Canadians Can Now Earn Aeroplan Points on Mortgage Payments — But There’s a Fee
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Canadian homeowners can now earn Aeroplan points on their mortgage payments through a new service from Chexy, without refinancing their mortgage, switching lenders or changing their mortgage terms.
The service offers one Aeroplan point for every $1 in eligible mortgage payments processed through Chexy. A homeowner paying a $3,000 monthly mortgage, for example, could collect about 36,000 Aeroplan points a year.
Mortgage payments aren't charged to a credit card. Instead, users connect their existing chequing account to Chexy, provide their mortgage information and Aeroplan number, and arrange for their lender to collect the payment through the account details supplied by Chexy.
There is, however, a significant cost to consider. Chexy charges a 1.75% service fee on each mortgage payment. On a $2,500 payment, that works out to $43.75, while a $3,000 monthly mortgage would cost an additional $52.50 per payment, or $630 over a year.
That means homeowners should compare the value they expect to receive from their Aeroplan points with the fees they will pay before deciding whether the program makes financial sense for them.
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Tahani Elghazaly5106 Posts
