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.
The RBC Cash Back Preferred World Elite Mastercard is one of the easiest ways to earn cashback on all your purchases – big or small. If you don't want to worry about what to buy to maximize your cash back rewards, this RBC card could be a good option.
Best for: Those whose top priority is unlimited cashback on everyday purchases.
Pros
-
Earn 3% cash back on groceries, dining, and food delivery, gas, EV charging, rideshare, transit, streaming and digital gaming and 1% cash back on all your other everyday purchases.
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Access Mastercard Collection, Travel Rewards, Travel Pass
Cons
-
This card has an annual fee of $120
-
You'll need to earn a personal income of $80,000 per year to be eligible for this card
The basics
The RBC Cash Back Preferred World Elite Mastercard lets you earn a certain percentage of cash back on your spending. While it doesn’t offer the highest rate of return, it compensates by giving you no limit on how much cash you can get back or how many rewards you can accumulate. Regardless of how much or where you spend, this RBC card will let you rack up the rewards and track them over time.
You can cash out your credits any time you reach $25 or let your balance accumulate throughout the year for a cash back credit in February. In addition to unlimited cash back rewards, you can link the card to Petro-Points at Petro-Canada, which allows you to save three cents per litre on fuel.
The perks
- Unlimited cash back. Earn 3% cash back on groceries, dining, and food delivery, gas, EV charging, rideshare, transit, streaming and digital gaming and 1% cash back on all your other everyday purchases. This RBC cash back card is really unlimited, which means there’s no upper cap on how many cash credits you can receive.
- No fee for additional cardholders. You can add an additional card on your account with zero annual fee.
- Instant fuel savings. Link your card and instantly save 3¢/L on fuel at Petro-Canada and always earn 20% more Petro-Points. Get 50 Be Well points at Rexall for every $1 spent on eligible products and redeem your points faster with 25,000 Be Well points for $10. Get 3x Canadian Tire Money when you link your eligible RBC card to your Triangle Rewards account. Plus, save at DoorDash with $0 delivery fees for 12 months.
What to watch out for
- Fees. This RBC Visa card does carry an annual fee of $120.
- High barrier to entry. To be eligible for this card, you need to have a minimum personal income of $80,000 or a minimum household income of $150,000.
Alternatives
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
| Interest Type | Interest Rate |
|---|---|
| Purchase interest rate | 21.99% |
| Cash advance rate | 22.99% (21.99% if you reside in Quebec) |
| Standard balance transfer rate | 22.99% |
What should I know before I apply?
How to apply
- Click the ‘Apply Now’ button above.
- Fill out the standard credit card application, which should take five minutes to complete.
Bottom line
The RBC Cash Back Preferred World Elite Mastercard has a high barrier to entry. If you meet the minimum income requirements, you can use this card to earn cash back rates on any type of purchase. Earn 3% cash back on groceries, dining, and food delivery, gas, EV charging, rideshare, transit, streaming and digital gaming and 1% cash back on all your other everyday purchases.
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