Should You Pay Cash or Use Points?
Here is the scenario… You have Aeroplan points sitting in your account, a flight to book, and a genuine question with no obvious answer: should this trip be paid for with cash, or should you redeem points instead?
Most people either always use points, which sometimes wastes them on redemptions worth almost nothing, or always pay cash, which leaves a growing points balance sitting idle and losing value to devaluations like the one Aeroplan made in June 2026. Neither approach is right. The correct answer changes trip by trip, and it comes down to a simple calculation you can do in under a minute.
Here is the actual framework, with real numbers from routes we have already covered on YVRPoints.
The Core Concept: Cents Per Point
Every points decision comes down to one number: how many cents of value are you extracting from each point if you redeem versus paying cash. The formula is simple.
Cash price ÷ points required = cents per point (CPP)
If a flight costs $600 cash or 30,000 points, that's $600 ÷ 30,000 = 2.0 cents per point.
Once you have that number, compare it against the community benchmarks:
CPP Verdict
Below 1.0 cents Poor value, always pay cash
1.0 to 1.5 cents Below average, lean toward cash
1.5 to 2.0 cents Good, redemption is worth considering
2.0 to 3.0 cents Very good, redemption is usually the right call
3.0+ cents Exceptional, redeem without hesitation
For context on where redemptions typically land: business class redemptions on Aeroplan average about 1.96 cents per point, compared with 1.10 cents per point for economy. That single fact tells you almost everything about when points make sense. Premium cabins are where Aeroplan points do their real work. Economy is where the math gets a lot less exciting.
The Five-Step Framework
Here is exactly how to work through the decision every time you're booking a flight.
Step 1: Get the real cash price
Search the actual flight on Google Flights or the airline's own site for your dates. Use the real number, not what you remember the route "usually" costing.
Step 2: Get the points price
Check Aeroplan.com for the same flight. If a fixed-price partner airline like ANA, Lufthansa, or Swiss operates the route, check that price specifically, since it won't move with demand. If it's Air Canada metal, note that the price is dynamic and can shift.
Step 3: Calculate the CPP
Cash price divided by points required. Do this every time, no need to estimate.
Step 4: Compare against the benchmark table above
This tells you whether the redemption is objectively good, mediocre, or bad value.
Step 5: Layer in the situational factors
The CPP is the foundation, but three more questions often tip the final decision:
Do you have a specific, known upcoming redemption you're saving points for? If yes, protect those points and pay cash for this trip even at a decent CPP.
Is award space actually available on the dates you need? A great CPP means nothing if there's no seat to book.
Are your points sitting idle with no plan? If you have a large balance and no immediate goal, a good CPP redemption (1.5+) is usually smarter than letting points sit and lose value to future devaluations.
Real Examples Using Routes We've Actually Covered
Let's apply this to redemptions already covered on YVRPoints, using real cash and points prices.
YVR to Tokyo, ANA Business Class
Points required: 55,000 one-way
Typical cash price: $2,000 to $3,500 one-way in business class
CPP range: 3.6 to 6.4 cents per point
Verdict: Redeem, decisively. This sits well above the exceptional threshold. Anyone with 55,000 spare Aeroplan points and a Tokyo trip in mind should be using points here, not cash.
YVR to Frankfurt or London, Lufthansa/Swiss Business Class (post June 2026 chart)
Points required: 75,000 one-way
Typical cash price: $2,500 to $4,500 one-way in business class
CPP range: 3.3 to 6.0 cents per point
Verdict: Redeem. Even after the June devaluation added 5,000 points to this band, the value remains firmly in exceptional territory.
YVR to Mexico City, Air Canada Business Class
Points required: 24,800 one-way (the deal we posted earlier)
Cash price: roughly $1,100 one-way in business class
CPP: 4.4 cents per point
Verdict: Redeem. Comfortably above the 3-cent threshold even on Air Canada's dynamic-priced metal, which is unusual since Air Canada pricing is typically the weaker option compared to fixed partner pricing.
A short domestic hop, say YVR to Calgary, in economy
Points required: typically 7,500 to 9,000 one-way under North America pricing
Cash price: often $150 to $250 one-way in economy
CPP range: roughly 1.7 to 3.3 cents per point
Verdict: It depends, genuinely. This is the category where the calculation actually matters most, because the answer isn't obvious either way. Check the real numbers on your specific dates before deciding.
A gift card or merchandise redemption through the Aeroplan eStore
CPP on these typically runs well under 1 cent per point.
Verdict: Never do this if you can avoid it. This is the single most common mistake new Aeroplan members make, and it's the fastest way to waste a points balance you worked hard to build.
The Situational Override Cases
Even a strong CPP doesn't automatically mean redeem. Here are the cases where the math says one thing but the smart move is another.
You're saving for something bigger. If you're 20,000 points away from a Tokyo business class redemption and a decent-but-not-great 1.8 CPP opportunity comes up for a different trip, protecting the points for Tokyo is usually the better call.
You genuinely need the cash flow more than the points right now. Points don't pay rent. If cash is tight, a mediocre CPP redemption that frees up real dollars can be the right call even if it's not the "optimal" points decision on paper.
The award space isn't actually there. All the CPP math in the world doesn't matter if Aeroplan shows zero seats on your dates. Check or Aeroplan.com directly before building a whole trip plan around a redemption that might not be bookable.
A Simple Rule of Thumb If You Don't Want to Do Math Every Time
If you want a shortcut that holds up reasonably well across most situations:
Use points for business or first class on partner airlines. Pay cash for economy, and pay cash for anything on Air Canada's own dynamically-priced metal unless the price has clearly spiked.
This single rule captures most of the value in the full framework without requiring a calculation every time. The real exceptions, like the Mexico City deal above where Air Canada metal actually delivered excellent value, are rare enough that checking the framework properly before a big trip is still worth the two minutes it takes.
Lastly, sometimes it is good not to worry about maximizing CPP. If you have a trip you really want to take and you have points sitting around, it will not be the end of the world if you have a sub-par CPP. Enjoy your life, book that trip.
Building Toward the Redemptions Worth Making
None of this matters if you don't have points to work with in the first place. The two-card combination we've covered extensively on YVRPoints, the Amex Cobalt earning 5x on groceries and dining, paired with the TD Aeroplan Visa Infinite earning 1.5x directly on gas, groceries, and Air Canada purchases, is what generates the balance that makes all of the above possible. See our full credit card guide for the current welcome bonus offers on both.
The Bottom Line
The cash versus points question isn't one you answer once and apply forever. It's a calculation you run every single time, using the real numbers for that specific trip. Business class on partner airlines is almost always the right use of points. Economy and short domestic hops require an actual check of the math rather than a gut decision. And gift cards or merchandise redemptions should be avoided almost entirely.
Run the five steps, check the benchmark table, and factor in whether you're protecting points for something bigger. That's the entire framework, and it will serve you well on every redemption decision from here forward.
If you want the real-time cash and points prices for the routes worth watching from Vancouver, subscribe to YVRPoints. We track both sides of this equation so you don't have to.
