Which transfer bonus should I jump on right now?

The Chase-to-Aeroplan 20% bonus (running August 12–September 30, 2026) is the most versatile play here, especially if you hold a Chase Sapphire Reserve, Ink Business Preferred, or Sapphire Preferred. Aeroplan has a reasonable award chart, no fuel surcharges, and more partner airlines than most programs. If you also have the Aeroplan credit card, you can stack the standard 10% transfer bonus on transfers of 50,000+ points, netting a 30% bonus. That effectively lets you cash out Chase points at 1.625 cents each toward any travel—better than the old Sapphire Reserve 1.5-cent floor that many miss. Just don't transfer speculatively unless you're an Aeroplan cardholder looking to cash out at that rate; the source notes these bonuses recur regularly.

For those focused on Asia-Pacific, Cathay Pacific Asia Miles is offering up to a 16% miles rebate on award flights to/from Hong Kong (book by August 27, travel September 10–December 10, 2026). The rebate works out to 800 miles back per 5,000 redeemed, capped at 80,000 miles. That drops a one-way economy ticket from Singapore to Hong Kong to about 8,200 miles, for example. This is a solid deal if you have a specific trip in mind to or through Hong Kong, but the booking window is tight—only two weeks left.

Meanwhile, Air Canada Aeroplan itself is offering up to 25% off award flights on Air Canada metal from Canada to various regions (book by August 18, travel September 8, 2026 through June 30, 2027). That's a narrow booking window but a long travel window, so if you're Canadian or flying out of Canada, it's worth a look. And if you're an Avios loyalist, a new calendar tool at Avios.com makes searching for award seats easier—no bonus miles, but a time-saver if you're planning British Airways or partner awards.

My take: The Chase-to-Aeroplan bonus is the most flexible and valuable for most readers, especially if you can stack the Aeroplan card bonus. But if you have a specific Hong Kong trip in mind, the Cathay rebate is a close second. Don't overthink it—pick the one that matches your next trip, not the one with the biggest headline number.