Paying Your Mortgage with Chexy: Earn Aeroplan on Every Payment

TL;DR

How it works

• From 2026/8/4, pay your lender through Chexy

• Every CAD1 paid → 1 Aeroplan point

• 1.75% fee, i.e. CAD1.75 buys you 100 Aeroplan points

• Works with almost every lender — no refinancing needed

When it's actually worth it

• Breakeven = 1.75 cpp

• Short-haul Economy ≈ 1.5 cpp → you lose

• Long-haul Business can hit 3–5 cpp → you win

• Bonus: 1 SQC for every 5 Aeroplan points (25,000 annual cap)

Watch out

• Chequing account (PAD) or Visa Debit / Debit Mastercard only — no credit cards

• If the Aeroplan points never land, you still eat the 1.75%

• If Chexy pays late, they won't cover your penalty interest

• You must tell your lender you're switching to a new payment account

⚠️ If you can't redeem above 1.75 cpp, you're losing money — don't chase points just because they're there

If you own a home, your mortgage is probably the single biggest expense of your entire life — and yet it's almost impossible to earn any rewards on it.

Chexy has now teamed up with Aeroplan. From 2026/8/4, when you pay your lender through Chexy:

every CAD1 you pay earns you 1 Aeroplan point

But here's the catch — the fee is 1.75%

In other words, you're paying CAD1.75 to buy 100 Aeroplan points

If you can redeem those Aeroplan points for more than 1.75 cpp, you come out ahead

Official page: Chexy × Aeroplan · Turn your mortgage into Aeroplan points

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Chexy x Aeroplan Mortgage Rewards at a Glance

Item	Details
Earn rate	CAD1 of mortgage payment = 1 Aeroplan point
Fee	1.75% per payment Taken out of your chequing account together with the mortgage payment
Payment method	Chequing account (PAD) or Visa Debit / Debit Mastercard only No credit cards
Lender	Works with almost every Canadian lender — no refinancing, no switching banks
Aeroplan Elite status	1 SQC for every 5 Aeroplan points (Aeroplan caps members at 25,000 SQC per calendar year)
Posting time	Up to 60 days after the payment goes through
Note	You need to tell your lender the mortgage will be paid from a new account Chexy gives you the details when you sign up for the service

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Things to Watch Out For

1. The 1.75% fee is non-negotiable

   The terms are very clear: this is a "payment service fee", not payment for the points. Which means if the Aeroplan points never land for any reason — say your Air Canada account gets suspended — you still pay the full 1.75%

2. Your Chexy name and your Aeroplan name have to match

   You can only have one Aeroplan number linked to your Chexy account at any given time

3. Chexy is a middleman sitting between you and your lender

   Once you're on Chexy, the payment flow looks like this:

   Chexy pulls the money from your chequing account

   → the money lands in Chexy's trust account

   → Chexy then forwards it to your lender

   
   

   The terms spell out that in special situations (weekends, public holidays, returned payments, payments flagged for review), forwarding to the lender can take up to 7 business days. And if wrong details or insufficient funds make your payment late, Chexy states plainly that it isn't responsible for your penalty interest or late fees. Their liability cap is the greater of "the fees you paid over the past 12 months" and "CAD $500"

4. 1.75% fee = 1.75% on top of your mortgage payment

   It pushes up the actual cash leaving your pocket. Aeroplan points do have value, but whether that value is real depends on whether you can actually use them

   Breakeven sits at 1.75 cpp — anything you redeem above 1.75 cpp puts you ahead

5. What Aeroplan points are actually worth

   Aeroplan award pricing is dynamic — unlike Asia Miles, it doesn't lock the value to flight distance and cabin class

   Find a cheap award and it's fantastic value; can't find one, and, well, you're on your own...

   
   

   The general consensus is that short-haul Economy redemptions run around 1.5 cpp

   Long-haul Business can push up to 3–5 cpp, sometimes more

   
   

   Worth noting: besides Air Canada flights, Aeroplan can also book other Star Alliance carriers such as EVA, ANA and Singapore Airlines

   
   

   Just how dynamic can Aeroplan pricing get?

   Take the screenshot below — Business Class from Vancouver to Tokyo, same day, roughly the same departure time

   The price swings from as high as 217k Aeroplan points down to 55k

   The 217k flight is operated by Air Canada, while the 55k one is operated by ANA