Chexy Mortgage Rewards: Is 1.75% Worth the Aeroplan Points?

Disclosure: we may earn a referral commission if you sign up for Chexy through links on this page. It doesn't change our analysis — the math below is the same math we'd run for ourselves.

On August 4, 2026, Chexy launched what it bills as Canada's first mortgage rewards program: 1 Aeroplan point per dollar on the biggest recurring payment most Canadians make.

Here's the part most coverage buries: you cannot pay your mortgage with a credit card through Chexy. Mortgage payments are pulled from your chequing account, exactly as they are today. The rewards come from Chexy's Aeroplan partnership, not from your card.

That doesn't make it a bad deal. It makes it a very different one from paying rent or tuition with a card, and the difference decides whether it's worth doing.

What Is Chexy's Mortgage Rewards Program?

• Earn rate: 1 Aeroplan point per $1 CAD of your mortgage payment, rounded down. The service fee itself earns nothing.
• Funding method: Your chequing account — by pre-authorized debit, or an eligible Visa Debit or Debit Mastercard. Not a credit card.
• Fee: 1.75% of the payment amount, added to the withdrawal. On a $2,500 CAD payment, that's $43.75 CAD.
• Lender coverage: Virtually any Canadian lender — RBC, TD, BMO, Scotiabank, CIBC, National Bank, credit unions and private lenders. No refinancing, no switching banks.
• Points cap: None. Chexy states there's no limit on Aeroplan points earned through the service.
• Status: 1 Status Qualifying Credit (SQC) for every 5 base Aeroplan points earned, up to 25,000 SQC per calendar year in Aeroplan's partner category.
• Eligibility: Canadian resident of the age of majority, active Aeroplan member, authorized to make the mortgage payment, identity-verified. Your Chexy account must be registered in the same name as your Aeroplan account.

Chexy is explicit that the fee buys the payment service, not the points: it "is not reduced, rebated or offset by the Points you earn."

Can You Pay a Mortgage with a Credit Card in Canada?

Not through Chexy, and not through any mainstream Canadian service. Lenders don't accept cards for mortgage principal and interest, and Chexy's mortgage product doesn't change that — it moves money from your chequing account and pays you in Aeroplan points for the privilege.

The practical consequence is that you get no credit card float here. Cash leaves your account on schedule, so none of the interest-free grace period that makes card-funded rent payments attractive applies.

What can go on a credit card is the rest of homeownership. Chexy's original product covers property tax, condo and maintenance fees, home insurance, utilities and 13,000-plus other billers, on any Canadian Visa, Mastercard or American Express at the same 1.75% fee. Property tax alone runs into the thousands annually for most homeowners — and this is where the fee actually starts paying for itself, because you earn card rewards on top.

Why a 1.25x card changes the math

The mortgage program pays 1 point per dollar, so the fee buys points at 1.75 cents each. Put a property-tax dollar on a card earning 1.25 Aeroplan points instead, and that same 1.75-cent fee now buys 1.25 points — dropping your breakeven to 1.40 cents per point.

That's a meaningfully lower bar, and it's the whole argument. The Aeroplan cards earning 1.25 points per dollar on non-category spend are the CIBC Aeroplan Visa Infinite Privilege, the TD Aeroplan Visa Infinite Privilege, and the American Express Aeroplan Reserve (along with its business sibling). At Prince of Travel's 2.0-cent valuation, each dollar returns 2.5 cents against a 1.75-cent fee — about +0.75%, or three times what the mortgage program clears on the identical fee.

On a $6,000 CAD annual property tax bill, that's $105 CAD in fees for 7,500 Aeroplan points. Modest in absolute terms, but it's a positive-margin trade on a bill you cannot otherwise put on a card.

One practical note if you're leaning Amex: Chexy restricts a few categories — including telecom and car and transportation payments — to Visa and Mastercard. Property tax, condo fees and insurance are fine on Amex; your phone bill isn't.

Welcome bonuses are where this gets decisive

Chexy charges post to your card as purchases rather than cash advances, so in practice they earn at your card's normal rate and chip away at minimum spend requirements — which is what turns a rounding-error margin into real money. Chexy doesn't guarantee this, and says plainly that some cards code transactions differently or exclude categories, so make one small test payment and confirm how it posts before you build a welcome bonus around it.

The CIBC Aeroplan Visa Infinite Privilege currently advertises up to 100,000 Aeroplan points: 10,000 for $1,000 in net purchases in the first 2 monthly statement periods, 40,000 for $5,000 in the first 4, and a further 50,000 as an anniversary bonus for $25,000 in net eligible purchases over the first 12. Route a property tax bill of $5,000 CAD or more through Chexy inside that four-statement window — leave yourself some headroom above the threshold rather than landing exactly on it — and roughly $87.50 CAD in fees clears the second tier outright: 40,000 Aeroplan points, worth about $800 CAD in Air Canada flight value at 2.0 cents, plus 6,250 points of base earn.

