What happens to my points the moment I cancel a credit card?

It depends on the bank and program. For Aeroplan-linked cards (CIBC, TD), your points transfer to your standalone Aeroplan account — they don't disappear instantly. For Amex MR cards, if it's your only MR-earning card, points enter a 30-day grace period before forfeiture. For bank-branded rewards (BMO, RBC, Scotiabank), the grace period starts immediately upon closure.

Can I sell my points after I've already cancelled the card?

Yes, as long as the points still exist in a program account. Aeroplan points remain in your Aeroplan account even after the issuing credit card is closed. Amex MR points can sometimes be accessed during the grace period. The key is acting before the expiry window closes. Contact a broker immediately if you've already cancelled — days matter.

How long do I have before my points expire after cancellation?

Grace periods vary: CIBC gives 30 days, TD gives 60 days, Amex gives 30 days, RBC gives 90 days, BMO gives 30 days, and Scotiabank gives 45 days. These are windows from the card closure date. After the grace period, points are typically forfeited permanently with no recovery option.

Is it better to downgrade or cancel my credit card?

Downgrading is almost always better for your points. When you downgrade to a no-fee card within the same program family, your points stay intact and continue earning (at a lower rate). Cancelling triggers the grace period clock. The trade-off is whether the no-fee alternative card offers enough ongoing value to justify keeping the account open.

What is the "downgrade strategy" and how does it work?

Instead of cancelling outright, you call the bank and ask to switch to a no-fee card within the same rewards ecosystem. For example: Amex Platinum to Amex Cobalt, or RBC Avion Infinite to RBC Avion Rewards+. Your points stay on the account, you stop paying the annual fee, and you keep earning at a reduced rate. This buys you unlimited time to sell or redeem at your own pace.

Can I transfer Amex MR points to Aeroplan before cancelling?

Yes. Amex transfers MR points to Aeroplan at a 1:1 ratio with no fees. This is one of the best pre-cancellation moves available. Transfer to Aeroplan first, then sell the Aeroplan points through a broker for cash. Transfers typically post within 3–5 business days, so initiate this well before your cancellation date.

Will cancelling a credit card hurt my credit score?

Possibly, in the short term. Cancelling reduces your total available credit, which can increase your credit utilization ratio and lower your score temporarily. If the card has a long history, you also lose that account age. This is a financial planning question separate from your points strategy, but worth considering alongside your decision.

What if I have pending points that haven't posted yet?

Pending points from recent transactions that haven't been posted to your statement are typically forfeited when you cancel. Wait until your next statement closes and all points have posted before initiating cancellation. This can mean waiting 2–3 weeks after your last transaction.

Is selling loyalty points legal in Canada?

Yes. There is no Canadian law prohibiting the sale of loyalty points between individuals or through brokers. Credit card terms of service may discourage it, but these are contractual guidelines between you and the card issuer — not laws. Millions of Canadians have sold points without legal consequence. From a tax perspective, the CRA has not issued specific guidance, and most individual sales of personally-earned points fall below reportable thresholds.

How quickly can I sell points if my card is closing imminently?

A reputable broker can process a quote within 24 hours and complete a transaction in 3–5 business days. If you have fewer than 5 days, contact a broker immediately and explain the urgency. Some brokers can expedite for time-sensitive situations. The absolute minimum viable timeline is: Day 1 — request quote. Day 2 — accept and initiate transfer. Day 3–4 — transfer completes. Day 5 — payment received.

Pillar GuideTime-SensitiveLast updated: January 2026•18 min read

Cancelling Your Credit Card? Here's What Happens to Your Points

You're about to close a credit card — and thousands of dollars in loyalty points are at risk. This guide covers every Canadian bank, every grace period, and exactly what you need to do before those points disappear forever.

Quick Summary: When you cancel a Canadian credit card, loyalty points do not automatically transfer to you and will expire after the bank-specific grace period (30-90 days). The best strategies are either downgrading to a no-fee card within the same program family to preserve points indefinitely, or selling points to a broker before cancellation. At current rates, 100,000 Aeroplan points are worth $1,000-$1,500 CAD in cash.

Quick Answer

When you cancel a credit card in Canada, your loyalty points do not transfer to you automatically. Each bank has a grace period — ranging from 30 to 90 days — after which unredeemed points are forfeited permanently. The best move is to either downgrade to a no-fee card (which preserves your points indefinitely) or sell your points for cash before the grace period ends. At current rates, 100,000 Aeroplan points are worth $1,000–$1,500 CAD in cash.

The Card Cancellation Points Timeline

Understanding exactly when points disappear is the difference between recovering thousands of dollars and losing them entirely. Here is how the process unfolds at Canadian banks.

