Quick Overview of the RBC Cash Back Mastercard
Heading out to Loblaws again? Make sure to pick up some cash back. If you’re thinking about adding a cash back credit card to your financial arsenal, the RBC Cash Back Mastercard’s 2% cash back on groceries², and up to 1% cash back on everything else² might be worth considering.
Who can benefit from the RBC Cash Back Mastercard?
This credit card is ideal for individuals who frequently shop for groceries and want to earn cash back on their purchases. Additionally, it is a great option for those who prefer a No annual fee credit card with accessible qualification requirements. With its competitive cash back rates, the RBC Cash Back Mastercard offers a valuable opportunity to earn rewards on everyday spending.
Pros and cons of the RBC Cash Back Mastercard
Pros
-
No annual fee, no fee for additional cardholders
-
Up to 2% cash back on groceries², up to 1% cash back on everything else²
-
No limit on cash back earned¹
-
Save money on gas at Petro-Canada⁵
-
Easy approval requirements
Cons
-
Cash back rewards on groceries drop to 1% after you accumulate $6,000 in grocery charges
-
No travel insurance or other perks
-
No welcome bonus
-
0.5% applies to the cash back on everything else up to $6,000 but what is impressive is that for all non-grocery spend the cash back rate actually goes up from the 0.5% to 1% on spend over $6,000, rewarding as your spend more instead of diminishing
-
No travel insurance or other perks
-
No welcome bonus
RBC Cash Back credit card welcome bonus
This card does not currently offer a welcome bonus.
How to earn cash back with the RBC Cash Back Mastercard
When you use the RBC Cash Back Mastercard, you’ll earn up to 2% cash back on grocery spending². Qualifying retailers include Atlantic Wholesalers, Foodland, Fortino’s, IGA, Loblaw’s, No Frills, Sobeys, Superstore and dozens of others. For all other purchases, you’ll earn up to 1% cash back². There is no limit on the amount of cash back you can make per calendar year¹ so no worries about having your earnings curbed.
How to redeem cash back
You don’t have to lift a finger to redeem your cash back. Your cash back is credited to your account and is applied on your January statement. You can also request cash back to be redeemed any time during the year if your cash back balance has reached $25.00 or more. You can choose to spend the cash back, or if you are carrying a credit card balance, use them to pay down your credit card balance.
Key benefits of the Cash Back Mastercard credit card from RBC
While RBC offers several cash back credit cards with more significant earning potential, they all come with annual fees. The RBC Cash Back Mastercard lets you earn a solid cash back rate with no annual fee. If you have family members, you can request additional cards with no yearly fee to help maximize your cash back rewards.
Even better, there are no caps to the total amount of cash back you can earn. That benefit is especially great considering it also applies to the 2% back you'll earn at grocery stores, making the card a great option to consider if you frequently use your credit card when buying groceries - or anything else for that matter!
RBC Cash Back Mastercard insurance coverage
While the Cash Back Mastercard from RBC charges no annual fee, that doesn't mean you can't expect a range of a insurance and security benefits. The card offers essential insurance coverage and protections, including the following:
- Purchase security and extended warranty: All purchases that you make with the RBC Cash Back Mastercard are automatically protected from theft or loss for the first 90 days after purchase. Also, purchases will have their eligible warranty doubled, up to a maximum of one year³.
- Security features: Shopping with the RBC Cash Back Mastercard is incredibly secure, as your credit card comes with both chip and PIN technology to ensure the security of your account. If you misplace your credit card or think it may have been stolen, you can lock your credit card instantly from the RBC mobile app. Locking your credit card is a temporary measure, so if you find your credit card later, you can always unlock it.
- Zero Liability: Unfortunately, credit card theft is a fact of life. Hopefully, it’ll never happen to you. Still, if it does, your RBC Cash Back Mastercard has zero liability coverage⁶, meaning you won’t be liable for any fraudulent purchases made by a third party.
Optional coverage
Cardholders also have the option to add additional coverage to protect their identity, family, and credit card balances. These include:
- Add-on travel insurance
- RBC Road Assist
- BalanceProtector max insurance
- Identity theft and credit protection
Extra benefits of the RBC Cash Back credit card
Other noteworthy benefits of the RBC Cash Back Mastercard include:
- Fuel discounts at Petro-Canada: Link your card and instantly save 3¢/L on fuel3 and always earn 20% more Petro-Points at Petro-Canada.⁵.
- Earn more Be Well points at Rexall: Link the card with your Be Well card account at Rexall and earn 50 Be Well points on eligible products at Rexall.
- DoorDash savings: Add the RBC Cash back Mastercard to your DoorDash account and receive a 3-month complimentary DashPass subscription (a value of almost $30), good for unlimited deliveries with $0 delivery fees on orders of $15 or more when you pay with your eligible RBC credit card.
