Amex's Aeroplan Reserve fee jumps $200 to $799. Here's the lounge access it buys you

The American Express Aeroplan Reserve Card is getting more expensive. Amex Canada says the annual fee will rise from $599 to $799 on each cardholder's first annual fee billing date after January 12, 2027. The Business Reserve Card goes up by the same $200. All amounts here are in Canadian dollars.

In return, Amex is adding a stack of lounge perks. The question is whether they cover a $200 jump. Here is what changes, based on Amex Canada's September 29 announcement and the card's current terms.

What the Reserve gets from January 12

Amex lists these new benefits for both the Aeroplan Reserve and the Business Reserve:

• Maple Leaf Lounges worldwide. Amex calls it access to an "expanded Worldwide Maple Leaf Lounge" network.
• Up to six free Priority Pass visits a year.
• Eight free passes a year for select Aspire Amex lounges in Canada.
• Priority security lanes at select airports worldwide, for you and up to eight companions on the same booking.
• Up to $100 a year toward Air Canada travel, paid as $50 twice a year into your AC Wallet.
• 15% off Air Canada flight rewards when you pay with points.
• A fourth hotel night free on four-night hotel bookings with points, and a fourth car rental day free.

The personal Reserve also gets a $200 annual dining credit at participating restaurants from Air Canada's Best New Restaurants list. It adds a 10% points bonus once you spend $125,000 in a year, with more for each extra $25,000, up to $400,000.

What you get today

The current terms on Amex Canada's benefits page show how big the lounge change is.

Right now, Maple Leaf Lounge and Air Canada Café access only works in Canada and the United States. Lounges elsewhere, Air Canada Signature Suites, and lounges run by Star Alliance partners are all excluded. Each cardmember can bring one guest.

Priority Pass is weaker still. Amex waives the $99 US membership fee, but every visit costs a usage fee at the going rate. That applies to you and to your guests. So today, the Reserve's Priority Pass card is a key to the door, not a free pass.

Air Canada's own release adds a detail Amex's does not spell out. It says premium cardholders will get Maple Leaf Lounges worldwide "plus one travel companion," subject to standard access terms.

Where the Aspire passes work

The eight Aspire passes sound generous, but the network is small. There are two Aspire Amex lounges open today, both for domestic flights:

• Aspire Amex Lounge in Calgary, which opened on September 16, 2026
• Aspire Lounge in Montreal-Trudeau's domestic area, rated 4.4 on Lounge Frog

A third lounge, for flights to the US from Montreal, is due in early 2027. We covered it in our story on the Calgary opening. Amex says the passes are for "select" Aspire Amex lounges and has not listed which ones count.

Is $200 more worth it?

This part is our argument, not Amex's. The new perks are real, but they are also narrow.

Start with what is easy to use. The $100 in AC Wallet credit pays back half the increase, as long as you book Air Canada travel in each half of the year. The 15% points discount is also simple, and Air Canada is already offering it to cardholders as a promotion until January 11.

The lounge perks are where the math gets personal. Worldwide Maple Leaf access matters most if you fly Air Canada to Europe or Asia without elite status. Take London Heathrow: its Maple Leaf Lounge rates 4.6 with our users and has showers and a full bar. Before this change, a Reserve card alone did not get you in.

Six free Priority Pass visits replace paying out of pocket for every visit. That is a solid upgrade for anyone who already uses Priority Pass. But six visits go fast on a family trip if guests count against them. Amex has not said how guests work with the new passes.

The dining credit is the weakest link. It only works at participating restaurants from one curated list. Unless one is near you, treat it as worth little.

So our view is simple. If you fly Air Canada internationally and pass through Calgary or Montreal, the new Reserve likely earns its $799. If you mostly fly within North America and rarely use Priority Pass, you are paying $200 more for perks you may not touch.

What we don't know yet

Amex has not said how guests work with the Priority Pass and Aspire passes, or whether unused passes roll over. It has not listed which Aspire Amex lounges count. It also has not said which airports have the priority security lanes. Amex says the invite-only American Express Air Canada Card will also get changes, with details coming to cardholders in the coming weeks.

For more on the wider Aeroplan card refresh, read our earlier story. See every lounge you can reach on our Maple Leaf Lounge program page.