RBC Cash Back Preferred World Elite Mastercard Review
- Welcome Offer
- Up to 15% cash back
- Rewards
- Up to 3% cash back
- Annual Fee
- $120
- Purchase Interest Rate
- 21.99%
- Cash Advance Rate
- 22.99% (21.99% if you reside in Quebec)
Our verdict
Get unlimited cash back on your purchases plus rewards with the RBC Cash Back Preferred World Elite Mastercard.
Its name might be a mouthful, but there's plenty to like about the RBC Cash Back Preferred World Elite Mastercard. This RBC card pays a solid rate of 3% cash back across a variety of spending categories, including groceries, dining, food delivery, gas/EV charging and transportation. Best of all, there are no spending caps or cash back limits to worry about, and cardholders can also take advantage of a variety of insurance covers as well as partner perks.
The biggest downside is a $120 annual fee. But if you regularly pay for your everyday expenses with plastic, the competitive (and unlimited) cash back rate across a wide range of categories could see you come out well ahead.
Pros of the RBC Cash Back Preferred World Elite Mastercard
- Cash back welcome offer. You can get 15% extra cash back on the first $2,000 you spend for an introductory period of 3 months.
- Earn up to 3% cash back. This card pays 3% cash back on groceries, dining, food delivery, transportation, streaming and gaming purchases. All other everyday purchases earn 1% cash back.
- Unlimited cash back. Unlike some competitor cards, there are no spending caps to worry about with the RBC Cash Back Preferred World Elite Mastercard, so you can get unlimited cash back.
- $1 minimum redemption. You used to need a balance of at least $25 to redeem your RBC cash back, but you can now redeem as little as $1.
- Insurance cover. This card comes with extensive insurance protection, including out-of-province/country emergency medical insurance, rental car insurance, delayed baggage and flight delay cover, mobile device insurance, and purchase security and extended warranty protection.
- Mastercard World Elite benefits. You can take advantage of a wide range of dining, entertainment and travel benefits with The Mastercard Collection, plus access Mastercard Travel Rewards cash back offers from partner providers when you travel outside Canada. A Mastercard Travel Pass provided by Dragon Pass Membership also lets you access over 1,300 airport lounges around the world (fees apply).
- Partner rewards. You can also link your Cash Back Preferred World Elite Mastercard to a range of RBC partners to access perks like:
- 3 cents per litre gas discounts and 20% more Petro-Points at Petro-Canada
- 3x Canadian Tire Money on eligible purchases at Canadian Tire, Sport Chek and Mark’s
- $0 delivery fees for 6 months on eligible orders with a complimentary DashPass from DoorDash
- 50 Be Well points on every $1 spent on eligible purchases at Rexall
Cons
- $120 annual fee. You’ll need to consider whether the cash back rewards you earn are more than enough to offset this card’s $120 annual fee.
- Additional card fee. You’ll need to pay a $50 fee if you want to add an additional cardholder.
- Foreign transaction fee. The RBC Cash Back Preferred World Elite Mastercard charges a 2.5% currency conversion fee when you make a purchase in a foreign currency.
- Interest applies. The card has a 21.99% purchase interest rate, so there are other cards on the market with lower ongoing interest rates.
- High income requirement. You’ll need a minimum personal income of $80,000 or a minimum household income of $150,000 to qualify for this card.
- Lounge visits are not free. This card gives you access to airport lounges, but you still need to pay US$32 per person, per visit.
Alternatives
Welcome Offer
Up to 5% cash back
Rewards
Up to 3% cashback
Annual Fee
$0
Credit Score
660
Welcome Offer
15,000 points
Rewards
Up to 5x points per $1 spent
Annual Fee
$191.88
Credit Score
700
Welcome Offer
Up to 5% cash back
Rewards
Up to 2% cash back
Annual Fee
$0
Credit Score
650
RBC Cash Back Preferred World Elite Mastercard interest rates
| Purchase interest rate | 21.99% |
| Cash advance rate | 22.99% (21.99% if you reside in Quebec) |
| Standard balance transfer rate | 22.99% |
How does it compare to other cash back credit cards with a similar annual fee?
Two of the RBC Cash Back Preferred World Elite Mastercard’s main competitors are the Scotia Momentum Visa Infinite+ and the CIBC Dividend Visa Infinite. Check the table below to see how these cards compare in terms of cash back rates, limits and included insurance cover.
| RBC Cash Back Preferred World Elite Mastercard | Scotia Momentum Visa Infinite+ | CIBC Dividend Visa Infinite | |
|---|---|---|---|
| Annual fee | $120 | $120 | $120 (rebated in the first year) |
| Purchase interest rate | 21.99% | 20.99% | 21.99% |
| Welcome offer | 15% extra cash back on your first $2,000 spent in the first 3 months | Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, get a 0% introductory interest rate on balance transfers for the first 12 months. And, pay no annual fee in the first year. Apply by April 30, 2027 | 10% cash back welcome bonus of up to $200 for the first 4 statements on your first $2,000 spent, first-year annual fee rebate, and a $50 cash back bonus for setting up one pre-authorized payment within the first 4 monthly statements |
| Groceries cash back | 3% | 4% | 4% |
| Gas/EV charging cash back | 3% | 2% | 4% |
| Dining and food delivery cash back | 3% | 1% for dining, 2% for food delivery | 2% |
| Transportation/rideshare cash back | 3% | % | 2% |
| Recurring payments cash back | 3% for streaming and gaming, 1% for all other recurring payments | % | 2% |
| All other purchases cash back | 1% | 1% | 1% |
| Cash back limits | Unlimited | Annual spend limit of $25,000 on 4% and 2% cash back categories, after which 1% cash back rate applies | The 4% and 2% cash back offers are available on the first $50,000 in net annual card purchases, or $20,000 in net annual card purchases on accelerated earn categories, whichever comes first |
| Included insurance cover |
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What are the eligibility requirements?
To qualify for the RBC Cash Back Preferred World Elite Mastercard, you will need to:
- Be a Canadian resident.
- Be the age of majority in your province or territory (18 or 19).
- Have a minimum personal income of $80,000 or a minimum household income of $150,000.
How to apply
You can apply by completing the following steps:
- Gather the information and paperwork you need, including government-issued ID as well as your income and employment details
- Fill out the application. You will need to provide personal information like your name, date of birth and contact details, plus information about your income and employment. Proof of income may also be required.
Frequently asked questions
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