This used to be my logic also but it stopped being true. In fact, you won't get a "free" ticket for that $120; you'll also have to pay taxes and fees which will in many cases double that price. Then you are very likely to not to get the flight times you want. In the past that was not a big issue but now standby is no longer free with aeroplan tickets. And all that is if you actually manage to get the ticket at 15k or 25K. Good chance you'll pay way more than that with the new aeroplan reward system.

So in the real world you will have to make 45k in purchases (since that reward ticket might, if you are lucky and play around with times, cost as little as 45k points) plus pay $120 for the cc annual fee plus about $120 in taxes and fees just to get a ticket. Then you will have to get to the airport for your 6am flight, connect via YOW and YYZ, and arrive around 4pm at your destination. This, when you could probably buy a direct flight with AC or someone else at the times you want for, say, $400.

Your call. Me? I cancelled the CIBC card last year.