RBC Cash Back Mastercards are changing, effective October 1, 2026.
According to RBC cardholders, both the RBC Cash Back Mastercard and the RBC Cash Back Preferred World Elite Mastercard are getting new rewards structures. The RBC Cash Back Preferred World Elite Mastercard is also getting a few more features – for an increased annual fee.
RBC is also going to make it much easier to cash out your rewards, with a new minimum redemption of only $1. This change takes effect on December 2, 2026.
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Easier cash out on RBC cash back credit cards
First, it's going to get easier to cash out your RBC cash back rewards. You can currently cash out anytime, as long as you have at least $25 worth of cash back accumulated.
Starting December 2, 2026, you'll be able to redeem as little as $1 in cash back. This update gives you freedom to cash out your rewards whenever you like.
RBC Cash Back Preferred World Elite Mastercard changes
The RBC Cash Back Preferred World Elite Mastercard is getting the biggest overhaul. There are a few updates coming on October 1, 2026.
New annual fee
First, the annual fee is going up to $120 from $99. And while no one wants to see their annual fee increase, this number is very standard for World Elite Mastercards. And as you'll see, the higher fee will be offset with some extra benefits.
However, you'll also need to start paying for additional cardholders. Right now, supplementary cards are free, but the cost is going up to $50.
New rewards structure
The way you earn rewards is getting a big overhaul.
Currently, the RBC Cash Back Preferred World Elite Mastercard earns a simple 1.5% cash back on all purchases on up to $25,000 spent per year, after which it drops to 1%. It's straightforward, and the high base earn rate actually makes it a good card for Costco, which only accepts Mastercard and counts as general spending.
There's a new structure, aimed at getting you more cash back on your essentials.
- 3% cash back on groceries, dining, gas, EV charging, transit, streaming, and digital gaming
- 1% cash back on everything else
That's a long list of categories that are earning 3% cash back. But how does it compare, both to what this card used to earn, and similar cash back cards?
Let's start with the old version. We'll start by using a monthly spending of $3,000 per month ($36,000 per year), broken across various categories.
In the previous cash back system, $25,000 would have earned 1.5% cash back, while the remaining $11,000 would have gotten you 1%.
Your total cash back would be $485 for the year.
As for the new system, here's an example of how much cash back you could earn.
| Rate | Monthly Spend | Annual Rewards | |
|---|---|---|---|
| Groceries | 3% | $1,000 | $360 |
| Gas/Transit/EV Charging | 3% | $300 | $108 |
| Restaurants | 3% | $225 | $81 |
| Streaming/Digital Gaming | 3% | $150 | $54 |
| Everything Else | 1% | $1,325 | $159 |
| Total | $762 |
That's quite a bit more cash back. Unless you're a major Costco shopper, you're likely to come out ahead with these changes. (If you are loyal to this card for its Costco earn rate, check out Canada's best cards for Costco.)
Comparison to other top cash back cards
The bigger picture question: What about other top cash back credit cards?
Let's examine the same example spending breakdown for other high-earning cash back cards: the MBNA Rewards World Elite Mastercard, Neo World Elite Mastercard - Gas & Grocery, and the Scotia Momentum Visa Infinite + Card.
Note that the MBNA Rewards World Elite Mastercard earns points, not cash back. But since you can easily convert points to cash via a direct deposit, we use the cash value of each point (0.83 cents) to compare this card against cash back cards. This card also earns 10% bonus points per year, so we've added that on top for each rate.
