Earn Aeroplan Points Paying Your Mortgage With Chexy

Chexy is an excellent service that allows you to earn credit card rewards on bills like rent and tuition for relatively low fees.

Ever wished you could use Chexy for mortgage payments? Now you can.

When you pay your mortgage with Chexy, you'll earn 1 Aeroplan point for every $1 paid. But it works differently than regular bill payments. Rather than charging your credit card and making the bill payment on your behalf, Chexy simply takes the cash out of your chequing account. You'll earn Aeroplan points on your payment and Chexy's 1.75% fee.

Here's how it all works (it's very simple), plus our take on when it's worth it. Spoiler alert: It usually isn't – but there are a few exceptions worth considering.

Paying your mortgage with Chexy

Paying your mortgage through Chexy works differently than regular Chexy bill payments.

To get started, you'll set up your mortgage in your Chexy account.

Then, you'll get a void cheque from Chexy. You'll use this to update the bank account that you make your mortgage payments from with your lender. To your mortgage lender, this looks like any ordinary bank account, making this service accessible across popular lenders.

Chexy will take out the money you need to pay your mortgage from your chequing account, plus a 1.75% fee.

Every time you pay your mortgage with Chexy, you'll earn Aeroplan points. You'll earn 1 point for every $1 you pay towards your mortgage. You earn points on both the base payment and the 1.75% Chexy fee.

These points can also help you earn Aeroplan Elite Status. Every 5 points you earn will become 1 Status Qualifying Credit (SQC). It takes a total of 25,000 credits to earn Aeroplan 25K Elite status.

Is paying your mortgage with Chexy worth it?

Earning Aeroplan points with Chexy is extremely simple. But should you do it? Usually no, but there are some exceptions.

Based on our Aeroplan point value research and calculations, Chexy's fee is higher than the value of the Aeroplan points you'll earn.

Let's walk through the math.

Following recent Aeroplan changes, each point is now worth less than before: 1.6 cents on average. The days of getting up to 4 cents per point on a business class trip are over.

Say you make a mortgage payment of $2,000. Your 1.75% Chexy fee would be $35, for a total payment of $2,035.

Since you earn 1 point per $1 on both your base payment and the fee, you would earn 2,035 Aeroplan points.

Considering the 1.6 CPP value, those 2,035 points you earned are only worth around $32.56, meaning you'll spend more on your Chexy fee than the points are worth.

However, there are a few scenarios where this service might still be worthwhile:

• You're a Chexy Plus subscriber (more on this below)
• You're already planning to buy Aeroplan points
• You need a boost to get to your desired Elite Status level

Buying Aeroplan points outright typically costs you 3 cents per point. If you're already planning to buy points, it's much cheaper to "buy" them through Chexy by using this service to pay your mortgage.

This can be worth it if you have an upcoming trip but are short a couple of thousand points.

Using Chexy to pay your mortgage can also be worth it if you need help reaching Elite Status – a few thousand SQC can go a long way.

But overall, this isn't a service we recommend, as you're paying more for the points than they're worth.

When it comes to Chexy, you're better off sticking to services that can be paid by credit card – like bills, tuition, and rent. Figure out which payments are worth it by comparing the fee to the points or cash back you'll earn on your credit card.

New: Chexy now accepts Mastercard.

Want to learn more about Chexy? Check out the official website.

Chexy Plus

Chexy has also rolled out a subscription service called Chexy Plus. There are 2 versions – an annual and monthly plan, and they offer a suite of perks. If you get an annual plan, you'll also get a lower fee of 1.5%.

If you make enough payments, the annual plan can pay for itself.

To offset your yearly $200 subscription, you'd have to make bill payments of at least $3,334 every month – or $40,008 per year.

Remember, this is only if you pay annually: Lower fees are not available to monthly subscribers.

As for the rest of the features, it's up to you to decide whether the subscription is worth its perks. You can make rush payments, choose payment dates in advance, split payments across 2 credit cards, build credit, and link more cards in your account.

Let's go back to our $2,000 mortgage example. If you were an annual subscriber, your Chexy fee drops from $35 to $30.

With a total payment of $2,030, you'll get 2,030 Aeroplan points, which are worth approximately $32.48.

So if you can make enough payments to offset the cost of the Chexy Plus plan, you're now earning enough points to justify the extra cost.

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