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The Best RBC Cash Back Credit Cards in Canada for 2024

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The Royal Bank of Canada (RBC) offers credit cards in various categories, including cash back, student, travel, low-interest rates, and business.

Cash back credit cards are great because it is easy for you to spend and enjoy your earnings. For example, if your cash back card offers 1% cash back on all purchases, you receive $1 for every $100 spent using the card.

You can then easily use this cash back to pay down your credit card balance or put it towards future purchases.

RBC only has three credit cards designated for cash back rewards. You can learn about the best no-fee credit card options for cash back rewards in Canada.

Best RBC Cash Back Credit Cards in Canada

The three RBC cash back credit cards in Canada are:

  • RBC Cash Back Mastercard
  • RBC Cash Back Preferred World Elite Mastercard
  • RBC Business Cash Back Mastercard

RBC Cash Back Mastercard

The no-annual-fee credit card offers up to 2% cash back on your purchases, plus unlimited cash back at its base earn rate.

Below is a summary of its benefits:

  • 2% cash back on grocery purchases up to maximum spending of $6,000 per year, and 1% cash back after.
  • 0.50% on all other purchases up to maximum spending of $6,000 per year, and 1% after.
  • Save 3 cents per litre of gas purchases at a Petro-Canada gas station and earn 20% more in Petro-Points.
  • Enjoy purchase security with protection against loss, theft, or damage for up to 90 days when you pay using your card.
  • Enjoy extended warranty insurance that doubles the manufacturer’s warranty for up to one additional year.

This card has an industry-average purchase interest rate of 19.99%, and its cash advance rate is 22.99%.

Get more details in this RBC Cash Back Mastercard review.

RBC Cash Back Preferred World Elite Mastercard

The RBC Cash Back Preferred World Elite is RBC’s only premium cash back credit card.

It has a $99 annual fee and offers the following benefits:

  • 1.5% cash back on all purchases up to a maximum spending of $25,000 per year and 1% unlimited cash back after
  • Free Boingo WI-Fi at more than 1 million hotspots worldwide
  • Complimentary membership in Mastercard Airport Experiences provided by LoungeKey with access to more than 800 airport lounges worldwide
  • Save 3 cents per litre of gas purchased at Petro-Canada gas stations
  • Rental car insurance
  • Purchase protection and extended warranty
  • Access to Mastercard Travel Rewards

To qualify for this credit card, you need a minimum personal income of $80,000 or $150,000 for household income.

rbc cash back preferred world elite mastercard

RBC Business Cash Back Mastercard

Small business owners can use the RBC Business Cash Back Mastercard to earn cash back instead of points that are more difficult to redeem.

It has no annual fees and offers:

  • 2% cash back on purchases in the first 3 months and 1% cash back after. You can earn up to a maximum of $650 cash back per year.
  • Save 3cents per litre of gas purchased at Petro-Canada gas stations and 20% more in Petro-Points.
  • Purchase security against theft, loss, or damage when you pay using your card.
  • Extended warranty that doubles the manufacturer’s warranty by up to one extra year.
  • Access to RBC offers and enrollment in Mastercard’s Easy Savings Program.

Here are some other business credit cards in Canada.

How To Redeem Your RBC Cash Back Rewards

You can claim the cash back you have earned using your RBC cash back credit once it reaches $25 or more.

If you have not redeemed your cash back by the end of the year, it is automatically credited to your January account balance.

Transactions that do not generate cash back include cash advances, interest charges, and balance transfers.

RBC Cash Back Credit Cards Alternatives

A top-rated no-fee cash back credit card alternative in Canada is the Tangerine Money-Back Card.

For a premium cash back card, look at the Scotia Momentum Visa Infinite Card or SimplyCash Preferred Card from American Express.

1. Tangerine Money-Back Credit Card

  • Annual fee: $0
  • Cashback offer: Up to 2%
  • Promotion: 1.95% balance transfer for 6 months

This Tangerine credit card offers unlimited 2% cash back on up to three categories of spending, including groceries, gas, and recurring bill payments.

All other purchases outside of your 2% categories earn cash back at a rate of 0.50%.

This card also offers purchase protection and extended warranty coverage. You can learn more about it in this review and why it is one of the best cash back cards in Canada.

Tangerine Money-Back Credit Card

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value); 1.95% balance transfer rate for 6 months.

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

2. Scotia Momentum Visa Infinite

  • Annual fee: $120; fee is waived in the first year
  • Cash back offer: Up to 4%
  • Promotion: 10% cash back for the first 3 months

The Scotia Momentum Visa Infinite Card offers a 10% cash back rate on all purchases for the first three months (on up to $2,000 in purchases).

After the promotion period ends, you earn 4% cash back on groceries and recurring payments, 2% on gas and daily transit, and 1% on all other purchases.

Cardholders enjoy:

  • Mobile device insurance
  • Comprehensive travel insurance, including travel emergency medical, trip cancellation, trip interruption, flight delay, delayed and lost baggage, and travel accident insurance
  • Rental car insurance
  • Purchase protection and extended warranty
  • Access to Visa Infinite benefits and perks

Get more details in our Scotia Momentum Visa Infinite Review.

Related reading:

RBC Cash Back credit cards in Canada
Overall
4.1

Summary

Learn about the best RBC Cash Back credit cards in Canada, including the RBC Cash Back Mastercard and RBC Cash Back Preferred World Elite Master Card.

Pros

  • Has a no-fee cash back credit card
  • Premium cards available

Cons

  • There are more competitive alternatives

Best Credit Offers in July 2024

Get the top savings and spending account and stop paying costly bank fees ($20 Bonus)

Save on fees and access unlimited transactions, eTransfers & bill payments.

Get a $20 instant bonus after completing your first purchase.

Earn up to 5% unlimited cash back and up to 5% interest on your balance.

Guaranteed instant approval with any credit score + free budgeting app.

Earn a non-promotional 5.00% interest on your savings account

One of Canada's top high-interest savings accounts with up to 5%.

Free access to a hybrid account with unlimited transactions & e-transfers.

Access to a prepaid card that pays 0.50% cashback on all purchases.

No monthly or annual fees.

Stop paying monthly fees with a free chequing account + $400 bonus

Get a $400 cash bonus when you set up a qualifying direct deposit.

Unlimited debits, online bill payments and Interac e-Transfer transactions.

No monthly or annual account fees.

Earn a high interest rate on your savings (5.90% interest rate offer).

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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