RBC Cash Back Preferred World Elite Mastercard Review

The RBC Cash Back Preferred World Elite Mastercard is RBC’s top cash back card. Instead of having a higher earning rate on select categories, you’ll get 1.5% cash back on all purchases. This may be acceptable for some people, but it’ll likely leave many wanting more. Read my RBC Cash Back Preferred World Elite Mastercard and find out if this card deserves a spot in your wallet.

Welcome bonus and earn rate

The RBC Cash Back Preferred World Elite Mastercard typically has no welcome bonus. Considering the card comes with an annual fee of $99, you’d think there’d be some increased cash back offer when signing up. Even cash back credit cards with no annual fee usually have a small welcome bonus, so it’s disappointing that the RBC Cash Back Preferred World Elite Mastercard doesn’t come with one.

Despite the lack of a welcome bonus, the earning rate is respectable. You’ll earn a straight 1.5% return in cash back on all eligible purchases, but it’s capped at $25,000 in spending. Once you reach that limit, you’ll earn 1% cash back on all purchases. 

Some people prefer cards with bonus rewards on specific categories, such as gas and groceries, but this card gives you the same return on all purchases. This can benefit people who spend more on items that don’t fall under the base earn rate with other cards. For reference, most cash back cards only give you 1% cash back on all other purchases.

Benefits and perks

In another weird move, the RBC Cash Back Preferred World Elite Mastercard has no premium benefits. The perks you get are standard RBC ones and what’s available to all World Elite Mastercard holders.

Save at Petro-Canada

You can save 3¢ per litre on fuel and earn 20% more Petro points when using your linked RBC Cash Back Preferred World Elite Mastercard. While this may not seem like a big deal, you’re saving on gas, earning Petro points and cash back just by paying with your linked card. Sign in to RBC Online Banking to link your card and add your Petro-Points number.

Earn Be Well points at Rexall

When shopping at Rexall, you’ll earn 50 Be Well points for every dollar spent on eligible purchases. To get your bonus points, you need to scan your Be Well card and then pay with your RBC Cash Back Preferred World Elite Mastercard.

Save on delivery fees with DoorDash

As an RBC Cash Back Preferred World Elite Mastercard holder, you get a 3-month DashDash Pass subscription for free. This perk gives you unlimited free deliveries on orders of $15 or more with DoorDash. Your RBC Cash Back Preferred World Elite Mastercard must be set as the payment method for your $0 delivery fees to apply.

Purchase insurance

  • Purchase security – Up to 90 days
  • Extended warranty – Up to one additional year

With purchase security, any purchases that are fully paid with your RBC Cash Back Preferred World Elite Mastercard are protected from loss, theft, and damage for 90 days. The extended warranty doubles your manufacturer’s warranty, up to one additional year.

Free Boingo Wi-Fi

RBC Cash Back Preferred World Elite Mastercard holders get a free Boingo Wi-Fi account. This gives you access to more than 1 million Wi-Fi hotspots worldwide, including on planes. All you need to do is register your card at mastercard.boingo.com.

Auto Rental Collision/Loss Damage Waiver Insurance

When you rent a car and pay for it in full with your RBC Cash Back Preferred World Elite Mastercard, you get rental collision/loss damage waiver insurance for up to 48 days. Only vehicles with an MSRP of no more than $65,000 qualify, and you must decline the car rental agency’s insurance. Note that liability insurance is not included.

Airport lounge access

Another card benefit is free access to the Mastercard Travel Pass Program provided by DragonPass. This gives you access to 1,400+ airport lounges worldwide. Note that you still need to pay for each entry (normally $32U.S.), but you can’t get in at all without a membership.

When your RBC cash back is paid out

Cash back earned with RBC is automatically paid out in January. However, you can call customer service (1-800-769-2512) to get your cash back earlier as long as you’ve earned at least $25 in cash back. Some people will find this annoying as other cards allow you to redeem your cash back monthly.

RBC Cash Back Preferred World Elite Mastercard eligibility

  • You’re a Canadian citizen or permanent resident
  • You’re at least the age of majority in your province or territory
  • You have a minimum personal income of $80,000 or a household income of $150,000

Although no formal credit score is listed under the requirements, having a credit score of at least 700 is what I recommend before applying. This puts you in a better position to be approved for this premium credit card.

How the RBC Cash Back Preferred World Elite Mastercard compares

It’s time to go over comparables in this RBC Cash Back Preferred World Elite Mastercard review. There are a lot of cash back cards out there, but the following are other cards I recommend you look at.

RBC Cash Back Preferred World Elite Mastercard vs. Scotiabank Momentum Visa Infinite Card

The Scotiabank Momentum Visa Infinite Card is incredibly popular since you’ll earn 4% cash back on groceries, recurring bills, and subscription purchases, 2% on gas and daily transit purchases, and 1% on all other purchases. While the base earn rate is lower than the RBC card, the Scotiabank card has many generous bonus categories. In addition, the Scotiabank card comes with some great additional benefits, such as comprehensive travel and mobile device insurance. The annual fee for the Scotiabank card is a bit higher at $120, but there’s typically a welcome bonus of 10% cash back up to $2,000 in purchases.

RBC Cash Back Preferred World Elite Mastercard vs. American Express Cobalt Card

The American Express Cobalt Card is another card that has a very high earning rate. You’ll earn 5 American Express Membership Rewards points per $1 spent on eats and drinks, 3 points on streaming services, 2 points on travel, and 1 point on all other purchases. Although you earn points instead of cash, you can redeem 1,000 points for a $10 statement credit, so you treat it like a cash back card if you so desire. The annual fee for the Cobalt card is a bit high at $12.99 a month, but it has one of the highest earning rates in Canada.

RBC Cash Back Preferred World Elite Mastercard vs. SimplyCash Preferred Card from American Express

For those more focused on a solid base earning rate, the SimplyCash Preferred Card from American Express is worth a look. The earning rate is 4% cash back on groceries and gas purchases, and 2% cash back on all other purchases. You will pay a slightly higher annual fee of $9.99 monthly, and not all merchants accept American Express. That said, the earning rate is higher, and you get mobile device insurance.

Final thoughts

The RBC Cash Back Preferred World Elite Mastercard is RBC’s top cash back credit card and is ideal for people in the following situations:

  • You want a cash back card – With cash back, you don’t need to worry about rewards charts or blackout dates like some travel rewards programs.
  • You want a good flat rate return – The 1.5% cash back on all purchases is decent.
  • You bank with RBC – Some people prefer to use credit cards from their financial institution.

While there are some benefits to the RBC Cash Back Preferred World Elite Mastercard, the earning rate is low compared to some of the best cash back credit cards in Canada. In addition, the lack of benefits is disappointing. If you bank with RBC and want to stick with them, this card is perfectly acceptable, but better options are available elsewhere.

About Barry Choi

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. His blog Money We Have is one of Canada’s most trusted sources when it comes to money and travel. You can find him on Twitter:@barrychoi

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