Yes, in fact, transferring Amex Cobalt points to Aeroplan, you get the best value for your points. Spending $1,000 per month translates to $540 in Aeroplan or British Airways for flights. At $2,000 per month, you get $960 in Aeroplan value and at $3,000 per month, you can transfer to Aeroplan and receive $1,620 in value.