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Air Canada Offers a New Way to Redeem Miles

Airlines offer many different ways to redeem your miles for rewards besides using them for your next flight. Air Canada (TSE: AC.B) is offering a new was to use these rewards through their loyalty program, Aeroplan. According to US Today, the carrier partnered up with HigherEdPoints to let members use their miles to pay for college at 70 schools and universities in Canada.

This is how the program will work: for every 35,000 miles a customer flies she will receive $250 credit added directly to the student's account. However, like many other rewards option, the redemption amount compared to miles is not extraordinary, as each mile offers a low return of about .7 cents per point, US Today reports. None the less, this point redemption option is great to have. 

Since it began in 2013, HigherEdPoints gave out $125,000 worth of redeemed point. The company plans to come to the U.S. with the next year.

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