Pros & cons
Pros
- 1.5% cash back on the first $25,000 in annual spend.
- Redeem cash back on demand when you have $25 accumulated.
Cons
- High income requirements of $80,000 personal or $150,000 household.
- Lower insurance coverages compared to similar credit cards.
- Only earns 1% cash back after spending $25,000 annually.
Your rewards
Getting your welcome bonus
Based on $2,000 in monthly spending, you can get up to an estimated $120.◊
For all welcome bonus details click here.
How you earn rewards
Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With RBC Cash Back Preferred World Elite Mastercard, here's how you earn rewards:
- 1.5% cash back on the first $25,000 spent annually
- 1% cash back after $25,000 spent annually
For all reward details click here.
How much your rewards are worth
The dollar value of your rewards depends on the specific rewards program ‒ and what you choose to redeem your points for. For RBC Cash Back Preferred World Elite Mastercard in particular, if you spend $2,000 per month, here's our estimated annual rewards earned depending on which reward you choose:
| Statement credits | $360 |
Calculating your annual rewards
$24,000 annual spending x 1.50% return on spending = $360 annual rewards
$360 annual rewards − $99.00 annual fee = $261 net annual rewards
Details and eligibility
- Estimated Credit Score
- 660 - 724
- Personal Income
- $80,000
- Household Income
- $150,000
- Annual Fee
- $99.00
- Extra Card Fee
- $0
- Card type
- Credit
- Purchase
- 20.99%
- Cash Advance
- 22.99%
- Balance Transfer
- 22.99%
Insurance coverage
- Extended Warranty
- 2 years
- Purchase Protection
- 120 days
- Rental Car Theft & Damage
- Yes
Please review your insurance certificate for details, exclusions and limitations of your coverage, terms and conditions apply.
Learn more about the value of credit card insurance coverage.
Genius Rating
RBC Cash Back Preferred World Elite Mastercard's 3.2 Genius Rating is based on the weighted average of the following scores:
Methodology
All scores are produced by our math-based rating algorithm that takes into account over 126 credit card features.
Top cards from RBC
RBC Cash Back Preferred World Elite Mastercard review
While known for their travel cards, RBC also has a lineup of cash back credit cards. Here we have their premium offering – the RBC Cash Back Preferred World Elite Mastercard.
Here's what this card has to offer, and how it compares to its no fee alternative, the RBC Cash Back Mastercard.
RBC Cash Back Preferred World Elite Mastercard rewards
As a cash back credit card, you'll earn a set percentage of cash back on all your purchases.
And the RBC Cash Back Preferred keeps it simple. You'll earn 1.5% cash back on all your purchases, up to $25,000 in annual spend. Once you've spent that amount in a year, you'll be earning 1% back.
And unlike many cash back credit cards that only award your cash back once per year, you have a little choice with this cash back credit card.
By default, your awards are paid out once per year in January, as long as you have $25 in accumulated rewards.
However, you can also request when you like to get your rewards deposited to your account, as long as there's $25 worth of cash back.
3 benefits to the RBC Cash Back Preferred World Elite Mastercard
Beyond the standard high earn rate, what other benefits does this credit card provide? Here are 3 other things to like about it.
1. Lower annual fee for a premium credit card
Most premium credit cards come with an annual fee of $120. But not here.
Instead, you'll pay a slightly lower annual fee of $99 (no annual fee for additional cardholders), keeping a little extra money in your pocket.
2. Redeem rewards when you want
We've said it once, but it's worth saying again – you get to decide when you want your rewards if you so choose.
Once you've earned $25 in cash back, you can call and request your rewards be paid out to you.
And if you choose not to, you'll see them every January, and get some help in paying your holiday bills.
3. RBC credit card benefits
This is typical of all RBC credit cards, but it's worth stating here too. There's 2 retailers where you can get some extra savings and earn bonus rewards.
First, link your RBC credit card to your Petro-Points account. When you do so, you'll save 3 cents per litre on fuel at Petro-Canada and earn 20% bonus Petro-Points.
The other is with Rexall. Link your credit card and Be Well accounts together, and you'll earn 50 points per $1 spent at Rexall.
3 downsides to the RBC Cash Back Preferred World Elite Mastercard
While good, this isn't a perfect credit card. Here are 3 drawbacks you'll want to think about.
1. Lacklustre insurance
Most premium credit cards (especially World Elite Mastercards), have at least a decent insurance package.
