A cash back calculator estimates what a card would return on your own spending. Enter your monthly spending by category, the card’s cash back rates and its annual fee, and it shows the annual cash back before and after the fee. It’s part of the rewards programs hub; if you’re weighing a points card instead, the PC Optimum guide and TD Rewards guide explain how those programs convert points to dollars.
How this calculator works
There are five spending boxes (groceries, gas and transit, dining and entertainment, recurring bills, other purchases) and four rate boxes. Groceries, gas and transit, and dining each have their own rate; recurring bills and other purchases both use the “everything else” rate. Each monthly amount is multiplied by 12 and by its rate. The calculator shows:
- Annual cash back earned: the total across all categories before the fee
- Net cash back: that total minus the annual fee
- Effective cash back rate: net cash back as a percentage of a year’s total spending
- Category breakdown: what each category contributes
If the fee is larger than the cash back, the summary says so. The calculator applies each rate to all spending in its category, so it doesn’t apply caps (a lower rate above a spending limit) that some cards have; for a card with a cap, lower the rate or the amount to match.
Cash back cards: fees and rates
Some of the cash back cards on this site’s card data, with and without an annual fee. Issuers change rates and caps, so the card’s own page has the current terms.
| Card | Annual fee | Cash back rates |
|---|---|---|
| Tangerine Money-Back Credit Card | $0 | 2% cash back in 2 categories you choose (3 with rewards paid into a Tangerine Savings Account), 0.5% on everything else |
| SimplyCash Card from American Express (no annual fee) | $0 | 2% gas and groceries (on up to $15,000/yr, up to $300 cash back), 1.25% everything else |
| BMO CashBack Mastercard | $0 | 3% groceries and 1% recurring bills (first $500 per statement each), 0.5% everything else |
| TD Cash Back Visa Card (no annual fee) | $0 | 1% groceries/gas & EV charging/public transit/recurring bills/streaming & digital media (first $5,000/yr in each category), 0.5% everything else |
| SimplyCash Preferred Card from American Express | $119.88/year ($9.99/mo) | 4% gas and groceries (on up to $30,000/yr, up to $1,200 cash back), 2% everything else |
| CIBC Dividend Visa Infinite Card | $120/year | 4% gas/EV charging/groceries, 2% transportation/dining/recurring payments/CIBC by Expedia travel, 1% everything else (bonus rates on the first $20,000 of bonus-category or $50,000 of total spending a year) |
| Scotia Momentum Visa Infinite+ Card | $120/year | 4% groceries/recurring bills/subscriptions (first $25,000/yr), 2% gas/EV/transit/rideshare/food delivery (first $25,000/yr), 1% everything else |
| TD Cash Back Visa Infinite Card | $139/year | 3% groceries, gas & EV charging, public transit, and recurring bills/streaming/digital media (first $15,000/yr in each category), 1% everything else |
| BMO CashBack World Elite Mastercard | $139/year | 5% groceries (capped $500/mo), 4% daily transit (capped $300/mo), 3% gas (capped $300/mo), 2% recurring payments (capped $500/mo), 1% everything else |
The Financial Consumer Agency of Canada (FCAC) notes that “Cards with an annual fee usually offer extra rewards and benefits or a lower interest rate.” It also notes that “Some no-fee credit cards offer similar rewards and benefits to cards that do have an annual fee.” Fee cards can also carry minimum income requirements, which are on each card’s page.
Comparing a fee card with a no-fee card
The comparison that matters is the extra cash back a fee card earns over the card you’d otherwise use, minus the fee. The calculator can run both cards: once with the fee card’s rates and fee, once with the no-fee card’s rates and a fee of $0.
Illustration. Grocery spending of $1,000 a month, over 12 months:
- A no-fee card at 1% on groceries earns $120.
- A card at 4% on groceries with a $120 fee earns $480, or $360 after the fee.
