Every Canadian bank advertises points, but none of them advertise what a point is worth. "5x points on groceries" sounds like 5% back — it usually isn't. This guide shows you how to translate any points card into a plain percentage so you can compare it against a simple cashback card.
The only formula you need
Earn rate × point value = real return.
A card that earns 5 points per dollar, where each point is worth 1 cent, returns 5%. A card that earns 5 points per dollar where points are worth 0.7 cents returns 3.5%. Same "5x" marketing, very different outcome.
https://www.clearfin.ca/blog/how-credit-card-points-work-canada