Air Canada's rewards program, Aeroplan, is now offering points to Canadians for making their monthly mortgage payments through Chexy. 

Chexy is a Canadian payments platform that provides rewards to Canadians for their purchases, bills and expenses. The platform enables credit card payments for large recurring obligations including rent, utilities and government taxes.

Last week, Chexy and Air Canada announced the collaboration to expand Chexy's rewards program to mortgage payments made by Aeroplan members. The program is now active.

Homeowners can earn one Aeroplan point for every dollar spent on mortgage payments made through Chexy via their bank account. Members will also be able to use their mortgage payments to earn towards Aeroplan Elite Status. 

Chexy said this rewards program is available through most Canadian mortgage lenders or banks and there is no requirement to shift mortgage accounts or re-finance a home loan to qualify for the rewards.

“At Chexy, we believe the money you have to spend should help fund the life you want to live," Liza Akhvledziani Carew, co-founder and CEO of Chexy, told RENXHomes in an email interview. "If I had a dollar for every time someone asked when Chexy would support mortgages, I’d have a full piggy bank."

Mortgage is typically the largest monthly expense for Canadians

Akhvledziani Carew said that for many Canadians, their mortgage is their largest monthly expense and one that's never earned them loyalty rewards. "By expanding our partnership with Aeroplan, we're changing that," she said. "Your mortgage payment can now bring you closer to your next trip. It's an everyday obligation turned into a way to live a little bigger."

More than 35 per cent of Canadians hold a mortgage, according to the Financial Consumer Agency of Canada. 

Chexy had already been available to Canadians to earn rewards on their monthly home rental payments. Through a previous partnership with Fitzrovia, a Canadian developer of purpose-built rental communities, they developed a program that integrates Aeroplan rewards with lease payments. 

That partnership allows eligible residents to earn Aeroplan points in connection with their rental home, including on qualifying rent payments and through promotional offers, subject to applicable terms and conditions. 

“We’re excited to be expanding our partnership with Chexy to include mortgage payments,” said Scott O’Leary, vice president, loyalty & product at Air Canada in a release. “This program provides Aeroplan Members with the ability to turn their monthly mortgage payment into a very meaningful reward, one that brings them closer to the travel experiences they’ve been saving for.” 

Specifically, Chexy enables members to use their credit card for large, routine payments typically made via e-transfer or pre-authorized debit or bill payment. This helps them earn points, build credit and get more out of expenses that usually go unrewarded. 

How the mortgage rewards will work

"This product is designed to be super straightforward and work with virtually any Canadian lender," Akhvledziani Carew said. "It's the first Chexy product funded from your chequing account that earns rewards. The experience is frictionless. There’s no switching lenders, no refinancing and no new accounts. You route your existing mortgage through Chexy, and we then facilitate the mortgage payment to your lender. You earn one Aeroplan point for every $1 of your mortgage payment."

Akhvledziani Carew said Chexy charges a 1.75 per cent fee on each mortgage payment processed through the platform. "For example, on a $3,000 monthly mortgage payment, the fee would be $52.50 and the member would earn 3,000 Aeroplan points."

The user fee means that Aeroplan users will have to decide whether the upside of collecting Aeroplan points on their mortgage payments is worth the price of paying the fee on each payment. 

Chexy joins Aeroplan’s list of retail partners that includes Starbucks, Uber and the LCBO. 

On its website, Chexy says that 200,000 Canadians use its service. It lists Visa, Mastercard, Amex and Interac among its compatible payment forms.

Aeroplan offers the ability to earn or redeem points on more than 45 airlines and more than 1,300 destinations globally. There are roughly 9 million Aeroplan members.

Akhvledziani Carew and co-founder and CTO Ben Gigone started Chexy in Toronto in 2022. "What started as a team of two has grown to 35," Akhvledziani Carew said.