The Aeroplan card has a 100,000-point bonus — in the event you can meet the two spending tiers

The Aeroplan Credit Card from Chase has a new, increased welcome bonus. Those who prefer points (instead of free flight vouchers) will be excited by the number of points they can earn, but the spending requirement is significant. For those who can meet this obligation, you could unlock a bonus worth $1,500.

Before you assume that the Aeroplan Card has nothing to offer if you don’t live in Canada, understand that this loyalty program can be very valuable. Let’s take a look at the new sign-up bonus on the Aeroplan Card and get an idea of what it’s worth.

The $95-per-year Aeroplan Credit Card offers 100,000 bonus points to new applicants who meet two spending tiers:

• Earn 60,000 points after you spend $4,000 on purchases in the first three months from account opening.
• Earn another 40,000 points after you spend $20,000 total on purchases in the first 12 months from account opening.

TPG values Aeroplan points at 1.5 cents apiece, making 100,000 Aeroplan points worth $1,500. Previous bonuses on this card offered 70,000 points or a pair of flight reward certificates worth up to 101,000 points but carrying more restrictions than having a pile of points.

Those looking for a simpler bonus of points (not certificates) will be happy at the prospect of earning 100,000 points. Unfortunately, the spending requirement for this bonus is high: $20,000.

Should you apply for this elevated bonus? Or should you wait for a simpler bonus with lower spending requirements? The timeframe for the bonus spending requirement is 12 months; that means you can break this into $1,666.66 of spending per month over the course of a year. If you can meet that requirement and are willing to invest in reaching a bonus over the course of a year, now it’s a great time to apply.

Those who can’t meet this spending requirement or need to receive their bonus points sooner because of upcoming travel plans would be better served waiting for a simpler bonus without the higher spending requirements in the second tier.

Note that this card is impacted by Chase’s 5/24 rule, which means you will likely not be approved if you have been approved for five or more cards in the past 24 months, regardless of which issuer they come from.

Related: More flexible than ever: Why you should care about Aeroplan even if you never visit Canada

• 3 points per dollar on purchases made directly with Air Canada.
• 3 points per dollar spent on grocery store purchases.
• 3 points per dollar on dining (including delivery services).
• 1 point per dollar spent on other purchases.

Additionally, cardholders will get a 500-point bonus for every $2,000 spent on the card per month, up to 1,500 bonus points per month.

• Automatic Aeroplan 25K elite status for the year in which you open the card and the following calendar year.
• Two one-time passes to Air Canada’s Maple Leaf Lounges.
• 20 eUpgrade credits to upgrade from economy to premium cabins on Air Canada-operated flights.
• Automatic Star Alliance Silver elite status, with access to priority wait-listing and standby.
• First free checked bag on Air Canada flights, along with up to eight companions on your same reservation.
• Maintain 25K status by spending $15,000 per year on the card or get a one-tier status boost by spending $50,000 on the card annually.
• Earn benefits like 50% off Priority Rewards and companion perks by spending $100,000 or more on the card each year.
• Up to $100 statement credit for Global Entry, TSA PreCheck or Nexus application, every four years.
• Travel protections, such as trip cancellation and interruption insurance, baggage delay insurance, trip delay reimbursement, auto rental insurance and roadside assistance.
• World Elite Mastercard benefits, including 24/7 concierge service, access to Mastercard Priceless® experiences, everyday discounts and offers and more.
• Use points at a rate of 1.25 cents apiece to cover travel purchases made on the card — and not just Air Canada or flights — through Pay Yourself Back.
• No foreign transaction fees.

Related: The most compelling new airline card: Review of the Chase Aeroplan Credit Card

The Aeroplan Credit Card is one of the most compelling airline cobranded credit cards on the market. Not only does it confer automatic elite status on new cardholders, it also earns points quickly and offers some great day-of-travel perks, such as a statement credit for TSA PreCheck, Global Entry or Nexus applications. You get all of that for just a reasonable $95 annual fee.

The fact you can pad your Aeroplan points balance with points transfers from Chase Ultimate Rewards (boosted through the end of this year) also can help if you’re short on points for your next redemption with Aeroplan. That’s on top of the 100,000 bonus points available to new applicants through this new, elevated welcome offer.

Official application link: Aeroplan Credit Card with a 100,000-point sign-up bonus after meeting two spending tiers.

Additional reporting by Eric Rosen and Chris Dong.