How we calculate real cashback
Marketing says “up to 3% cashback”. We calculate what is left for you. This is the entire methodology — no hidden coefficients.
Formula
- + cashback after the monthly cap
- + measurable benefits (Spotify/Netflix subscription rebates)
- − tier subscription
- − one-off fees (card issuance, spread over 12 months)
- − foreign currency fees
- − foregone return on capital locked in CRO
= net annual benefit
effective cashback = net annual benefit ÷ annual card spend
Three kinds of numbers
Exact fee
Subscription price, cap, FX rate, card issuance fee. Taken from the provider's official pages, each with a source and verification date.
Your input
Monthly spend, share of foreign currency payments, whether you pay for Spotify or Netflix. The result is only as accurate as these inputs.
Model assumption
The USD/EUR rate for dollar caps, the foregone return on locked capital (3% p.a. by default, adjustable), the streaming price for rebates (€11.99). They are labelled and open to challenge.
Advertised vs. effective cashback
Advertised cashback is the percentage from the ad. Effective cashback is the same percentage after everything that reduces it. For Plus with €300 of monthly spend the advertised cashback is 2%, the effective rate on the annual plan 0.89%. That difference is the whole story of this site.
What we do not model
- CRO price risk — both cashback and locked capital are in a token whose value fluctuates.
- Staking yield on locked CRO — shown for information, not counted in the net benefit (it is paid in CRO and is an investment return, not card economics).
- The spread when selling CRO for euros.
- Visa's exchange rate margin on foreign currency payments (not a fee, but a real cost).
- Excluded merchant categories that earn no cashback.
- Taxes on rewards in your country.
Sources
Data last verified: 30 August 2026
Providers change terms without notice. If you find a discrepancy with an official source, the official source wins — and let us know.