What is Net Annual Value (NAV)?

NAV is what a credit card is worth to hold for a year, in dollars. We show it as two numbers because a card's first year is different from every year after: Ongoing value is a typical year you keep the card, and Year 1 value covers the first twelve months, which can look different because of a signup bonus or a waived first-year fee. Every card gets the same method applied to its own published terms.

How do you value points and miles?

We value every points program at its observable issuer floor: the cents-per-point a cardholder is guaranteed by a documented issuer action, with no transfer partners or aspirational bookings. Peak redemption can outperform this. We don't include it in the ranking because it isn't guaranteed.

Why do the rankings change when I change my spending?

Because different cards reward different spending categories. The ranking recalculates against whatever spending profile you set, so the order reflects your numbers rather than a single average.

Where do the numbers come from?

Every figure traces back to the issuer's own published terms: the APR, reward rules, statement credits, signup bonus, and fees. Each card's detail page shows the source quotes so you can check them against the issuer yourself.

Methodology: How we calculate credit card value

Two Numbers, Not One

A card's first year isn't like the years after it. Year one can carry a signup bonus and, on some cards, a waived annual fee. So instead of blending everything into a single average, we show two figures for every card:

Ongoing value: what the card is worth in a typical year you keep it, once the first-year extras are behind you. This is how the ranking sorts by default.
Year 1 value: the first twelve months, which can look very different because of a signup bonus or a waived first-year fee. Switch the ranking to the Year 1 view to sort by it.

The bonus is a one-time reward, so it counts in full in year one and not at all after.

What Goes Into the Math

Cashback earned on your spending across grocery, dining, gas, travel, and everything else, at each card's own earn rates. Uses an average category mix by default. You can override it with what you actually spend.
Signup bonus at full face value, but only counted when your spending can actually meet the requirement in the offer window. If a bonus needs $12,000 in six months and you'd spend $6,000, we count it as $0 for you, because that's what you'd earn. Counts toward Year 1 only.
Statement credits: travel credits, airline incidentals, CLEAR, Uber Cash, free hotel nights, and so on. Counted at face value, but only the ones your spending can actually unlock. A credit that needs $75,000 of annual spend, or a balance held with the issuer, isn't counted unless you reach that. Each card's page lists which credits it left out and why.
Lounge access, when a card grants it, based on the networks the card provides.
Interest on any balance you carry. We assume the balance stays constant for the full year and charge it at the top of the card's published APR range, so this is a worst-case figure. Your actual rate depends on your credit profile, and a balance you pay down costs less. Often the biggest single number when a balance is in play.
Annual fee: the ongoing fee for ongoing value, the first-year fee (often $0 on cards that waive it) for Year 1.

How We Value Points

Most cards earn points, not cash. To make points comparable to cashback, we value each program at its observable issuer floor: the cents-per-point a cardholder is guaranteed by taking a documented action the issuer publishes, with no transfer partners or aspirational bookings. Peak redemptions can beat the floor, but they aren't guaranteed, so we rank on the value that shows up in your account today.

The reason to be conservative here is not caution for its own sake. The Consumer Financial Protection Bureau has documented that “both credit card issuers and loyalty programs generally reserve, and often assert a right to, unilaterally change the value of rewards,” and that programs adjust redemption rates independently of the price of whatever the points buy. Circular 2024-07 also treats devaluing rewards a consumer has already earned as a potential unfair or deceptive practice. A points balance is not a fixed store of value, so a ranking built on peak redemption assumes something the issuer has not promised.

FAQ

What is Net Annual Value (NAV)?: NAV is what a credit card is worth to hold for a year, in dollars. We show it as two numbers because a card's first year is different from every year after: Ongoing value is a typical year you keep the card, and Year 1 value covers the first twelve months, which can look different because of a signup bonus or a waived first-year fee. Every card gets the same method applied to its own published terms.
How do you value points and miles?: We value every points program at its observable issuer floor: the cents-per-point a cardholder is guaranteed by a documented issuer action, with no transfer partners or aspirational bookings. Peak redemption can outperform this. We don't include it in the ranking because it isn't guaranteed.
Why do the rankings change when I change my spending?: Because different cards reward different spending categories. The ranking recalculates against whatever spending profile you set, so the order reflects your numbers rather than a single average.
Where do the numbers come from?: Every figure traces back to the issuer's own published terms: the APR, reward rules, statement credits, signup bonus, and fees. Each card's detail page shows the source quotes so you can check them against the issuer yourself.

Dig Deeper

We're writing longer pieces on the reasoning behind each modeling decision (why we split year-one from ongoing, why credits at face value, how we value points) as articles on the blog. Start there if you want the "why" behind the numbers, or head straight to the ranked results and try the math against your own spending.