Let's start with the MBNA Rewards World Elite Mastercard:
| MBNA Rewards World Elite Mastercard | Rate | Monthly Spend | Annual Rewards |
|---|---|---|---|
| Groceries | 4.6% | $1,000 | $548 |
| Gas/Transit/EV Charging | 0.9% | $300 | $33 |
| Restaurants | 4.6% | $225 | $123 |
| Streaming/Digital Gaming | 4.6% | $150 | $82 |
| Other Recurring Bill Payments | 4.6% | $150 | $82 |
| Everything Else | 0.9% | $1,175 | $129 |
| Total | $997 |
Here's the Neo World Elite Mastercard - Gas & Grocery:
| Neo World Elite Mastercard - Gas & Grocery | Rate | Monthly Spend | Annual Rewards |
|---|---|---|---|
| Groceries | 5.0% | $1,000 | $600 |
| Gas/Transit/EV Charging | 3.0% | $300 | $108 |
| Restaurants | 1.0% | $225 | $27 |
| Streaming/Digital Gaming | 4.0% | $150 | $72 |
| Other Recurring Bill Payments | 4.0% | $150 | $72 |
| Everything Else | 1.0% | $1,175 | $141 |
| Total | $1,020 |
And finally the Scotia Momentum Visa Infinite + Card:
| Scotia Momentum Visa Infinite + Card | Rate | Monthly Spend | Annual Rewards |
|---|---|---|---|
| Groceries | 4.0% | $1,000 | $480 |
| Gas/Transit/EV Charging | 2.0% | $300 | $72 |
| Restaurants | 1.0% | $225 | $27 |
| Streaming/Digital Gaming | 4.0% | $150 | $72 |
| Other Recurring Bill Payments | 4.0% | $150 | $72 |
| Everything Else | 1.0% | $1,175 | $141 |
| Total | $864 |
Every one of these cards earns more cash back. And both the MBNA Rewards World Elite Mastercard and Scotia Momentum Visa Infinite + Card currently have the same annual fee as the updated RBC Cash Back Preferred World Elite Mastercard: $120. The Neo World Elite Mastercard - Gas & Grocery earns the most of all, but it has a $149 annual fee.
This is only one example – the more you spend on groceries, the larger the gap becomes between RBC and these alternatives we've listed.
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There are a few new insurance benefits coming to the RBC Cash Back Preferred World Elite Mastercard. These 3 coverages are being added, with the coverage amounts being unknown at this time.
- Emergency medical
- Flight delay
- Baggage delay
- Mobile device
That makes the insurance package much better. The RBC Cash Back Preferred World Elite Mastercard currently only provides 3 coverages, and that will increase to 7. However, it still falls short of many other World Elite Mastercards (including the ones we covered above).
RBC Cash Back Mastercard changes
The no-annual-fee RBC Cash Back Mastercard is also getting some updates. There are no changes to the annual fee, though. This will remain a no-annual-fee card.
The current rewards structure? It can be a little confusing.
- 2% cash back on groceries on the first $6,000 spent annually (1% afterwards)
- On all other purchases, 0.5% cash back on the first $6,000 spent annually (1% afterwards)
The new earn rates drop the annual caps and add in some more earn rates.
- 2% cash back on groceries
- 1% cash back on gas, EV charging, rideshares, and transit
- 0.5% cash back on all other purchases.
Here's how the card performed on a lower $1,500 monthly budget ($18,000 annual).
| Old Rates | Rate | Annual Spend | Annual Rewards |
|---|---|---|---|
| Groceries ($6,000 annual spend) | 2% | $6,000 | $120 |
| Others (first $6,000 in annual spend) | 1% | $6,000 | $60 |
| Others (remaining annual spend) | 0.50% | $6,000 | $30 |
| Total | $210 |
| New Rates | Rate | Annual Spend | Annual Rewards |
|---|---|---|---|
| Groceries | 2% | $6,000 | $120 |
| Gas/Transit/EV Charging | 1% | $1,800 | $18 |
| Others | 0.5% | $10,200 | $51 |
| Total | $189 |
If this mirrors your spending, you'll probably lose a little bit under the new structure.
If you are a big spender on this card, you may be surprised to hear the new rewards aren't actually improved.
| Old Rates | Rate | Annual Spend | Annual Rewards |
|---|---|---|---|
| Groceries (First $6,000 annual spend) | 2% | $6,000 | $120 |
| Groceries (Next $6,000 annual spend) | 1% | $6,000 | $60 |
| Others (first $6,000 in annual spend) | 0.5% | $6,000 | $30 |
| Others (remaining annual spend) | 1% | $18,000 | $180 |
| Total | $390 |
| New Rates | Rate | Annual Spend | Annual Rewards |
|---|---|---|---|
| Groceries | 2% | $12,000 | $240 |
| Gas/Transit/EV Charging | 1% | $3,600 | $36 |
| Others | 0.5% | $20,400 | $102 |
| Total | $378 |
Even here, even though the cap on earning 2% on groceries is gone, you're losing out on everything else.
The new rates are an upgrade if you mostly use this card for groceries. You'll no longer be limited to earning 2% on groceries on your first $6,000 in annual spend.
More credit card updates
It's been a busy year with credit card updates. Our newsletter can help you stay on top of changes to credit cards in Canada.
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