Other security features of the card include:
- Chip and pin technology for an added layer of security
- Mobile wallet compatibility with Apple Pay, Google Pay, and more
- Access to the RBC mobile app
Rates and fees
Since the RBC Cash Back Mastercard is a credit card, any purchases you made will be subject to interest. This credit card charges 20.99% interest on purchases and 22.99% (21.99% if you reside in Quebec) interest on cash advances, there is also a $3.50 fee for cash advances from an ATM. You can transfer a balance to this credit card, but you’ll pay a and be charged % (21.99% if you reside in Quebec).
What people have to say about the RBC Cash Back Mastercard
Here's what existing cardholders have to say about the card:
- "This is a good card if you do groceries as it gives 2% and 1% on recurring payments, for a no yearly fee card, it's good for someone who wants a little something back." Yves
- "Replaced my Scotiabank Momentum (not the Infinite the mid-tier card) with this card (cashback is lower but no annuals fees), made more sense to have this card with similar rewards and pay $0 annually. Mastercard is the only credit card accepted at certain places I shop which made this an even easier choice"
How does the RBC Cash Back card compare?
The RBC Cash Back Mastercard isn’t the only annual fee-free Mastercard available in Canada. Here’s how this credit card compares to some of the top competitors in the field.
RBC Cash Back Mastercard vs. Tangerine Money-Back Card
Tangerine Money-Back Credit Card
4.0
10% back
Welcome offerGood
Suggested credit scoreGet 10% cash back on up to $1,000 in everyday purchases made within 2 months. Pay only 1.95% balance transfer interest for the first 6 months.
Expires
Nov 1, 2024
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Eligibility
Good
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$12,000
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
2%
Get a Tangerine Savings account and add a 3rd 2% cash back category.
3
Earn 0.50% on all your other everyday purchases.
0.5%
19.95% - 24.95%
Variable APR
1.95%
Balance Transfer Rate 19.95%
19.95%
Cash Advance APR $3.50 within Canada, $5.00 outside Canada
$0
Annual Fee $0 for additional cardholders
2.5%
Foreign Transaction Fee
Variable APR
19.95% - 24.95%
Balance Transfer Rate
1.95%
Cash Advance APR
19.95%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
No annual fee
-
Choose the spending categories where you want to earn the most cash back
-
Unlimited cash back—no maximum spending limit for any purchase category
-
Cash back is paid out monthly rather than annually
-
Periodically includes a special welcome offer where you can get extra cash back
-
1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*
Cons
-
Regular cash back rates are still lower than what you can get from a card with an annual fee
-
Limited extra perks or benefits beyond the cash back and balance transfer promotion
-
Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart
-
Tangerine does not have any physical bank branches
Eligibility
Good
Recommended Credit Score
$12,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$12,000
2%
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3
Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5%
Earn 0.50% on all your other everyday purchases.
Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
2%
Get a Tangerine Savings account and add a 3rd 2% cash back category.
3
Earn 0.50% on all your other everyday purchases.
0.5%
19.95% - 24.95%
Variable APR
1.95%
Balance Transfer Rate 19.95%
19.95%
Cash Advance APR $3.50 within Canada, $5.00 outside Canada
$0
Annual Fee $0 for additional cardholders
2.5%
Foreign Transaction Fee
Variable APR
19.95% - 24.95%
Balance Transfer Rate
1.95%
Cash Advance APR
19.95%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Although the Tangerine Money-Back card offers a higher, 2% earn rate, you’re limited to 2 spending categories (well, 3 if you also open a savings account with Tangerine).
You can change your categories every three months so that you won’t be stuck with your choices, but you’ll only earn 0.5% back on all other purchases, so unless the majority of your spending is within the categories you’ve chosen, you may end up earning less than with the RBC Cash Back Mastercard.
The Tangerine Money Back card, however, currently has some hefty welcome offers:
- Get 10% cash back on up to $1,000 in everyday purchases made within 2 months. Pay only 1.95% balance transfer interest for the first 6 months.
