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RBC Cash Back Mastercard Review

RBC Cash Back Mastercard review

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3.2

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2% Up to 2% unlimited cash back on groceries

1% Up to 1% unlimited cash back on everything else

$0.03 Link your card and instantly save 3¢/L on fuel and 20% more Petro-Points at Petro Canada

50 Get 50 Be Well points for every $1 spent on eligible products at Rexall

$0 Delivery Fees Get $0 delivery fees for 3 months from DoorDash when you add your eligible RBC credit card to your DoorDash account

20.99% Purchase APR

22.99% Balance Transfer Rate 21.99% if you reside in Quebec

22.99% Cash Advance APR 21.99% if you reside in Quebec

$0 Annual Fee No annual fee

2.5% Foreign Transaction Fee 2.5% of the transaction in CDN

Good Recommended Credit Score

3.2

RBC Cash Back Mastercard review

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Quick overview

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 most?

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

Pros and cons of the RBC Cash Back Mastercard

Pros

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

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

Welcome bonus

RBC Cash Back credit card welcome bonus

This card does not currently offer a welcome bonus.

How to earn rewards

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

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

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!

Insurance coverage

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

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

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 users say

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 it compares

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

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4.0

Good

Suggested credit score

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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

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

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

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

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%

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 a bonus 10% cash back – up to $100. Applies to purchases in your first 2 months. Plus, a 1.95% promotional balance transfer interest rate for the first 6 months.

    The Tangerine 10% Limited-time Promotional Offer (the “Offer”) is only available to new Tangerine Credit Card Account holders who (i) apply for a Tangerine World Credit Card (the “Account”) by January 31, 2025, (ii) activate their Account within 45 days of approval, and (iii) have up to a maximum of $1,000 in total Net Purchases posted to their Account within the 60-day period beginning on the date the Tangerine World Credit Card is activated. Limit of one Offer per eligible Client. This Offer is non-transferable. Offer may be changed, cancelled or extended at any time. All other Account terms, including the Tangerine Money-Back Rewards program terms, remain unchanged and continue to apply. See the Tangerine Credit Card Cardholder Agreement for more details, including definitions of any capitalized terms.

*Terms and Conditions apply

RBC Cash Back Mastercard vs. BMO Cash Back Mastercard

BMO CashBack® Mastercard®*

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3.4

5% cash back

Welcome offer

Good

Suggested credit score

Get 5% cash back in your first 3 months*

Expires

Nov 30, 2024

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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

Recommended Credit Score

Good

Required Annual Personal Income

$15,000

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

Recommended Credit Score

Good

Required Annual Personal Income

$15,000

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%

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

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3.0

10% cash back†

Welcome offer

Good

Suggested credit score

Up to 10% cash back† for your first 3 months up to $1,000 eligible spend

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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

Recommended Credit Score

Good

Required Annual Household Income

$15,000

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

Recommended Credit Score

Good

Required Annual Household Income

$15,000

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%

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

Is it worth it?

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

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 Author

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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