1What Happens Immediately

Your card is deactivated. No further purchases can be made.
You stop earning new points on that card immediately.
Any pending points (from transactions not yet posted to your statement) are typically forfeited — they will not be credited.
Already-posted points remain accessible for the grace period. For Aeroplan-linked cards, they transfer to your standalone Aeroplan account.

2The Grace Period (30–90 Days)

The grace period is your window to act. During this time, your points are still accessible — you can redeem them, transfer them, or sell them. The clock starts the moment the card closure is confirmed by the bank.

The grace period is not guaranteed

Some cardholders report losing points before the stated grace period ends. Treat every day as urgent. Do not wait until the final week.

3After Points Expire

Points are permanently forfeited. Banks do not restore expired points.
No appeal process exists. Customer service cannot override the expiry.
The value is gone. At 1.3 cents per point, 100,000 expired points represent $1,300 in lost value.

Bank-by-Bank Breakdown

Original Research

Every major Canadian bank handles points differently at cancellation. The table and detailed breakdowns below reflect policies as of January 2026.

Bank	Points Survive?	Grace Period	No-Fee Alternative
CIBC	No	30 days	None (Aeroplan points only)
TD	No	60 days	TD Rewards (non-Aeroplan)
Amex	No	30 days	Cobalt ($0 first year)
RBC	No	90 days	Avion Rewards+ (no annual fee)
BMO	No	30 days	BMO Cashback (no fee tier)
Scotiabank	No	45 days	Scene+ basics (shared program)

CIBC Aeroplan Cards

CIBC issues both the Aeroplan Visa Infinite ($199/yr) and Aeroplan Visa Platinum ($99/yr). When either card is cancelled, your earned Aeroplan points transfer to your standalone Aeroplan account — but only if you have one. If your Aeroplan account has been inactive for 18+ months, points expire on their own schedule regardless of the card closure.

CIBC-Specific Timeline

Day 0: Card closure confirmed. Points move to Aeroplan account.
Days 1–30: Grace window. Points are live and transferable.
Day 30: If your Aeroplan account is inactive, points expire.
Day 31+: No recovery. Points are gone permanently.

No-fee alternative: CIBC does not offer a no-fee Aeroplan card. If you want to preserve points long-term, consider downgrading to a generic CIBC rewards card — but note this will not earn Aeroplan points.

Full CIBC Aeroplan cancellation guide

TD Aeroplan Cards

TD's Aeroplan Visa Infinite ($139/yr) and Aeroplan Visa Platinum ($99/yr) are among Canada's most popular travel cards. TD offers the longest grace periodamong Aeroplan issuers at 60 days — giving you nearly two months to act.

TD-Specific Timeline

Day 0: Card closure confirmed. Points transfer to Aeroplan.
Days 1–60: Extended grace window. Full access to points.
Day 60: Points expire if Aeroplan account is inactive.
Alternative: Downgrade to TD Rewards card (non-Aeroplan earning).

Full TD Aeroplan closing guide

Amex Cards (All Types)

Amex Membership Rewards points work differently from bank-branded programs. If you hold any other MR-earning card (Platinum, Gold, Cobalt, or Business), your points automatically consolidate onto the remaining card when one is cancelled. Points are only at risk if the cancelled card is your only MR-earning card.

Amex MR Consolidation Rule

Multiple MR cards: Points consolidate. Zero risk.
Single MR card: 30-day grace period begins at closure.
Best move: Transfer MR points to Aeroplan (1:1) before cancelling.
No-fee option: Amex Cobalt ($0 in the first year, then $12.99/mo).

Amex MR points can be transferred to Aeroplan, which makes them sellable through a broker. This is the primary cash-out route for Amex points.

Full Amex cancellation guide

RBC Avion Cards

RBC's Avion program offers the most generous grace period in Canada at 90 days. Avion Visa Infinite ($120/yr) holders get a full three months to redeem, transfer, or cash out through RBC's rewards portal after cancellation.

RBC Avion Options

90-day window: Longest grace period among major Canadian banks.
Transfer partners: WestJet, British Airways, and others.
Cash-out: Redeem through RBC's Travel portal before expiry.
Downgrade: Switch to Avion Rewards+ (no annual fee).

BMO Rewards Cards

BMO Rewards points are a closed ecosystem — they cannot be transferred to third-party airline or hotel programs. This significantly limits your options at cancellation. Your primary avenue is redeeming through BMO's online travel booking portal during the 30-day grace period.

BMO Constraints

No partner transfers: Points stay within BMO's ecosystem only.
30-day window: Redeem via BMO Travel or forfeit.
Cash-back option: Some BMO cards allow statement credits.
Downgrade: BMO Cashback card (no fee tier available).

