Countless Canadians are accruing AIR MILES as they shop, but how many can you anticipate earning annually based on your expenditures, and what’s their actual value? In this piece, we’ll guide you through the process using our AIR MILES calculator and provide insights on how to amass even more AIR MILES.
Determining the value of your AIR MILES is relatively straightforward when you equate them to dollars. However, it’s important to note that 1 point does not equal $1, and the dollar value of an AIR MILE can fluctuate. It varies depending on the reward and sometimes even within the same reward category. For instance, the number of miles required for a flight may vary depending on the season (high vs. low season).
Nevertheless, it’s useful to work with an average mile value when assessing the total value of your miles. Various Canadian personal finance sources have compared the dollar values of AIR MILE points and concluded that the average value falls between 10-15 cents per mile. To err on the side of caution, we estimate the average AIR MILE value to be $0.105.
Some may question the importance of knowing the value of their AIR MILES. After all, these miles are essentially a bonus accumulated over time, so why does their dollar value matter if they’re not technically paid for?
While this perspective is understandable, maximizing your rewards and making the most of your AIR MILES can be beneficial. Understanding the value of your points can significantly impact your redemption strategy. Spending fewer points means you’ll have more to use later on, maximizing the value of your rewards.
Understanding how to accumulate AIR MILES efficiently is crucial for maximizing your rewards. Fortunately, collecting AIR MILES is straightforward and can be done easily. Begin by signing up for an AIR MILES membership card, which enables you to earn points at participating merchants. To further boost your earning potential, consider applying for an AIR MILES credit card. When comparing AIR MILES credit cards, look for features that directly impact your earning potential to determine the most lucrative option available in Canada.
When choosing a credit card within the AIR MILES rewards program, pay close attention to the card’s sign-up bonus feature. While some cards offer a modest sign-up bonus after the first purchase, more significant bonuses typically require cardholders to reach a minimum spending threshold within the initial three months of card membership.
When evaluating credit cards, it’s important to consider the earn rate for spending, which indicates the amount required to earn AIR MILES. Typically, spending $20 in-store earns 1 AIR MILE when presenting your AIR MILES membership. However, using your credit card for payment allows you to “double dip” and earn additional AIR MILES.
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