The Tiered Bonus Trap: Why 40,000 Points Isn’t Always 40,000 Points

When I first looked at the TD Aeroplan Visa Infinite card, I saw “up to 40,000 Aeroplan points” and thought: That’s pretty good. At 2 cents per point, that’s roughly $800 in value. First year free? Even better.

Then I actually read the fine print.

The Reality: It’s Three Separate Bonuses

Here’s what TD actually offers:

• First purchase: 10,000 points (immediate)
• Mid-tier: 15,000 points after $7,500 spend (6 months)
• Anniversary: 15,000 points after $12,000 spend (12 months)

If you stop at the mid-tier (which most people should): 25,000 points for $7,500 spend — a solid 6.7% return.

Another Example: Scotia Passport VI

The Scotia Passport Visa Infinite advertises “up to 60,000 Scene+ points” — but look closer:

• Easy tier: 40,000 points after $2,000 spend (3 months)
• Stretch tier: 10,000 points after $10,000 spend (6 months)
• Annual bonus: 10,000 points after $40,000 spend (full year)

The headline says 60K points. The reality for most people is 40K points for $2K spend (~$400 value). The extra 20K requires $10K more spend in 6 months, plus a massive $40K annual spend for the last 10K.

Is it worth pushing from $2K to $10K spend for an extra 10K points (1cpp = $100)? That’s only a 1.25% marginal return on that incremental $8K.

The NEXUS Rebate Factor (TD Aeroplan)

What marketing doesn’t emphasize: NEXUS application fee rebate ($100) every 48 months. If you were planning to apply anyway:

• 25K points + NEXUS: ~$600 net value
• 40K points + NEXUS: ~$900 net value

BMO Ascend: The Most Aggressive Tiers (and a Cancellation Trap)

The BMO Ascend World Elite advertises “up to 100K points — worth up to $667.” Already suspicious because BMO Rewards are only 0.67¢ each. But look at the structure:

• Tier 1 (Easy): 45K points after $5,000 spend (110 days)
• Tier 2 (Stretch): 20K points after $10,000 spend (180 days)
• Tier 3 (Extreme): 35K points after $20,000 spend (365 days)

To get that headline “100K points,” you need to spend $20,000 in 12 months on a card that earns at tiered rates.

The hidden catch: “If the Credit Card is cancelled within 365 days from the date it was opened, all Bonus Rewards earned within that period may be cancelled.”

This is different from TD or Scotia. BMO can claw back your points if you cancel before the year is up. So you can’t get the 45K (paid at ~110 days), 20K (at ~180 days), and 35K (at ~365 days), then immediately cancel. You’re locked in for the full year.

Also includes: NEXUS credit up to $200 — similar to TD Aeroplan.

The Pattern

Card	Headline	Easy Tier	Reach Tier	Locked In?
TD Aeroplan	40K pts	25K ($7.5K)	15K more ($12K)	No
Scotia Passport	60K pts	40K ($2K)	20K more ($10K)	No
BMO Ascend	100K pts	45K ($5K)	55K more ($20K)	Yes — 365 days

My Take

All three cards are decent — but only at the first tier.

TD Aeroplan: Take the 25K, enjoy the NEXUS credit, cancel anytime.
Scotia Passport: Take the 40K, consider the 10K at $10K if your spend supports it.
BMO Ascend: Take the 45K, but know you’re holding the card for a full year minimum.

The BMO Ascend is the most aggressive because it dangles 100K points (sounds huge!), hides the $20K spend requirement, and locks you into a 12-month relationship to keep them.