What are your points worth? Canadian points valuations

"5 points per dollar" means nothing until you know what a point is worth. Programs never publish that number, because it depends on what you redeem for. Independent sites estimate it instead. Here are the current estimates, how they are made, and the two programs where the headline number is most misleading.

The estimates (May 2026)

Why the number moves

A valuation is a judgment about the redemptions a typical member will actually make. When Aeroplan raised the price of long-haul business class seats on June 1, 2026, Prince of Travel cut its estimate from 2.1¢ to 2.0¢. When Scene+ cut its Cineplex earn rate in May 2026, the earning side got worse but the value per point did not change. Expect the table to shift a little every quarter.

Two programs where the headline hides a lot

PC Optimum points are worth a tenth of a cent each, so "30 points per dollar" is 3%, not 30%. That is still a good grocery rate, but the big numbers are a design choice, not a windfall. Shoppers Drug Mart runs redemption events where the same points go further (one in September 2026 paid up to $18.75 per 10,000 points instead of $10).

Scene+ points lose about 30% if you cash them out. 1,000 points are worth $10 on groceries or travel but only about $7 as a statement credit. The lazy redemption costs you real money.

How to use this

1. Take the card's earn rate in the category you spend most in.
2. Multiply by the cents-per-point figure for its program.
3. That is the effective percentage back. Compare it to a plain 2% cash back card.

For example: 5 Aeroplan points per dollar at 2¢ is about 10% back. 6 Scene+ points at 1¢ is 6%. 30 PC Optimum points at 0.1¢ is 3%. 5 TD Rewards points at 0.5¢ is 2.5%.