Create Date: July 11, 2024
Last Modified Date: November 26, 2024
If you are eligible for some cash back and want to calculate the amount that you will get back you will need the following variables:
When you use this tool your result will be the total amount of cash back you can expect to receive based on your entries. If your answer is $50, that means you should expect to get $50 back.
You can easily and quickly calculate the amount of cash back you should receive with the help of this tool. To use it, you can follow these steps:
Let's say you just made a big purchase on one of your credit cards that offers 3.2% cash back. The purchase was a total of $2,700. We can use this tool to calculate just how much cash we will get back by entering 2,700 into the purchase amount field and then 3.2 into the percent field.
We can now hit calculate to get an answer of $86.40 back based on this situation.
In terms of cash back on credit cards, roughly 2% back is good depending on your spending habits and possible exclusions of the deal being offered to you.
Often times there will be different percentages of cash back depending on what is being purchased. Some credit cards may give you back 2% on travel-related purchases like plane tickets but only give you 1% back on purchases related to restaurants.
It is possible that cash back credit cards have higher-than-usual APR, potentially very long wait time until you can access your cash back money, and the possible cap on how much you can earn back every year.
