How do I convert points to a percentage rate?

Points per unit spent × value per point. A card earning 2 points per dollar at 1 cent per point is an effective 2%. Be conservative with the value per point: advertised transfer valuations rarely survive real bookings.

Should I count the welcome bonus when deciding?

Only for the first year. The net-first-year line shows the bonus effect, but the keep-or-cancel decision after year one rides on the ongoing line: rewards minus fee at your actual spend.

Why does the calculator not suggest specific cards?

Card terms change constantly and we only recommend products we have genuinely used. The math here works for any card, which is more durable than a list that rots: bring the rates from the issuer's current terms page.

Personal finance

Card rewards calculator

Card-agnostic on purpose: enter your own monthly spend and the reward rates of any card you hold or are considering, and get the annual rewards value, what is left after the annual fee, and the exact monthly spend where the fee breaks even.

Your spend and rates

Currency

Top bonus category spend / month

Whatever the card rewards most: often travel, dining or advertising on business cards.

Top category rate

Effective cashback percent; for points, points per unit times value per point.

Second category spend / month

Spend in the card's second bonus category, if it has one; zero otherwise.

Second category rate

Rate for that second category.

Everything else / month

All remaining spend that goes on this card.

Base rate

The rate on everything outside bonus categories, usually 1-1.5%.

Annual fee

What the card costs per year; zero for no-fee cards.

Welcome bonus value

One-time value, counted in the first-year figure only.

What the card is worth

Effective reward rate1.9%

Rewards per year: $456
Net per year (after fee): $361
Net first year (with bonus): $361
Break-even monthly spend: $417

At your spend, the rewards cover the fee.

Estimate

workingfigures.com/calculators/card-rewards-calculator

Formula

Annual rewards = 12 × (spend₁ × rate₁ + spend₂ × rate₂ + other spend × base rate). Net = annual rewards − annual fee (+ welcome bonus in year one). Break-even monthly spend = (fee ÷ 12) ÷ blended rate, where blended rate is your rewards per unit of spend at the same category mix.

Assumptions

Rates are effective cashback percentages: for points cards, multiply points per unit spent by your realistic value per point (many programs land near 1 cent, transfers sometimes more). Spending is assumed constant month to month, the welcome bonus counts only in the first-year line, and interest is assumed zero: if you carry a balance, interest dwarfs any reward and this math stops mattering.

FAQ

How do I convert points to a percentage rate?: Points per unit spent × value per point. A card earning 2 points per dollar at 1 cent per point is an effective 2%. Be conservative with the value per point: advertised transfer valuations rarely survive real bookings.
Should I count the welcome bonus when deciding?: Only for the first year. The net-first-year line shows the bonus effect, but the keep-or-cancel decision after year one rides on the ongoing line: rewards minus fee at your actual spend.
Why does the calculator not suggest specific cards?: Card terms change constantly and we only recommend products we have genuinely used. The math here works for any card, which is more durable than a list that rots: bring the rates from the issuer's current terms page.