Scotiabank Scene+ Cards

Scene+ is a shared program between Scotiabank and Cineplex. If you already have a Scene+ account through Cineplex membership or a previous Scotiabank product, some points may consolidate. Otherwise, you have a 45-day grace period to redeem before forfeiture.

Scene+ Consolidation

Existing Scene+ account: Points may consolidate automatically.
No Scene+ account: 45-day grace period, then forfeiture.
Redemption options: Travel bookings, Cineplex tickets, groceries.
Downgrade: Scene+ basics through a free Scotiabank product.

The Downgrade Strategy

Before you pick up the phone to cancel, consider whether a downgrade is a smarter move. Downgrading preserves your points indefinitely — no grace period, no expiry risk.

When to Downgrade vs. Cancel

Downgrade If...

• You want to keep earning points at a lower rate
• You plan to sell points over the next several months
• You have a large balance and need time to find the best buyer
• A no-fee alternative exists in the same program family
• You want to maintain your credit history length

Cancel If...

• No no-fee alternative exists in the program
• You have already sold or redeemed all points
• The card has a high balance you want to eliminate
• You want to simplify your finances entirely
• The card has ongoing fees even at the base tier

No-Fee Alternatives by Bank

Bank	No-Fee Card	Points Preserved?	Trade-off
Amex	Cobalt ($0 first year)	Yes	MR points stay. Lower earn rate.
RBC	Avion Rewards+	Yes	Avion points stay. No travel insurance.
TD	TD Rewards (non-Aeroplan)	Partial	Aeroplan points stay in Aeroplan. TD Rewards is separate.
CIBC	None (Aeroplan-specific)	No option	Must sell or redeem Aeroplan points directly.
BMO	BMO Cashback (no fee)	No	Cashback card is a different program entirely.

Points Retention Rules

Downgrading within the same program family preserves all points. No grace period applies.
Switching to a card in a different program (e.g., from Aeroplan-earning to a generic cashback card) does not preserve points in the original program.
Opening a new card in the same program before cancelling the old one ensures continuity. Order matters: open first, cancel second.
Aeroplan points are program-level, not card-level. Once in your Aeroplan account, they are independent of which card earned them.

The Cash-Out Strategy

If you've decided to sell rather than downgrade, here is exactly how the cash-out process works and how to time it correctly.

Sell Your Points Timeline

Check your balance

Log into each rewards account and note your exact point totals. Include any pending points that have posted.

Request a quote

Submit your point balance to a broker. Quotes typically come back within 24 hours.

Accept and transfer

Once you accept, set up the transfer. For Aeroplan: use Family Sharing. For Amex MR: transfer to Aeroplan first (1:1), then sell the Aeroplan points.

Receive payment

Payment arrives via Interac e-Transfer within 24–48 hours of confirmed receipt.

How Long Transfers Take

Transfer Type	Time to Complete	Notes
Aeroplan Family Sharing	24 hours (setup) + instant (transfer)	Must add recipient as family member first
Amex MR to Aeroplan	3–5 business days	1:1 ratio. Initiate early.
RBC Avion to airline partner	2–7 business days	Varies by partner program
Interac e-Transfer (payment)	24–48 hours	After broker confirms receipt

Planning Your Exit

Work backwards from your cancellation date. If your card closes on Day 0, here is the latest you can start each step and still complete the sale in time:

Day −10Request your quote and confirm point balance.

Day −8Accept the offer and initiate any program transfers (MR to Aeroplan).

Day −5Set up Family Sharing and complete the point transfer to the broker.

Day −3Confirm the broker has received the points.

Day −1Payment should be in your account. Verify before cancelling.

Day 0Cancel with confidence. Points are sold and paid.

Points expiring soon?

Get a free quote in 24 hours. 100,000 Aeroplan points = $1,000–$1,500 CAD.

Get Your Free Quote

The 90-Day Exit Plan

Original Framework

If you know well in advance that you are going to cancel a card, this 90-day framework gives you maximum time to extract every dollar of value from your points.

Day 90

Request quotes from 2–3 brokers

Check your total points balance across all programs. Submit quote requests to multiple brokers to compare offers. Note: some brokers specialize in specific programs — match them to your card type.

Day 75

Accept best offer, begin transfer

Compare all quotes and accept the strongest one. If you have Amex MR points, initiate the transfer to Aeroplan now — this takes 3–5 business days. Set up Family Sharing on your Aeroplan account if not already done.

Day 60

Verify points received by broker

Confirm in writing that the broker has received and credited your full point balance. Request a receipt or confirmation email. If anything is off, resolve it now — not at Day 30.

Day 45

Confirm payment received

Your Interac e-Transfer should have arrived by now. Verify the deposit in your bank account. Keep the confirmation email and bank statement as proof.

