Earning Aeroplan Points on Your Mortgage: Real Gain or Expensive Gimmick?

A $2,800 monthly mortgage generates 33,600 Aeroplan points annually. At standard redemption values of 1.8 cents per point, that's $605 worth of air travel you weren't getting before. Whether you pocket that value depends entirely on what Chexy charges to process the transaction.

Chexy, the platform that let Canadian renters pay rent via credit card for rewards, expanded into mortgage payments in 2026 through a partnership with Aeroplan. The mechanics are straightforward: you link a credit card, Chexy charges it for your mortgage amount, earns you 1 Aeroplan point per dollar, then forwards the funds to your lender via EFT or e-Transfer. Your mortgage servicer sees a normal payment. Your card sees a purchase.

The question is the fee. Third-party payment processors like Chexy typically charge between 1.75% and 2.75% to move money this way. At the low end, a $2,800 mortgage costs you $49 per month ($588 annually) to earn $605 worth of points. Net gain: $17. At the high end, the same payment costs $77 per month ($924 annually) to earn the same $605. Net loss: $319.

So the service pays for itself only if you're at or near the low end of the fee range and your points redeem at or above the 1.8-cent floor. Drop to 1.5 cents per point, which is typical for short-haul economy redemptions, and the math falls apart even at 1.75%. At that rate, you're paying to earn points you could have skipped.

When the Arbitrage Actually Works

The spread flips positive under three conditions. First, you're hitting a welcome bonus. Most premium travel cards require $3,000 to $5,000 in spending within 90 days to unlock bonuses worth 50,000 to 80,000 points. A single mortgage payment clears that hurdle. The fee becomes the cost of buying the bonus at a discount. A $150 fee to unlock 60,000 points worth $1,080 is a legitimate arbitrage.

Second, your card has category multipliers that stack on top of the base earn. Some cards treat Chexy as a 'bill payment' or 'general purchase' and award 2x or 3x points. If your card pays 2 Aeroplan points per dollar on all purchases, you're earning 3 points total (1 from Chexy, 2 from the card). At 3 points per dollar and 1.8 cents per point, $2,800 yields $151 in value against a $49 fee. That's a $102 monthly profit.

Third, you redeem points efficiently. Business-class flights to Europe routinely return 2.2 to 2.8 cents per point. At 2.5 cents, the same 33,600 points are worth $840 against $588 in annual fees. Profit: $252. Economy redemptions rarely clear the fee threshold.

The Structural Trap

The program is designed for high earners with stable cash flow and premium cards. If your card earns 1% cash back and Chexy charges 2%, you lose 1% of your mortgage every month. Over a year, that's $336 on a $2,800 payment. You're paying for the privilege of turning mandatory housing costs into discretionary points you may not even use.

The math also assumes you pay off the card in full. Credit card interest at 19.99% annihilates any points value in two billing cycles. Paying your mortgage with borrowed money at consumer-debt rates is not a rewards strategy, it's debt stacking.

Lender acceptance varies. Most major banks and credit unions will process third-party EFT payments without issue, but smaller private lenders and alternative mortgage servicers sometimes flag or reject non-direct payments. Verify before committing to a fee-based service.

The Real Use Case

This is a tool for welcome-bonus optimization and high-multiplier card holders who were already planning long-haul premium-cabin travel. For everyone else, the fee exceeds the value unless you're certain your redemptions will land above 2 cents per point and your processing cost stays under 2%. Run your own numbers with your actual fee quote, your card's earn rate, and your typical redemption value. If the fee is higher than the points, you're not earning rewards. You're buying them at retail.