Cardholders of the Chase Air Canada Aeroplan Card can now use Pay Yourself Back to cover the card's annual fee at 2 cents per point, up from 1.25 cents. Doctor of Credit reported the new rate on October 5, 2026, based on cardholder accounts, and says it took effect on October 4, 2026.
The change lands a few weeks after Chase's September refresh, which doubled the annual fee from $95 to $195 while adding automatic Aeroplan 25K status, Air Canada statement credits and a 15% discount on eligible award flights. At the old 1.25-cent rate, wiping out a $195 fee would have cost 15,600 points. At 2 cents it costs 9,750 points, not far from the 7,600 points the $95 fee used to require.
What stays the same
The higher rate applies only to the annual fee category. Redeeming points against travel purchases still returns 1.25 cents per point through December 31, 2026, and the promotional dining, grocery and gas station category pays 0.8 cents. Eligible charges must have posted within the last 90 days, so the annual fee has to be redeemed within that window of hitting the statement.
Chase's public card page does not list Pay Yourself Back rates. Its terms say redemption values appear on the transaction page in your account and can change at any time, so check the rate shown before confirming a redemption.
Why it matters
Pay Yourself Back has long been the Aeroplan card's quiet advantage over other airline cards, since it turns a fixed-value points currency into a statement credit without touching award space. The 2-cent rate on the annual fee softens the fee increase for anyone who already planned to redeem points against it. Existing cardmembers will not be billed the $195 fee until their first renewal on or after December 1, 2026, so the new rate will be in place by the time most of them see the higher charge.