According to VFTW's report, the information below has already been confirmed as true by an official spokesperson. The official explanation of the flight rewards is that the 50,000-point certificate can only be used for a single-passenger booking, with no cabin restriction. If you book a 65,000-point itinerary, you need to top up 15,000 points; if you book a 45,000-point itinerary, no points are refunded.

Each of the two 50K Welcome Flight Rewards that make up our “up to 100K points” launch offer can be applied toward a single-passenger Aeroplan redemption in any cabin and for any redemption amount. This means that if you had an 65,000 point itinerary, you could apply a 50K Welcome Flight Reward and simply top up the remaining 15,000 point difference. It also means that if your itinerary is only 45,000 points, and you apply a 50K Welcome Flight Reward the full certificate would be considered used.

According to comments from DOC, someone briefly saw some information about the Chase Aeroplan co-branded card on the waiting list page. It looks pretty credible to me, and if you're interested, take a look.

  • Welcome bonus: two flight rewards, worth 50,000 points each, after $4,000 in spending in three months. This looks similar to a free night certificate and may be a certificate that can be redeemed for flights worth up to 50,000 points. It looks like AC is about to break new ground by issuing award flights this way.
  • Spending rewards: 3x on groceries and dining, including delivery, 3x on AC purchases, and 1x on everything else
  • Earn an extra 500 points for every $2,000 spent, up to 1,500 per month. That works out to an additional 0.25x
  • Spend $15,000 and get 25,000 Aeroplan points
  • First checked bag fee waived, can be used for up to 8 companions, only on AC-operated flights
  • Annual fee unknown

From the information provided, the annual fee will probably be the usual $95. Since they're offering 100,000 in rewards, the first year probably won't be waived. Still, I have to complain about this 50,000*2 flight reward sign-up bonus. Award tickets are already not very easy to use, and then you have to make sure it fits exactly into a 50,000-point flight. That's really annoying.

If you're interested in this card, you can join the waitlist for extra rewards