No ongoing earn rate competes with that. If you're going to pay a Chexy fee at all, paying it while a welcome bonus is on the table is the version that clearly wins.

Two things to keep honest about it. That card carries a $599 CAD annual fee and a $150,000 individual / $200,000 household income requirement — so on that tier alone you're up about $115 CAD in year one ($800 of flight value, less the $599 fee and the $87.50 Chexy fee), before counting the other bonus tiers, your base earn, lounge access and insurance. And a welcome bonus is a one-time event, not a strategy: once it's earned, you're back to the +0.75% ongoing case.

Is Chexy's Mortgage Program Worth the 1.75% Fee?

Because you earn exactly 1 point per dollar and pay exactly 1.75% per dollar, the math collapses into one figure: you're buying Aeroplan points at 1.75 cents each.

That's your breakeven. Value Aeroplan above 1.75 cents and you come out ahead; below it and you're paying for the privilege. Prince of Travel's valuation, cut to 2.0 cents per point in May 2026, implies a margin of about 0.25%. Real, but thin — and if your redemptions are domestic economy or Aeroplan's merchandise portal, you'll likely land under 1.75 cents and lose money on every payment.

Two things can move that breakeven in your favour. Chexy Plus ($20 CAD/month or $200 CAD/year) reduces the standard fee to 1.5% on the annual plan; Chexy's mortgage terms confirm Plus members "may also qualify for a lower Service Fee" without publishing the mortgage-specific rate, so confirm it before subscribing. Chexy also runs referral tiers that cut fees further — 1.5% at 3 referrals, 1.0% at 5, 0.5% at 10 — though its mortgage terms don't say whether those reach mortgage payments. At 1.5%, the breakeven drops to 1.5 cents.

How Much Would You Actually Earn?

At a 2-cent valuation the net is always 0.25% of what you pay — the margin scales, it never improves. Drop to 1.5 cents per point and every row goes negative by the same 0.25%. On a $2,500 CAD monthly mortgage that's a $75 CAD swing either way across a full year, which is the honest scale of the points-only argument.

The Status Qualifying Credits are the column that actually matters.

Do Chexy Mortgage Payments Count Toward Aeroplan Elite Status?

Yes, and this is the strongest reason to consider the program.

Under Aeroplan's 2026 Elite Status system, SQC is the single qualifying metric, and the caps on non-flight SQC are independent:

• Aeroplan credit cards: up to 25,000 SQC per calendar year, cumulative across all your Aeroplan cards and issuers
• Aeroplan partners: a separate 25,000 SQC per calendar year

Chexy's mortgage SQC lands in the partner bucket, so it stacks on top of whatever your Aeroplan card generates — a path to as much as 50,000 SQC in a year without boarding a plane. For reference, the 2026 thresholds are 25,000 SQC for Aeroplan 25K, 35,000 for 35K, 50,000 for 50K, 75,000 for 75K, and 125,000 for Super Elite.

Each SQC costs $5 CAD in mortgage payments — 8.75 cents in fees — and arrives bundled with 5 Aeroplan points. If you realize 1.75 cents or better per point, those points cover the fee and the status credits come along at no extra cost. Below that, you're buying status at a modest discount to its face cost. Either way, status is the return here, not the points.

Two caveats worth knowing before you plan around this:

The partner bucket is shared, and it's broad. Aeroplan caps partner SQC at 25,000 across 40-plus travel and everyday partners — Uber, Starbucks, LCBO, Marriott Bonvoy and others — and Star Alliance partner-airline flights not ticketed by Air Canada. If you fly partner metal or earn meaningfully at retail, your mortgage has less headroom than the table suggests.

There may be a cheaper route to 25K. Aeroplan's Everyday Status Qualification grants 25K status for earning 100,000 Aeroplan points in a calendar year — $100,000 CAD in mortgage payments, or $1,750 CAD in fees, versus the $125,000 the SQC route requires. The trade-off is that Everyday Status Qualification delivers 25K's core benefits without unlocking Milestone Benefits. Neither Chexy nor Aeroplan has confirmed in writing that Chexy mortgage points count toward Everyday Status Qualification, so treat this as likely rather than certain, and see our Aeroplan guide for how both paths work.

Best Aeroplan Cards to Pair With Chexy

Your mortgage fills the partner bucket. To fill the other 25,000 SQC bucket you need an Aeroplan credit card — and the tier matters enormously. Premium Aeroplan cards earn 1,000 SQC per $5,000 spent; core cards earn 1,000 SQC per $20,000. That fourfold gap means only the premium tier is a realistic spend-based path to status.

How Do You Set Up Chexy Mortgage Payments?

