I use my eups every chance I get. I usually end up with a bunch I can't get rid of by the end of the year. 30 is a lot, so use them everywhere you can and don't try to save them. They also only work on AC flights, not *A codeshares. (ie you can't use them on a United flight, even if you book through AC booking system that code shared the flight).
You book a flight on an eligible fare for upgrade. Once booked, go into your account and apply for the upgrade. Depending on the fare you can either upgrade right there, or be waitlisted for a gate upgrade. Pretty sure they only work on a Flex or Latitude fare only, although AC seems to change the rules every few months.
I get upgraded a lot for Van/Halifax/Kelowna flights, but almost never for Toronto or Mtl. Seems like a lot of super elite flyers are on those flights and they get upgraded before us 35/50k peons do.
I knew a guy that was buying flight passes and using the upgrades on them, so he was getting a discounted flight rate and then upgrading. Basically flying business class for cheap. That only works if you are flying a lot to the same destinations though.
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