- The difference is $240 a year in favour of the fee card, on grocery spending alone.
The rates and fee are made up. Halve the grocery spending and the gap narrows to $60.
The page on whether credit card rewards are worth it has the break-even formula and more worked examples.
Ways people raise their cash back
Match the card to where the money goes
A card’s bonus categories only help if your spending is in them. Going through a few months of statements shows how spending splits across categories, which is what the calculator needs.
Use two cards
Some people use one card for its bonus categories and a flat-rate card for everything else. Running the calculator for each card on its share of spending shows what the pair earns together.
Put recurring bills on the card
Phone, internet, streaming, insurance and utility bills are predictable monthly charges. Some cards give recurring bills a bonus rate (see the table above), and charging them to the card earns cash back on spending that happens anyway, provided the balance is paid in full.
Watch for caps
Some cards drop to a lower rate after a spending limit. The Scotia Momentum Visa Infinite+ Card, for example: 4% groceries/recurring bills/subscriptions (first $25,000/yr), 2% gas/EV/transit/rideshare/food delivery (first $25,000/yr), 1% everything else. Above a cap, the calculator’s flat rate overstates what the card earns.
Paying in full
Cash back is worth the most when the balance is paid in full, because interest on a carried balance can quickly cancel it out. Card issuers give an interest-free grace period to pay for the previous month's purchases, beginning on the last day of the billing period, and federally regulated financial institutions must provide at least 21 days. It doesn't apply to cash advances, cash-like transactions and balance transfers, and interest applies if the balance isn't paid in full by the due date.
Illustration. A $3,000 balance at 19.99% a year costs about $49.97 in interest for one month (one-twelfth of the annual rate). The balance and rate are made up; the card agreement and statement show the real rate.
Cash back compared with other rewards
| Feature | Cash back | Travel points | Store rewards |
|---|---|---|---|
| Value per dollar earned | Fixed by the card’s rate | Varies with the redemption | Fixed by the program’s rate |
| Redemption | Statement credit or deposit | Flights, hotels and other rewards | At one retailer or group |
| Effort | Low | Researching redemptions | Low |
Travel programs such as Aeroplan can return more or less per dollar than cash back depending on how the points are used; their guides explain the options.
Common cash back mistakes
- Spending to earn. A 4% return on a $200 purchase you didn’t need still costs $192 net.
- Ignoring the fee. A card with a $150 fee that earns $200 nets $50; a no-fee card earning $180 on the same spending nets more.
- Using a flat card in a bonus category. $6,000 of groceries at 1% earns $60; at 4% it earns $240.
Related calculators
- Balance Transfer Calculator: see if transferring a balance saves money
- Budget Calculator: build a spending plan
- Debt Payoff Calculator: plan to pay off credit card debt
- Savings Goal Calculator: set a target for your savings
- Income Tax Calculator: estimate your income tax
- Salary Calculator: estimate after-tax income for budgeting
Sources
The figures and rules on this page come from these sources, last checked against them between October 3, 2026 and October 6, 2026. How we check facts.
- americanexpress.com: American Express® No Annual Fee Credit Cards | Amex CA
- americanexpress.com: Cash Back Credit Cards | Amex Canada
- BMO: BMO CashBack Mastercard: Up to 3% Cash Back – BMO Canada
- BMO: BMO Credit Cards Cost of Borrowing
- BMO: Terms & Conditions
- CIBC: Credit Card Rewards Calculator | CIBC
- Financial Consumer Agency of Canada: Choosing a credit card
- Financial Consumer Agency of Canada: How credit cards work
- Scotiabank: Scotia Momentum® Visa Infinite +* Card | Scotiabank Canada
- Tangerine: Cash Back Credit Card: Bonus 10% Cash Back for 2 months* | Tangerine
- TD: Apply for a TD Cash Back Visa* Card | TD Canada Trust
- TD: TD Cash Back Visa Infinite* Card | TD Canada Trust