even further.
When considering a potential redemption, I typically aim to get at least 1.5cpp for my Aeroplan miles; otherwise, I’ll save them for a future trip and book the current trip with cash instead.
But these are just numbers at the end of the day. Ultimately, the highest value that you can get for your points is by using them for things that YOU want the most. If you’d like to use points to fly in premium cabins that you otherwise couldn’t afford, by all means go for it. But if you’re content with flying in economy and would like to save your miles to see more of the world, that’s fine too, even if it’s a lower nominal value on paper.
Last updated 17 November 2018. Any questions? Contact me.