*Terms and Conditions apply
RBC Cash Back Mastercard vs. BMO Cash Back Mastercard
BMO CashBack® MasterCard®
3.4
5% cash back
Welcome offerGood
Suggested credit scoreGet 5% cash back in your first 3 months*
Expires
Nov 30, 2024
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
3%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
1%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
0.5%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
Pros
-
No Annual Fee: A rare find in Canada for a cash back card
-
A generous 3% cash back on groceries (up to $500 monthly)
-
Easily redeem from $1, set up automatic redemptions, or use as a statement credit
-
Additional perks include discounts on rentals, free supplementary cards and show discounts
Cons
-
Outside of groceries and recurring payments, the standard earn rate drops to 0.5%
-
Monthly caps on top earn rates for groceries and recurring payments
-
A 2% balance transfer fee applies
-
The interest rate on the remaining balance transfer amount increases after the introductory period
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Personal Income
Recommended Credit Score
Good
Required Annual Personal Income
$15,000
3%
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
1%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
0.5%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
Cardholders earn 3% (up to a monthly max of $500) cash back on groceries
3%
Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*
1%
Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*
0.5%
20.99%
Purchase APR
22.99%
Cash Advance APR 21.99% for Quebec residents
$0
Annual Fee
Purchase APR
20.99%
Cash Advance APR
22.99%
Annual Fee
$0
RBC Cash Back Mastercard vs. Simplii Financial™ Cash Back Visa* Card
Simplii Financial™ Cash Back Visa* Card
3.0
10% back
Welcome offerGood
Suggested credit score10% cash back on eligible restaurant, bar and coffee shop purchases for your first 4 months. Up to $500 spend†. Sign up by October 31, 2024 and get a $100 Skip Digital Gift Card after you spend $100 with your new Simplii Cash Back Visa card by November 30, 2024†
Expires
Oct 31, 2024
Pros
-
Extremely high cash back on bars and restaurants
-
Solid cash back on groceries, drug store, gas and prepayments
-
No annual fee
-
Up to three additional cards free of charge
Cons
-
Cash back applied as year-end statement credit
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Household Income
$15,000
4%
Earn 4$ on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year†
1.5%
Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year† - after that 0.5% unlimited
0.5%
Earn 0.5% on all other credit card purchases with no limit on how much you can earn†
Earn 4$ on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year†
4%
Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year† - after that 0.5% unlimited
1.5%
Earn 0.5% on all other credit card purchases with no limit on how much you can earn†
0.5%
20.99%
Purchase APR ‡ Purchase Interest Rate
22.99%
Balance Transfer Rate ‡ Balance Transfer Interest Rate
22.99%
Cash Advance APR ‡ Cash Advance Interest Rate
$0
Annual Fee for primary cardholder and up to 3 additional cards
2.5%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Pros
-
Extremely high cash back on bars and restaurants
-
Solid cash back on groceries, drug store, gas and prepayments
-
No annual fee
-
Up to three additional cards free of charge
Cons
-
Cash back applied as year-end statement credit
Eligibility
Good
Recommended Credit Score
$15,000
Required Annual Household Income
Recommended Credit Score
Good
Required Annual Household Income
$15,000
4%
Earn 4$ on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year†
1.5%
Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year† - after that 0.5% unlimited
0.5%
Earn 0.5% on all other credit card purchases with no limit on how much you can earn†
Earn 4$ on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year†
4%
Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year† - after that 0.5% unlimited
1.5%
Earn 0.5% on all other credit card purchases with no limit on how much you can earn†
0.5%
20.99%
Purchase APR ‡ Purchase Interest Rate
22.99%
Balance Transfer Rate ‡ Balance Transfer Interest Rate
22.99%
Cash Advance APR ‡ Cash Advance Interest Rate
$0
Annual Fee for primary cardholder and up to 3 additional cards
2.5%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
22.99%
Cash Advance APR
22.99%
Annual Fee
$0
Foreign Transaction Fee
2.5%
Is the RBC Cash Back Mastercard worth it?
If you’re an avid grocery shopper looking for a no-fee cash back credit card with accessible qualification requirements, the RBC Cash Back Mastercard is an excellent starting point. This credit card is widely accepted and lets you earn 2% cash back on groceries² and up to 1% cash back on everything else². For a no-fee credit card, this is an excellent cash back rate.
Eligibility requirements for the RBC Cash Back Mastercard
This credit card is very accessible for most Canadians. There is no minimum personal or household income to qualify, and you’ll need a Good credit score, which, as long as you haven’t had any credit problems, shouldn’t be hard to attain.
How to apply
You can apply for the RBC Cash Back Mastercard online, by phone, or at your local branch. The online application process takes about 15 minutes with a response in 60 seconds. You’ll need some essential documentation, including:
- Your name, address, email address, phone number, and SIN number
- Details about your expenses, including rent or mortgage payments
- Employment information, including where you work, how much you earn, and your length of employment
During the application process, you’ll have the opportunity to sign up for credit card extras like balance protection, which will cover your minimum payments if you become ill or can’t work. Once your application is submitted, RBC will have information about your approval in minutes. After you’ve been approved, your credit card will be sent to you in the mail and you can activate it online or over the phone, and start spending.
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Jordann Brown is a freelance personal finance writer whose areas of expertise include debt management, homeownership and budgeting. She is based in Halifax and has written for publications including The Globe and Mail, Toronto Star, and CBC.
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