RBC Cash Back Preferred World Elite Mastercard review

Quick Overview of the RBC Cash Back Preferred World Elite Mastercard

The RBC Cash Back Preferred World Elite Mastercard eliminates all of the confusion and noise surrounding cash back – providing a consistent 3% unlimited cash back on groceries, dining, food delivery, gas, EV charging, rideshare, transit, streaming, and digital gaming†. You also get 1% back on all other purchases†. Which is pretty impressive if you're looking for a cash back card with great perks. 

Who can benefit from the RBC Cash Back Preferred World Elite Mastercard?

This card is perfect for individuals who prioritize simplicity and transparency in their credit card loyalty programs. It is designed for those who want to earn cash back rewards without the inconvenience of switching categories or dealing with restrictions. However, please be aware that this card is not suitable for the average consumer due to its high minimum income requirements.

Pros and cons

RBC Cash Back Preferred World Elite Mastercard welcome bonus

How to earn cash back with the RBC Cash Back Preferred credit card

For those who just want to receive cash back and not have to think about it, this card provides 3% unlimited cash back on groceries, dining, food delivery, gas, EV charging, rideshare, transit, streaming, and digital gaming†. For example, if you spend $100, you’ll get $3.00 back. If you apply that same rate to every purchase, cash back quickly adds up. Plus, add the 1% back on all other purchases†, and that's a pretty decent chunk of change. 

How to redeem cash back

Redeeming cash back on the RBC Cash Back Preferred World Elite Mastercard is just as automatic and stress-free as earning cash back on this card.

Do nothing and cash back is redeemed automatically at the end of each year and is applied to your January statement as a credit. 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.

Be warned, once you request a cash back redemption the total of your available cash back is redeemed automatically and can’t be redeemed incrementally at your discretion. Still, many other cash back cards only allow you to redeem cash back annually, so being able to redeem any time you want is a huge plus.

Key benefits of the Cash Back Mastercard credit card from RBC

In addition to cash back, this card offers a suite of other benefits.

Probably the biggest benefit of the RBC Cash Back Preferred credit card is the impressive top-end cash back rewards rate it provides. Get 3% unlimited cash back on groceries, dining, food delivery, gas, EV charging, rideshare, transit, streaming, and digital gaming† and then 1% back on all other purchases†. 

While the cash back rewards are paid out annually, that can also serve as a great benefit for cardholders who don't want their rewards immediately. Rewards are paid out in January each year, making the card act as something of an annual post-holiday bonus, great for paying down holiday debt or getting ready for the new year.

RBC Cash Back Preferred World Elite Mastercard insurance coverage

The RBC Cash Back Preferred credit card features additional coverage not found with the no annual fee RBC Cash back Mastercard. The card's rental car insurance⁴ covers the actual value and any expenses associated with the loss of use of eligible vehicles for up to 48 straight days as long as you pay for the cost of the vehicle with your card and decline the collision damage waiver offered by the rental company.

The card also provides comprehensive warranty and purchase coverage. The purchase security insurance covers any loss or damage to an item up to 120 days after it was charged to the card. The extended warranty insurance automatically triples the original manufacturer’s warranty to a maximum of 2 years. Both coverages are supplemental to any individual insurance coverage you may already have on the item.

Finally, cardholders enjoy zero liability coverage, meaning you won’t be liable for any fraudulent purchases made by a third party. Also, RBC recently added coverage for out of province/country emergency medical insurance^†, flight delay and delayed baggage insurance^†, and mobile device insurance^† for added piece of mind while travelling. 

Optional additional insurance coverage

RBC credit cardholders have the option to add extra coverage to protect their identity, family, and credit card balances. The available options include:

• Add-on travel insurance
• RBC Road Assist
• BalanceProtector max insurance
• Identity theft and credit protection

Extra benefits of the RBC Cash Back Preferred World Elite Mastercard

Beyond the impressive cash back and basic insurance protections, new applicants for the RBC Cash Back Preferred World Elite Mastercard can anticipate the following additional benefits:

• Fuel discounts at Petro-Canada: All RBC credit cards, including the RBC Cash Back Mastercard, save their users 3₵ per litre at Petro-Canada, when you connect your RBC credit card to your Petro-Points account, you’ll earn 20% more Petro-Points.
• Canadian Tire Money: Get 3x Canadian Tire Money when you link your eligible RBC card to your Triangle Rewards account, scan your Triangle Rewards card and pay with your linked RBC card^†
• Earn more Be Well points at Rexall: Link your RBC Credit Card and earn 50 Be Well™ points on every $1 spent on eligible purchases at Rexall^†
• DoorDash savings: Add your RBC Credit Card to your DoorDash account and get a free 12 month DashPass subscription^†
• World Elite Mastercard benefits: World Elite benefits can make you feel like a VIP, giving you exclusive benefits such as access to 1,300+ airport lounges worldwide with Dragon Pass^† and offers from a variety of on-demand apps and subscription services, like Foodora and Ritual.

