Chase Aeroplan's New $195 Fee: Worth It for 115K?

Chase doubled the Aeroplan card’s annual fee to $195 yesterday, effective immediately for new applicants and at December renewals for existing cardholders. In exchange, you now get automatic Aeroplan 25K status every year with no spend requirement, a 15% discount on eligible Air Canada award redemptions, up to $100 in Air Canada statement credits, and a few other tweaks. The old $95 version is effectively dead.

For anyone burning Ultimate Rewards on Star Alliance business class awards—especially those who touch Air Canada metal—the math just shifted. The question isn’t whether the card is “worth it” in some vague sense. It’s whether the new perks cover the extra $100 before your next renewal.

Aeroplan 25K delivers Star Alliance Silver, which is the real prize for most business travelers. That means two free checked bags on Air Canada (up to 23kg each) for you and up to eight companions on the same reservation, priority check-in, Zone 2 boarding, and five eUpgrade credits annually. Sports equipment gets free handling too.

On United, Lufthansa, or other Star partners, you’ll get priority boarding in many cases and the ability to access lounges when flying Star Alliance business class (one guest). No more begging for Silver benefits or burning $15,000 in annual spend to keep it. This alone is worth real money if you check bags or fly partners often.

The card also throws in a Global Entry/TSA PreCheck/NEXUS credit every four years. Nice, but hardly the headline.

Here’s the edgy part: the 15% off only applies to eligible Aeroplan awards that include at least one Air Canada-operated segment. Pure Lufthansa J from the U.S. to Europe? No discount. Mixed itinerary with an AC leg? Yes.

Let’s run the numbers on a typical redemption. A U.S. to Europe business class award on Air Canada or a partner with an AC segment often runs 70,000–85,000 points one-way in shoulder season. At 1.8 cents per point (a conservative valuation for Aeroplan sweet spots), that’s $1,260–$1,530 in value.

Fifteen percent off shaves 10,500–12,750 points. That’s $189–$230 in saved points per ticket. Book two round-trips a year and you’ve covered the fee increase with room to spare. Stack it with a Priority Reward (up to 50% off) on the right date and the math gets stupid.

If your redemptions are purely on United or Lufthansa with no Air Canada metal, this perk is worthless. Be honest with yourself.

The $100 in Air Canada credits ($50 twice a year) is straightforward. Buy a ticket, an upgrade, or even certain taxes and it posts. For anyone who flies Air Canada at all, this is free money that brings the effective fee back to $95. Existing cardholders get a prorated $50 credit through the end of 2026.

New earning rates favor travel (3x) while dialing grocery and dining back to 2x. The fourth-night-free on hotel redemptions stays, and they’ve added a fourth day free on car rentals booked with points starting 2027. Small but useful if you’re already in the ecosystem.

The current sign-up bonus of up to 115,000 points (75k after $4k in 3 months, plus 40k after $20k in 12 months) sweetens the first year significantly. That’s enough for a strong business class leg or two.

Assume you fly Air Canada or mixed Star Alliance itineraries twice a year in business class. The 15% discount alone can deliver $400+ in point value. Add two free checked bags per trip ($70–$120 per person round-trip), the $100 credit, and lounge access when it matters, and you’re well north of the extra $100 fee.

If you only redeem for pure partner awards and never set foot on an Air Canada plane, the old $95 version was already marginal. The new one probably isn’t for you.

Chase has basically turned this into a targeted tool for people who actually use Aeroplan for premium Star Alliance redemptions instead of a generic $95 churner.

Apply now if you fly Star Alliance business class more than a couple times a year and can use Air Canada metal or credits. The 115k bonus and automatic 25K status make the first year a no-brainer. For everyone else, let the old version die quietly and stick with your Sapphire or Ink cards for transfers.

Decision time: check your renewal date, run the numbers on your typical redemptions, and pull the trigger before the higher fee becomes your new normal. The wallet slot is earned, not given.