The Aeroplan card has a bonus of 100,000 points — if you can meet 2 spending tiers

The Airplane credit card from Chase comes 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 requirements are substantial. For those who can meet this obligation, you can unlock a bonus of $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 see what it’s worth.

$95 per year Airplane credit card offers 100,000 bonus points to new subscribers who meet two spending levels:

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

TPG . value Aeroplan points at 1.5 cents per person, generating 100,000 Aeroplan points worth $1,500. Previous rewards on this card offer 70,000 points or a pair of flight rewards certificates worth up to 101,000 points, but there are more restrictions than having a pile of points.

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

Should you apply for this high reward? Or should you wait for simpler rewards with lower spending requirements? The timeframe for the bonus claim is 12 months; that means you can split this into $1,666.66 spending per month over the course of a year. If you can meet that requirement and are willing to invest to gain the bonus over the course of a year, now is a great time to sign up.

Those who are unable to meet this spending requirement or need to claim their reward points sooner due to upcoming travel plans will be better served with a simpler wait for rewards with no higher spending requirements at second level.

Note that this card is affected by Chase’s 5/24 Rulewhich means you may not be approved if you have been approved for five or more cards in the last 24 months, regardless of which issuer they came from.

Related: More flexible than ever: Why you should care about Aeroplan even if you’ve never been to Canada

• 3 points per dollar on purchases made directly with Canadian Airlines.
• 3 points for every dollar spent on grocery purchases.
• 3 points per dollar on dining (including delivery).
• 1 point for every dollar spent on other purchases.

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

• Aeroplan 25K elite status automatically for the year you open the card and the following calendar year.
• Two turns, once to Air Canada Maple Leaf Lounge.
• 20 eUpgrade credits for upgrading from economy class to premium cabin on Air Canada operated flights.
• Automatic Star Alliance Silver Elite Statuswith access to priority and standby waiting lists.
• First free checked baggage on Air Canada flights, plus up to eight companions on the same booking.
• Maintain 25,000 status by spending $15,000 per year on the card, or increase your status one tier by spending $50,000 on the card annually.
• Earn benefits like 50% off Preferred Rewards and the perks that come with it by spending $100,000 or more on the card each year.
• Statement credit up to $100 for Global Entry, TSA Pre-Check or joint application, every four years.
• Travel protections, such as trip interruption and cancellation insurance, baggage delay insurance, trip delay reimbursement, rental car insurance and roadside assistance.
• Benefits of World Elite Mastercardincluding 24/7 concierge service, access to Mastercard Priceless® experiences, daily discounts and offers, etc.
• Use points at the rate of 1.25 cents per point to pay for travel purchases made on the card — and not just Air Canada or flights — through Give it back to yourself.
• There are no foreign transaction fees.

Related: Hottest new airline card: Chase Aeroplan Credit Card Review

The Aeroplan credit card is one of the most attractive airline co-branded credit card on the market. Not only does it award automatic elite status to new cardholders, it also earns points quickly and offers some great travel day perks, such as statement credits for TSA PreCheck, Global apps Entry or Nexus. You get all of that for a reasonable $95 annual fee.

The fact that you can increase your Aeroplan points balance with Transfer points from Chase Ultimate Rewards (increase until the end of this year) can also be useful if you are short of points to redeem your next point with Aeroplan. That’s over 100,000 bonus points for new signups through this new, enhanced welcome offer.

Official app link: Airplane credit card with a signup bonus of 100,000 points after meeting two spending tiers.

Additional reporting by Eric Rosen and Chris Dong.