The RBC Cash Back Preferred World Elite Mastercard stands out as RBC’s premier cash back card. Instead of offering elevated earning rates in specific categories, it provides a straightforward 1.5% cash back on all purchases. While this might be satisfactory for some, it may leave others wishing for higher rewards. Explore this review of the RBC Cash Back Preferred World Elite Mastercard to determine whether it should be part of your wallet.
Welcome Bonus and Earning Rate
Typically, the RBC Cash Back Preferred World Elite Mastercard offers no welcome bonus. Given its annual fee of $99, many would anticipate a more enticing cash back offer upon sign-up. Even cards without annual fees often feature a small welcome bonus, making the absence of one here a bit disappointing.
Despite its lack of a welcome incentive, the earning rate is commendable. Cardholders earn a flat 1.5% cash back on all eligible purchases, though this is limited to a spending cap of $25,000. After hitting that threshold, the cash back rate drops to 1% for all additional purchases.
This card is particularly advantageous for those whose spending patterns do not align with common bonus categories like gas or groceries since it offers the same earning potential on every purchase. In comparison, most cash back cards provide only 1% cash back on general purchases.
Benefits and Perks
Notably, the RBC Cash Back Preferred World Elite Mastercard does not include premium perks. Instead, the benefits are primarily standard offerings available to all World Elite Mastercard users.
Discounts at Petro-Canada
Cardholders can save 3¢ per litre on fuel and earn an additional 20% in Petro points when they utilize the linked RBC Cash Back Preferred World Elite Mastercard. Though the savings might seem minor, users benefit from reduced gas expenses while earning both Petro points and cash back. To take advantage of this, simply log into RBC Online Banking and link your Petro-Points number to your card.
Earn Be Well Points at Rexall
When shopping at Rexall, customers earn 50 Be Well points for each dollar spent on eligible transactions. To ensure you receive your bonus points, it is essential to scan your Be Well card before paying with the RBC Cash Back Preferred World Elite Mastercard.
Delivery Fee Savings with DoorDash
Holders of the RBC Cash Back Preferred World Elite Mastercard receive a complimentary 6-month DashPass subscription, which provides unlimited free deliveries on DoorDash orders over $15. To benefit from $0 delivery fees, you must set your RBC Cash Back Preferred World Elite Mastercard as your payment option.
Purchase Insurance
- Purchase security – Coverage for up to 90 days
- Extended warranty – Up to an additional year
With both purchase security and an extended warranty, assets bought entirely with your RBC Cash Back Preferred World Elite Mastercard are safeguarded against theft, loss, or damage for 90 days. Additionally, the extended warranty adds up to one year to the manufacturer’s warranty period.
Free Boingo Wi-Fi
Cardholders also receive a complimentary Boingo Wi-Fi account, providing access to over 1 million Wi-Fi hotspots globally, including on flights. Registration for this benefit can be completed at mastercard.boingo.com.
Auto Rental Collision/Loss Damage Waiver Insurance
While renting a vehicle and paying in full with the RBC Cash Back Preferred World Elite Mastercard, customers receive coverage for rental collision and loss damage for up to 48 days. This insurance applies only to vehicles with an MSRP of up to $65,000, and you must decline any insurance offered by the rental company. Note that liability coverage is not included.
Airport Lounge Access
Another attractive feature of this card is free entry into the Mastercard Travel Pass Program via DragonPass. This benefit grants access to over 1,400 airport lounges worldwide. Although there is a fee of $32 USD for each lounge entry, you cannot gain access without a membership.
Cash Back Payout Schedule
Cash back accumulated through RBC is automatically disbursed every January. However, for those who have accrued at least $25 in cash back, they can contact customer service at 1-800-769-2512 to receive their payment earlier. This may be inconvenient for some, as other credit cards often enable monthly redemptions of cash back rewards.
Eligibility for the RBC Cash Back Preferred World Elite Mastercard
- You are a Canadian citizen or a permanent resident.
- You have reached the age of majority in your province or territory.
- Your individual income is a minimum of $80,000 or a household income of at least $150,000.
Although a specific credit score isn’t cited in the requirements, it is advisable to have a score of at least 700 for better approval chances for this premium card.
Comparative Analysis: RBC Cash Back Preferred World Elite Mastercard
Now let’s delve into some comparative reviews relevant to the RBC Cash Back Preferred World Elite Mastercard. While numerous cash back options exist, here are a few other cards worth considering.
RBC Cash Back Preferred World Elite Mastercard vs. Scotiabank Momentum Visa Infinite Card
The Scotiabank Momentum Visa Infinite Card is a popular alternative, offering 4% cash back on groceries, recurring bills, and subscription services, 2% on gas and transit, along with 1% on all other purchases. While its base earning rate is lower than that of the RBC card, it includes many advantageous bonus categories and additional benefits like extensive travel and mobile device insurance. Although its annual fee is a bit higher at $120, a common welcome bonus of 10% cash back on the first $2,000 in purchases often makes it attractive.
RBC Cash Back Preferred World Elite Mastercard vs. American Express Cobalt Card
The American Express Cobalt Card features an impressive earning rate with 5 Membership Rewards points per dollar on dining and entertainment, 3 points for streaming services, 2 points on travel, and 1 point on all other purchases. While it operates on a points system rather than cash, these can be converted to statement credits, allowing for a cash back-like experience. The Cobalt card carries a higher monthly fee of $12.99 but boasts one of the strongest earning rates in the market.
RBC Cash Back Preferred World Elite Mastercard vs. SimplyCash Preferred Card from American Express
For those seeking a robust base earning rate, the SimplyCash Preferred Card from American Express is a strong contender, providing 4% cash back on groceries and gas, alongside 2% cash back on all else. It entails a slightly elevated monthly fee of $9.99 and some merchants may not accept American Express. Nevertheless, this option offers higher earning rates along with mobile device insurance.
Conclusion
The RBC Cash Back Preferred World Elite Mastercard serves as RBC’s leading cash back credit card and is particularly suited for individuals who fit the following criteria:
- You’re looking for a cash back card – Cash back eliminates concerns regarding rewards restrictions and expiration dates typical of travel reward systems.
- You prefer a solid flat earning rate – Earning 1.5% on all transactions is decent.
- You are an RBC customer – It’s commonplace for individuals to favor credit cards from their banking institution.
Despite the benefits associated with the RBC Cash Back Preferred World Elite Mastercard, its earning rate falls short compared to some other leading cash back credit cards available in Canada. Moreover, the absence of substantial perks is a letdown. If you are loyal to RBC, this card may be suitable; however, more rewarding options exist in the market.