Day 30

Cancel card with confidence

Call the bank and request cancellation. Your points have already been sold and you have been paid. The cancellation is now purely a financial housekeeping decision with zero impact on your loyalty points.

Real Scenarios

These case studies are based on real customer situations we have processed. Names and identifying details have been changed, but the point balances, timelines, and dollar amounts reflect actual transactions.

"I'm Cancelling My $699 Amex Platinum"

Sarah had held the Amex Platinum for three years. She accumulated 187,000 MR points but rarely flew business class. The $699 annual fee was up for renewal and she decided not to pay it again.

Points at Risk

187,000 Amex MR points

Potential Value

$2,057 – $2,899 CAD

What They Did

Sarah transferred 150,000 MR points to Aeroplan at 1:1, then sold those Aeroplan points through a broker for $1,650. She redeemed the remaining 37,000 MR points on a booking through Amex Travel before the 30-day window closed.

Outcome

Total recovered: $2,210 CAD ($1,650 cash + $560 in travel bookings). She saved $699 on the annual fee. Net gain over doing nothing: $2,210.

Lesson Learned

Split the points across two strategies. Sell the bulk for guaranteed cash; use the remainder for a quick redemption before the grace period ends.

"My CIBC Aeroplan Is Closing in 30 Days"

David received a letter from CIBC stating his Aeroplan Visa Infinite would be closed due to inactivity. He had 94,000 Aeroplan points sitting in his account and 30 days before they were at risk.

Points at Risk

94,000 Aeroplan points

Potential Value

$940 – $1,410 CAD

What They Did

David contacted a broker on Day 28, received a quote within 24 hours, and completed the Family Sharing transfer on Day 26. Payment arrived on Day 23 — one week before the hard deadline.

Outcome

David recovered $1,128 CAD via Interac e-Transfer. Without action, the points would have expired to $0 within days.

Lesson Learned

Even with a compressed timeline, selling is possible if you act immediately. Do not wait until the last week — brokers need 3–5 business days to process.

"I Have Points Across 3 Banks"

Michael was consolidating finances after a life change. He held a CIBC Aeroplan card (closing), a TD Aeroplan card (keeping for now), and an Amex Gold (cancelling). Points were spread across three separate programs.

Points at Risk

62,000 Aeroplan (CIBC) + 45,000 MR (Amex) + 78,000 Aeroplan (TD)

Potential Value

$1,572 – $2,358 CAD (combined)

What They Did

Michael sold the 62,000 CIBC Aeroplan points immediately (30-day deadline). He transferred the 45,000 Amex MR points to Aeroplan and sold those too. He left the 78,000 TD Aeroplan points alone since that card was staying open.

Outcome

Recovered $1,246 CAD on the CIBC points and $584 CAD on the converted Amex points. Total: $1,830 CAD. The TD points ($780–$1,170 potential value) remain active and earning.

Lesson Learned

Prioritize by deadline. Cards with the shortest grace periods get handled first. Points on active cards can wait.

Action Checklist Before Cancelling

Use this checklist before you call the bank. Each item takes 2–5 minutes and together they ensure you do not leave money on the table.

Balance Check

Log into your rewards account and confirm your exact point balance.

Pending Points

Wait for all pending transactions to post before cancelling. Check your last 2 statements.

Downgrade Option

Check if a no-fee card exists in the same program family. If yes, consider downgrading instead.

Sell Strategy

If selling: request a quote from at least one broker. Note the grace period for your bank.

Amex Transfer

If you have Amex MR points and plan to sell: initiate the transfer to Aeroplan now (3–5 business days).

Family Sharing

If selling Aeroplan points: set up Family Sharing on your Aeroplan account if not already active.

Payment Verified

Confirm that you have received payment before cancelling the card.

Documentation

Screenshot your final point balance and keep all broker correspondence for your records.

Multi-Card

If you have points across multiple cards, prioritize the card with the shortest grace period first.

Frequently Asked Questions

Related Guides & Resources

Sell CIBC Aeroplan Points After Cancelling

Step-by-step guide for CIBC cardholders with a 30-day deadline.

Sell TD Aeroplan Points When Closing

Everything TD Aeroplan holders need to know before closing.

What Happens to Amex Points When You Cancel

Deep dive into Amex MR consolidation and grace period rules.

Loyalty Points Expiring — What To Do

Comprehensive guide for points approaching expiry across all programs.

Sell Aeroplan Points

Current rates, process, and everything you need to sell Aeroplan points.

Sell Amex Membership Rewards

How to convert Amex MR points to cash via Aeroplan transfer.

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Last updated: January 2026 · Information reflects Canadian bank policies as of publication. Bank policies are subject to change — verify directly with your card issuer before making decisions.