Should I jump on the Chase Aeroplan 20% bonus?

Between August 12 and September 30, 2026, Chase Ultimate Rewards is offering a 20% bonus when you transfer points to Aeroplan. That turns 1,000 Chase points into 1,200 Aeroplan miles. If you also hold the Chase Aeroplan Credit Card, you get an additional permanent 10% bonus on transfers (up to 25,000 bonus miles per year), stacking to a total 30% bonus. The sources note that Aeroplan has a reasonable award chart, no fuel surcharges, and more partner airlines than any other program, making it a strong option for booking premium-cabin flights, especially from the East Coast to Europe (business class from 60,000 miles) or transpacific routes.

If you have the Aeroplan card, the math gets even better: you can redeem Aeroplan points for any travel at 1.25 cents each via Pay Yourself Back (up to 200,000 points per year). With the 30% transfer bonus, your Chase points effectively become worth 1.625 cents apiece toward travel. That beats the Sapphire Reserve's 1.5-cent travel redemption—and it's available now. The sources don't mention other current transfer bonuses from Chase, so this is likely the best active offer from that program. For non-Aeroplan cardholders, the 20% bonus is still useful if you have a specific Aeroplan redemption in mind, but the sources advise against transferring speculatively unless you're planning to cash out via Pay Yourself Back.

What about other programs? The sources also report that U.S. Bank's Altitude Reserve card has finally added transfer partners: Flying Blue, Accor, Qantas, and Ethiopian Airlines ShebaMiles, all at a 1:1 ratio (except Accor at 2:1). The card isn't open to new applicants, and the list is small, so it's not a direct competitor to Chase's offer unless you already hold that card and have points to move. No other transfer bonuses are mentioned in the coverage, so for now, the Chase-Aeroplan bonus is the headline event.