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RBC Cash Back Preferred World Elite Mastercard review

Get unlimited cash back on your purchases plus rewards with the RBC Cash Back Preferred World Elite Mastercard.

Earn up to 1.5% cash back on all eligible purchases.
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$99

Annual Fee

Up to 1.5% cash back

Rewards

The RBC Cash Back Preferred World Elite Mastercard is one of the easiest ways to earn cash back on all your purchases – big or small. Earn unlimited 1.5% cash back on all eligible purchases. 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.

Find out if the RBC Cash Back Preferred World Elite Mastercard is right for you.

30-second take

  • Consider getting the RBC Cash Back Preferred World Elite Mastercard if your top priority is unlimited cash back on everyday purchases.
  • Choose something else if your personal income is less than $80,000 per year – that’s the minimum needed to register for the card.
  • You must be a Canadian resident and the age of majority in your province to apply for the 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 up to 1.5% cash back on all eligible purchases. This RBC cash back card is really unlimited, which means there’s no upper cap on how many cash credits you can receive.
  • Lots of perks. As a Mastercard holder, you’ll receive many special benefits, such as Mastercard World Experience, concierge service and access to Boingo Wi-Fi hotspots around the globe.
  • 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. Plus, get $0 delivery fees at DoorDash for 12 months.

What to watch out for

  • Sliding scale earnings. You are only eligible for a percentage of cash back up to a certain maximum per year. Purchases above that level earn you a lower percentage in cash back credits.
  • Fees. This RBC Visa card does carry an annual fee of $99.
  • 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.
  • High interest rate. You will be charged a 20.99% interest on outstanding purchase balances and a 22.99% interest rate for cash advances.

RBC Cash Back Preferred World Elite Mastercard interest rates

Interest TypeInterest Rate
Purchase interest rate20.99%
Cash advance rate22.99%
Standard balance transfer rate22.99%

What should I know before I apply?

How to apply

  1. Click the ‘Apply Now’ button above.
  2. 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 up to 1.5% cash back on all eligible purchases.

Compare other credit cards

Name Product Welcome Offer Rewards Purchase Interest Rate Annual Fee Min. Credit Score Description
RBC Cash Back Mastercard
N/A
Up to 2% cash back
20.99%
$0
Min. recommended credit score: 650
Get 2% cash back on grocery store purchases, and up to 1% cash back on all other qualifying purchases and pre-authorized payments.
BMO CashBack Mastercard
5% cash back
Up to 3% cash back
20.99%
$0
Min. recommended credit score: 660
Get 5% cash back on all eligible purchases in the first three months of card membership (up to max. spend of $2,500). Plus, get a rate of 0.99% on balance transfers for 9 months. A 2% fee applies to transferred balances.
Tangerine World Mastercard
10% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 600
Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months Valid until May 2, 2023. Plus, get a 1.95% interest rate on balance transfers for the first 6 months.
OFFER
Tangerine Money-Back Credit Card
10% cash back
Up to 2% cash back
19.95%
$0
Min. recommended credit score: 600
Earn 10% cash back (up to $100) when you spend $1,000 in the first 2 months Valid until May 2, 2023. Plus, get a 1.95% interest rate on balance transfers for the first 6 months.
EXCLUSIVE
Neo Financial Mastercard
Get $25.00 + up to 15% cash back
Average 5% cash back
19.99% - 26.99%
$0
Min. recommended credit score: 600
Get $25 when you sign up for the Neo Financial Mastercard. Plus, earn bonuses like 15% cashback on your first purchase at most partners, and earn an average of 5% cashback at thousands of partners and at least 0.5% cashback guaranteed.
RBC Avion Visa Infinite
55,000 points
Up to 1 point per $1 spent
20.99%
$120
Min. recommended credit score: 650
Get up to 55,000 Welcome Points. Get 35,000 points on approval and 20,000 bonus points when you spend $5,000 in your first 6 months. Apply by April 30, 2023.
American Express Cobalt Card
30,000 points
Up to 5x points per $1 spent
20.99%
$155.88
Min. recommended credit score: 700
Earn up to 30,000 Membership Rewards points in your first year. Earn 2,500 Membership Rewards points for each monthly billing period in which you spend $500 in net purchases on your card (up to 30,000 points). That’s up to $300 towards a weekend getaway or concert tickets.
BMO Preferred Rate Mastercard
0.99% rate on balance transfers for 9 months
N/A
12.99%
$0 annual fee for the first year ($20 thereafter)
Min. recommended credit score: 660
Get a rate of 0.99% on balance transfers for 9 months with a 2% transfer fee. Plus, get the $20 annual fee waived in the first year.
RBC ION+ Visa
12,000 points
3 points per $1 spent
20.99%
$48
Min. recommended credit score: 660
Earn 12,000 Avion points when you get approved for the card. Apply by April 3, 2023.
RBC ION Visa
6,000 points
1.5 points per $1 spent
20.99%
$0
Min. recommended credit score: 660
Earn 6,000 Avion points when you get approved for the card. Apply by April 3, 2023.
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