A listed credit is not cash

Usable means all of these are true for you

1. You would have spent that money anyway (no manufactured spend).
2. You can meet the terms (merchant, channel, timing, enrollment).
3. You will actually use it this year — leftover value is zero for break-even math.

If any of those fail, put $0 (or a partial amount you trust) into the calculator — not the marketing headline.

How this shows up in the math

Usable credits sit next to the annual fee and rewards. Inflating credits makes a fee look cheaper than it is under your real life. Deflating them is fine when you’re unsure; the worksheet keeps the assumption visible.