Toronto city councillors are examining the idea of a civic credit card, which could generate up to $5 million in revenue annually for the city, according to one prediction.

The proposed card would work like similar points credit cards, but instead of earning travel miles or other rewards, a percentage of each swipe would go towards city programs.

"City hall is looking for creative revenue ideas and I think we could be leaving hundreds of thousands of dollars at the table," said Coun. James Pasternak.

The card would be offered by a financial institution that would partner with the city. Citizens could apply for a card at no cost.

The partner bank would give a portion of the credit card fees it collects from retailers back to the city.

"It's impossible to know how many would participate, but it could be anywhere from $2-5 million dollars, is my prediction," said Pasternak.

There is also a discussion about making the proposed card into a city-accepted card that could be used to pay for parking, transit or property taxes.

Coun. Adam Vaughan said another possibility is embedding the card with subsidies for people who live in community housing, are on social assistance, or have disabilities.

City officials said they haven't talked to any banks about the credit card yet.

The next step is to conduct a study on the feasibility of a civic credit card.

With files from CTV Toronto's Natalie Johnson