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

• Annual fee: $120
• Purchase APR: 21.99%
  
• Balance transfer APR: 22.99% (21.99% if you reside in Quebec)
  
• Cash advance APR: 22.99% 

Looking at the above fees, there’s nothing that immediately jumps out as cause for alarm. These fees are pretty standard across the Canadian credit card industry, including the annual interest rates for purchases, balance transfers and cash advances.

The only thing one may quibble with is the $120 annual fee, since the card only has one main benefit in the flat-rate cash back and all other benefits are supplemental. However, the benefits are numerous, with the World Elite exclusives alone worth the annual fee. Then when you add the Petro-Canada gas savings^†, the 12-month DashPass^†, and the insurance benefits and it actually starts to look reasonable. 

How does the RBC Cash Back Preferred card compare?

Feature

  RBC Cash Back Preferred World Elite

BMO CashBack^® World Elite^®* Mastercard^®*

SimplyCash^TM Preferred Card from American Express

Cash back rate

3% unlimited cash back on groceries, dining, food delivery, gas, EV charging, rideshare, transit, streaming, and digital gaming†, 1% back on all other purchases†

1% on all purchases (unlimited), higher rates for specific categories* 

Earn 4% cash back on eligible gas station and grocery store purchases in Canada (up to $1,200 cash back). Earn 2% cash back on all other purchases

Welcome bonus 

Get 15% extra cash back on your first $2,000 in spend for 3 months. Apply by February 2, 2027.†

Get up to $650 in value and the annual fees waived in the first year.†

Earn a bonus 10% cash back on purchases in your first 3 months (up to $2,000 in purchases).

Additional perks 

Save 3₵ per litre on gas and 20% more Petro-points on all qualifying purchases at Petro-Canada7, Complimentary 12 month DashPass^†, Purchase protection³, extended warranty³ and car rental insurance⁷ 

Purchase protection, extended warranty, World Elite medical, rental car and travel insurance* 

Receive $100 cash back for each friend referral to a maximum of $1,500, advance ticket offers, special offers and experiences, car rental theft and damage insurance

Redemption options 

Statement credit annually or by request 

Deposit in a BMO savings or chequing account; Deposit in a BMO InvestorLine account or use as statement credit annually or by request 

Statement credit applied annually

Annual fee 

$120 

$139 (annual fee waived in the first year*)* 

$119.88 ($9.99/month (Equals $119.88 annually) for non-Quebec residents. $119/annual for Quebec residents.)

The RBC Cash Back Preferred World Elite Mastercard is solidly middle-of-the-pack when compared against the BMO Cash Back World Elite Mastercard and the SimplyCash Preferred by American Express.

While the BMO CashBack^® World Elite^®* Mastercard^®* has virtually identical benefits to the RBC Cash Back Preferred World Elite it does come with a big sign-up bonus: Get up to $650 in value and the annual fees waived in the first year.†. However, it also has a much larger $139 annual fee, which is waived for the first year*, for those benefits than the RBC card.

As for the SimplyCash^TM Preferred Card from American Express, it beats the RBC Cash Back Preferred in the benefits department, including offering a higher regular cash back base rate on all purchases at 2% and front-of-the-line access to events as the World Elite program, car rental insurance and purchase insurance together with extensive emergency medical and travel insurance. One Caveat, Amex still isn’t as widely accepted as Visa and Mastercard in Canada, so the RBC Cash Back Preferred might still better suit your needs.

*Terms and conditions apply

Is the RBC Cash Back Preferred World Elite Mastercard worth it?

The RBC Cash Back Preferred World Elite Mastercard is for that affluent upper-middle class working professional who prefers simplicity and transparency with their credit card loyalty programs. They want to accumulate cash back rewards, but they don’t want to have to think about it. It’s for the person who doesn’t want to have to manually switch into quarterly purchase categories each season or see the maximum potential cash back they could earn be neutered by tiered rates, caps and restrictions.

But, (and this is a big but) this isn’t a card for the average joe. The slate of complimentary benefits in addition to cash back more than equal the relatively pedestrian $120 annual fee, but the high minimum income requirements mean that the truly middle class won’t even be able to touch this. So, is it worth it? If you’re that upper middle-class professional who is looking to maximize cash back through grocery shopping and travel, then absolutely. But if you’re anyone else, what this card offers and requires from applicants is so specific to a particular type of person, that you should look the other way.

Eligibility requirements for the RBC Cash Back Preferred World Elite Mastercard

To qualify for the card you must be the age of majority in your province and a Canadian resident. You’ll also have to have Good credit (a score above 670) and not have declared bankruptcy in the last seven years. Most importantly, you’ll need to have a minimum personal income of $80,000 or a minimum household income of $150,000. If you meet all these requirements, you’re good to go apply for the card.

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