We’re now in Quarter 3 of 2025, and it’s as soon as once more time to revisit our Factors Valuations, which we replace on a quarterly foundation.
Late in Quarter 2, 2025, Aeroplan made essentially the most vital modifications to this system since its relaunch in Fall 2020 with the debut of a revamped Flight Reward Chart. This system needs to be updating the median values any day now, and I’m eager to see what (if something) modifications.
On April 30, 2025, WestJet Rewards underwent a large transformation. WestJet {dollars} grew to become WestJet factors, and lots of the program’s earlier ache factors have been eradicated.
In the meantime, Porter Airways launched a duo of co-branded bank cards with BMO this spring. VIPorter factors at the moment are simpler than ever earlier than to earn, and as an added bonus, there are wonderful redemption alternatives for financial system journey inside North America.
South of the border, Amex US Membership Rewards has seen a number of quite vital modifications within the latest previous. You’re now not capable of convert MR factors into HawaiianMiles (and thus to Alaska miles), and the switch ratio to Emirates Skywards has been devalued.
Earlier than we delve into the valuations, a pleasant reminder that the main target of those valuations lies within the goal redemption worth of every factors forex, quite than the acquisition value that you just may incur (which may range considerably relying on how you favor to earn factors).
Air Canada Aeroplan
In late March, Aeroplan printed a brand new Flight Rewards Chart, and made essentially the most vital modifications to this system we’ve seen since its relaunch in Fall 2020.
A handful of companion airways – formally termed as Choose Companions – grew to become topic to dynamic pricing, and our preliminary evaluation confirmed a little bit of a blended bag.
One side of the brand new chart that I’m preserving an in depth eye on is the median values, that are imagined to be up to date each quarter. I haven’t observed a refreshed Flight Reward Chart but, however I’m curious to see what modifications (if something does).
Aeroplan stays a superb loyalty program – probably the greatest on the earth – and we’re lucky in Canada to have so some ways to entry it.
- Continued valuation: 2.1 cents per level (CAD)
WestJet Rewards
In late April, WestJet Rewards underwent a major overhaul as WestJet {dollars} grew to become WestJet factors, and the methods in which you’ll be able to earn and redeem WestJet factors have been expanded.
It’s true that this system is healthier than it was once, whereas it’s essential to acknowledge that there have been adverse modifications introduced final fall, too. Lots of the ache factors – like solely with the ability to redeem WestJet factors in opposition to the bottom fare – have been eliminated, and this system stays a easy, simple program (which is by design).
In my view, this system nonetheless doesn’t actually permit for lots of intrigue, because it’s basically a fixed-value factors program that’s extra aligned with Scene+, CIBC Aventura, TD Rewards, BMO Rewards, and so forth., than it’s with, say, Aeroplan or VIPorter.
The truth is, in case your main aim is to economize on WestJet flights by way of incomes rewards on bank cards, I’d argue you’re significantly better off incomes Scene+ factors as an alternative.
In some instances, you may get a slight quantity of outsized worth by way of Member Unique Fares, however most often, you may redeem WestJet factors at 1 cent per level (in opposition to base fares, Different ATC, baggage charges, and seat choice charges throughout the reserving course of), or for barely much less for third-party taxes and charges or redemptions utilized after the reserving.
- Valuation: 1 cent per level (CAD)
VIPorter
This spring, Porter Airways launched its first-ever co-branded bank cards at the side of BMO. Previous to this, coming throughout VIPorter factors was quite tough, which was a disgrace because the program gives wonderful alternatives for financial system redemptions.
Presently, Porter Airways is present process a speedy enlargement of its fleet, and it gives a rising roster of locations throughout Canada, america, Mexico, the Caribbean, and Costa Rica.
For those who’re based mostly in Toronto, Ottawa, and even Montreal, you’ll have one of the best entry to Porter’s community, and this system ought to undoubtedly be in your radar for excellent financial system redemptions inside North America.
It’s not unusual to get redemption values north of two–3 cents per level, which is a excessive commonplace for financial system redemptions.
Plus, the transatlantic redemption charges with Air Transat are an incredible deal, and Porter’s rising relationship with Alaska Airways (and different carriers) is unquestionably one thing to regulate.
For now, we’ll preserve a really conservative valuation of VIPorter factors, although I think about this determine will develop as this system gives much more flexibility to members.
- Valuation: 1.5 cents per level (CAD)
American Specific US Membership Rewards
In america, American Specific Membership Rewards has seen some changes to its roster of switch companions within the latest previous.
Ever since 1:1 factors transfers between Alaska Airways Mileage Plan and HawaiianMiles grew to become doable, many members of the Miles & Factors group have been changing their US MR factors into Hawaiian miles, after which to Alaska miles.
This represented an impressive alternative to pad your Mileage Plan stability, as Alaska miles are usually fairly tough to earn.
As of June 30, 2025, HawaiianMiles is now not a switch companion with US Membership Rewards, which implies that Alaska miles are as soon as once more comparatively inaccessible.
In the meantime, the switch ratio for Emirates Skywards was not too long ago devalued from 1:1 to five:4. In different phrases, you’ll get 20% fewer Skywards miles than you used to.
There are nonetheless loads of excellent methods to get outsized worth out of your US MR factors, however they’re not fairly as versatile as they was once.
- Continued valuation: 2.5 cents per level (CAD) / 1.8 cents per level (USD)
Factors Valuations, Quarter 3 2025
Right here’s a abstract of our Factors Valuations for Quarter 3 of 2025. You may discuss with the Factors Valuations web page for a full listing with extra notes.
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Air France KLM Flying Blue |
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Alaska Airways Mileage Plan |
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American Airways AAdvantage |
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American Specific (Canada) Membership Rewards |
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American Specific (US) Membership Rewards |
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Cathay Pacific Asia Miles |
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Nationwide Financial institution À la carte Rewards |
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Singapore Airways KrisFlyer |
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Conclusion
The second quarter of 2025 noticed some optimistic enhancements which is nice for Miles & Factors lovers, whereas others modified for the more serious.
Keep in mind, deal with these numbers as merely a suggestion for affordable goal redemption values when deciding whether or not to redeem factors or pay money to your subsequent journey.
In the end, the worth derived from each redemption can be subjective to the person traveller, and our valuations are designed for example a median benchmark throughout the group to assist inform your resolution as you think about your subsequent factors redemption.