1. Create a Chexy account and complete identity verification. Register it in the same name as your Aeroplan account.
2. Add your Aeroplan number so points post to the right place.
3. Add your mortgage details — lender, payment amount, and schedule.
4. Connect your chequing account as the funding method.
5. Tell your lender. You'll need to give them the account details Chexy provides so they debit the new account instead of your old one. This step is the one that actually carries risk — get confirmation in writing.
6. Run one payment and verify both that your lender received it on time and that the Aeroplan points posted, before you automate the rest.

What Are the Risks of Paying Your Mortgage Through Chexy?

Your mortgage is not a bill to experiment with. Chexy says remittance typically lands on your scheduled payment date, but "in certain circumstances" can take up to seven business days from when it collects funds. Late fees or penalties from a failed payment are your responsibility, not Chexy's — and Chexy's liability is contractually capped. A missed rent payment is an awkward conversation; a missed mortgage payment is a credit event.

Your lender has to cooperate. Chexy's terms note it may be unable to complete a payment if your lender doesn't accept a payment channel Chexy supports. Confirm before you cancel your existing arrangement.

Bonus points don't earn status. SQC accrues on base points only. Promotional and bonus Aeroplan points — including Chexy's own sign-up offers — don't contribute.

The fee is not offset by the points. You pay 1.75% regardless of what you eventually do with the Aeroplan points.

Compare it against paying down principal. The $525 CAD a year in fees on a $2,500 CAD mortgage is real cash that could go to principal instead. That's the honest comparison — not fee margin versus interest rate, but points versus a smaller balance. If your budget is tight or you're carrying a balance anywhere, prepayment wins easily.

Who Should Use Chexy's Mortgage Program?

Start with the card-funded bills, not the mortgage. If you take one thing from this guide, make it this: property tax, condo fees and insurance face a 1.40-cent breakeven on a 1.25x card, while the mortgage needs 1.75 cents. Same fee, same biller platform, better math — and if a welcome bonus is in play, it isn't close. Work through those first.

Add the mortgage if you get real value from Aeroplan above 1.75 cents a point, you have a large mortgage, and you can absorb the extra 1.75% every month without carrying a balance. Elite Status makes the case stronger, but it isn't the price of entry — the points alone are roughly break-even to modestly positive at a 2.0-cent valuation.

Skip it if your Aeroplan points end up in the merchandise portal or on domestic economy seats you'd have bought with cash anyway, your mortgage is modest, or you'd rather put the money against principal. Paying 1.75% for points you'll redeem at 1.2 cents is a losing trade, and no amount of volume fixes a negative margin.

FAQs

Can I pay my mortgage with a credit card through Chexy? No. Chexy's mortgage program is funded from your chequing account — by pre-authorized debit or an eligible Visa Debit or Debit Mastercard — not a credit card. You earn 1 Aeroplan point per dollar through Chexy's Aeroplan partnership rather than through card rewards. Chexy's other products, including property tax, condo fees, utilities and rent, do accept Canadian Visa, Mastercard and American Express cards at a 1.75% fee.

Is paying my mortgage through Chexy worth the 1.75% fee? It depends on how you value Aeroplan points. Since you earn 1 point per dollar and pay 1.75% per dollar, your breakeven is exactly 1.75 cents per Aeroplan point. Above that you profit; below it you lose money. At Prince of Travel's 2.0 cent valuation the margin is about 0.25%. The stronger argument is the Status Qualifying Credits, which arrive on top of the points and land in a category cap separate from your credit card's.

Do Chexy mortgage payments count toward Aeroplan Elite Status? Yes. You earn 1 SQC for every 5 base Aeroplan points earned through the service, up to 25,000 SQC per calendar year in Aeroplan's partner category. That cap is independent of the 25,000 SQC cap on Aeroplan credit card spending, so the two can stack toward as much as 50,000 SQC a year without flying. Note the partner cap is shared with 40-plus travel and everyday partners and with Star Alliance partner-airline flights.

Which mortgage lenders work with Chexy? Chexy states the service works with virtually any Canadian mortgage lender, including RBC, TD, BMO, Scotiabank, CIBC, National Bank, credit unions and private lenders. You don't need to switch banks, refinance, or change mortgage providers — but you do need to tell your lender to debit the new account.

Is there a cap on Aeroplan points from mortgage payments? No. Chexy states there is no cap on the number of Aeroplan points you can earn through the service. The 25,000 annual cap applies only to Status Qualifying Credits, not to points.

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To go deeper on redeeming the points you'll be earning — including where Aeroplan actually delivers more than 1.75 cents of value — see the Aeroplan guide. If you rent rather than own, the rent guide covers the credit-card-funded version of this strategy. To compare Aeroplan cards side by side, use the card comparison tool on the homepage.

Program details, fees, and Aeroplan Status Qualifying Credit rules verified August 2026 against Chexy's published mortgage program terms and Air Canada's 2026 Elite Status documentation. Chexy's mortgage program launched August 4, 2026 — terms may change. Always confirm current rates at chexy.co before signing up.