One of the largest expenses facing Canadian homeowners can now help pay for their next trip.
Toronto-based payments fintech Chexy has expanded its partnership with Aeroplan to launch what it calls Canada’s first mortgage rewards program, allowing homeowners to earn travel rewards on their monthly mortgage payments.
Beginning today, Aeroplan members can earn one point for every dollar in mortgage payments made through Chexy using their bank account. The service works with virtually every Canadian mortgage lender and does not require homeowners to switch banks, refinance or change mortgage providers.
Members working toward Aeroplan Elite Status can also earn one Status Qualifying Credit for every five Aeroplan points collected through the program, up to 25,000 SQC per calendar year in Aeroplan’s Everyday Partners category.
“At Chexy, we believe the money you have to spend should help fund the life you want to live,” said Liza Akhvledziani Carew, co-founder and CEO of Chexy.
Carew said the program turns a major monthly obligation that has historically gone unrewarded into a way for Canadians to move closer to their next trip.
The launch brings Chexy into the mortgage category after the fintech built its business around helping Canadians earn rewards on recurring expenses. Chexy began with rent payments and has since expanded its platform to cover obligations including utilities and government taxes.
Unlike loyalty programs designed to drive additional discretionary purchases, the mortgage offering rewards homeowners for payments they are already making. Eligible funding methods and other program terms apply.
“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,” said Scott O’Leary, vice-president of loyalty and product at Air Canada.
The mortgage program builds on the companies’ existing work in the housing market. Chexy already partners with Aeroplan and rental developer Fitzrovia on a program that gives eligible residents opportunities to collect points through qualifying rent payments and promotional offers.
Chexy says its platform is now trusted by tens of thousands of Canadians. While its established products enable users to place large recurring obligations on a credit card, mortgage rewards are earned on payments funded through a bank account.
The new mortgage rewards program is now available through Chexy.
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