Amex Canada Updates Membership Rewards Transfer Ratios

American Express Canada has announced changes to several Membership Rewards transfer partner ratios, effective April 1, 2026. The adjustments affect both airline and hotel loyalty programs and represent a mixed bag for cardholders, with some transfers becoming more generous while others see a reduction in value.

The most significant improvement is to the Aeroplan transfer ratio. Amex Canada is enhancing the transfer rate from 1:1 to 1:1.25 for Platinum Card and Business Platinum Card holders. This means that every 1,000 Membership Rewards points transferred to Aeroplan will yield 1,250 Aeroplan points. For Gold Card holders, the transfer rate improves from 1:1 to 1:1.15. Cobalt Card holders, who earn Membership Rewards Select points, retain their existing 1:1 transfer ratio to Aeroplan.

The Aeroplan enhancement is widely seen as a competitive response to the strong Aeroplan earn rates available on TD and CIBC co-branded cards. By sweetening the transfer ratio for premium cardholders, Amex is reinforcing the value proposition of its higher-fee products and giving affluent travellers a reason to consolidate spending on Amex.

On the hotel side, the Marriott Bonvoy transfer ratio is being reduced from 1:1.2 to 1:1 for all card tiers. This change brings the Canadian transfer ratio in line with the American Express U.S. program and eliminates what had been a Canada-specific bonus. Cardholders who frequently transfer points to Marriott for hotel stays will see a 17 percent reduction in value per transfer.

The Hilton Honors transfer ratio remains unchanged at 1:2 across all card tiers, and the British Airways Executive Club transfer holds steady at 1:1. A new transfer partner, Accor Live Limitless, has been added at a 1:2 ratio, giving cardholders access to Accor's global hotel portfolio including Fairmont, Sofitel, and Raffles properties. This addition is particularly relevant for Canadian travellers given Fairmont's strong domestic presence.

Amex Canada's Vice President of Consumer Products described the changes as a rebalancing designed to reflect current partner economics and customer preferences. Internal data showed that Aeroplan was the most popular transfer destination by a significant margin, and the improved ratio acknowledges that demand. The Marriott adjustment, meanwhile, aligns with global program standardization.

For existing cardholders sitting on large Membership Rewards balances, the changes create a brief window of opportunity and urgency. Those planning to transfer to Marriott Bonvoy should do so before April 1 to lock in the current 1:1.2 ratio. Conversely, those eyeing Aeroplan transfers may benefit from waiting until the new ratios take effect.

The addition of Accor Live Limitless opens new redemption strategies. At a 1:2 ratio, Membership Rewards points transferred to Accor can offer strong value at luxury properties where cash rates are high. The Accor ALL program also offers status-match opportunities, making it an attractive option for frequent travellers looking to diversify their hotel loyalty.

American Express emphasized that these changes apply to Canadian-issued Membership Rewards points only and do not affect the U.S. or global programs. The company also noted that Fixed Points Travel redemptions through the Amex Travel portal remain unaffected, with the same redemption rates for flights and hotels booked directly through the portal.

The transfer ratio changes are the first significant adjustment to the Canadian Membership Rewards program since mid-2024, when Amex added Cathay Pacific Asia Miles as a transfer partner.