But not here. You'll only receive a meagre 3 types of insurance coverage.
If you travel semi-frequently and value insurance, you may want to look elsewhere.
2. High income requirements
It's a World Elite Mastercard, and therefore it has high income requirements for you to meet. You'll need either a personal income of $80,000, or a household income of $150,000 to qualify.
3. No welcome bonus or first year free offer
Most premium credit cards give some kind of welcome bonus and/or the first year annual fee waived.
This card has neither of those, so you won't get anything extra for signing up.
Comparison to the RBC Cash Back Mastercard
RBC also has a no fee cash back credit card – the
Here's the overview of both credit cards.
| Feature | RBC Cash Back Preferred World Elite Mastercard | RBC Cash Back Mastercard |
|---|---|---|
| Earn Rates | * 1.5% cash back on the first $25,000 in annual spend * 1% cash back afterwards | * 2% cash back on your first $6,000 in grocery store purchases * 0.5% cash back on your first $6,000 on all other purchases * 1% cash back on all other spending |
| Insurance Coverage | 3 types | 2 types |
| Other benefits | * Typical RBC credit card benefits * Membership to Mastercard Airport Experiences (no free passes) * World Elite Mastercard benefits | Typical RBC credit card benefits |
| Annual Fee | $99 | $0 |
| Income Requirements | * Personal: $80,000 * Household: $150,000 | None |
Which one is better? This all depends on you. The Preferred version will give you more rewards, and a few more perks, for a reasonable annual fee of $99.
Or for no annual fee, you can still earn up to 2% back on purchases, and get the usual RBC credit card benefits.
Share your review
For a premium cash back credit card with a lower annual fee, RBC has an option for you.
Have you ever had this credit card? Do you have it now? Leave a review below so others can see what you thought of it.
FAQ
What does the RBC Cash Back Preferred World Elite Mastercard earn for rewards?
With the RBC Cash Back Preferred World Elite Mastercard you'll earn 1.5% cash back on your first $25,000 in annual purchases. Afterwards, the rate drops to 1%.
What insurance is included with the RBC Cash Back World Elite Mastercard?
The insurance included with the RBC Preferred Cash Back World Elite Mastercard is limited, with only 3 types included – extended warranty, purchase protection, and car rental insurance.
What are the annual fee and income requirements of the RBC Cash Back Preferred World Elite Mastercard?
The RBC Cash Back World Elite Mastercard has an annual fee of $99, and income requirements of either $80,000 personal, or $150,000 household.
Key benefits
Refer to RBC page for up to date offer terms and conditions.
Corresponding legal references and product terms are available on the RBC website, which will be available and agreed upon in the customer onboarding process.
** If you lose your job or become totally disabled, this coverage can pay 25% of your credit card total account balance – up to $6,250 per month for up to four months. If you pass away, this coverage can make a single payment of the total amount owing on your credit card account to a maximum benefit amount of $25,000. Enrolment is easy for eligible cardholders. You may cancel at any time. Premiums are $1.20 per $100 of your account balance on your statement date (plus applicable taxes). Terms, conditions and eligibility restrictions apply. Full details are available on rbcroyalbank.com. This insurance coverage is underwritten by American Bankers Insurance Company of Florida and American Bankers Life Assurance Company of Florida, who carry on business in Canada under the trade name of Assurant®.
User reviews
Reviewed by 8 Canadians
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If you don’t want to wait for the annual cash back you can phone in and request it. The problem is that they just ignore your request. I’ve had this issue a number of times. With other banks you can just click and get your cash back on line, not with RBC. Thinking of going elsewhere.
Hi
I’m with Rogers Mastercard Worldelite
1.5% ristourne on everything with no maximum spend annually
Premium card with a competitive 1.5% flat rate, perks of saving gas money at Petro Canada and collecting extra points on top of that, Door Dash delivery fees waived, exceptional customer service from RBC to go with it all. The extra features mentioned above took 1-2 minutes to setup, the approval was instant and I would say accurate for the lender, card design itself looks very professional, have had very high income clients ask where to get it from and how, no complaints and suggestions as of now, MasterCard is accepted almost anywhere now a days as well you will see high earn rates on premium visas however if you arnt spending specifically on groceries, gas all the time and shop at Walmart/Costco the 1.5% flat will still give you same if not better returns
If you already have another premium VISA credit card with RBC, the annual fee on this card can be waived, making this an excellent second card.
The card is decent when you consider no extra charge for secondary card.
