RBC Cash Back Mastercard Review 2023

The RBC Cash Back Mastercard offers an excellent level of cash back rewards for a no-fee credit card and would easily make a list of the best no annual fee cash back credit cards in Canada.

As you may already know, there are limited options in the Canadian market for no-fee cash back credit cards that offer unlimited cash back rewards.

This review of the RBC Cash Back Mastercard covers its features, benefits, downsides, and everything you need to determine whether or not it is worth your while.

RBC Cash Back Mastercard Features and Benefits

1. $0 annual fee. This card does not charge an annual fee which sets it apart from many other cash back credit cards.

2. Earn 2% cash back on grocery purchases: You earn 2% on grocery store purchases up to a maximum of $6,000 per year. After spending $6,000, a 1% cash back rate applies to all your other grocery spending for the year.

3. Earn up to 1% unlimited cash back on all other purchases and bill payments (0.50% on the first $6,000 and 1% after). 

4. Save 3 cents per litre instantly on gas and earn 30% more Petro-Points when you purchase fuel at Petro-Canada. To take advantage of this offer, you need to link your Petro-Points card to your RBC Cash Back Mastercard.

5. Purchase security and extended warranty. The card protects against theft, loss, or damage for up to 90 days and extends the manufacturer’s warranty for up to one additional year on items purchased using your card.

6. Optional features. There are additional features of the card you can add for a fee, including:

• Travel insurance
• Roadside assistance
• Identity protection, and 
• Balance protector insurance

The RBC Cash Back Mastercard works as a great entry-level card if you are looking to earn cash back on your everyday spending without shelling out $99 to $120 in annual fees for a premium card.

Earning the maximum cash back on groceries is easy for most people. For an average family of three, $500 or more spent on groceries per month is par for the course, and you could easily earn $120 per year on groceries alone (i.e. 2% x $500/month x 12 months).

The card also comes with the advantage of being a ‘Mastercard’ with worldwide acceptance. 

Related: Best RBC Cash Back Credit Cards.

Downsides of the RBC Cash Back Mastercard

There are a few downsides when you using this card:

• There is a $6,000 annual limit for the 2% reward rate.
• Travel insurance is not included as part of the basic package.

RBC Cash Back Mastercard vs. Tangerine Cash Back Credit Card

The Tangerine Money-Back Cash Back Credit Card beats the RBC Cash Back Mastercard in overall cash back earning ability.

It offers an unlimited 2% cash back on purchases made in up to 3 categories of spending and 0.50% cash back on all other purchases.

Cash back earned using the Tangerine Cash Back Credit Card is paid monthly, so you do not need to wait until the end of the year to enjoy your rewards.

The 2% money-back categories you can choose from include groceries, restaurants, gas, pharmacy, entertainment, public transit, recurring bill payments, and more.

Lastly, the Tangerine credit card offers new cardholders a 1.95% interest rate on balance transfers for 6 months.

And, for a limited period, you get a $150 bonus when you spend $1,000 in the first 2 months. Learn more in this detailed review.

RBC Cash Back Mastercard Alternatives

In addition to the Tangerine Money-Back Mastercard, these RBC Cash Back Mastercard alternatives may be worth looking at.

Is The RBC Cash Back Mastercard For You?

The RBC Cash Back Mastercard offers a competitive 2% earnings rate on grocery purchases and up to 1% on everything else.

Given its no-annual-fee status, it is worth considering if you are in the market for a viable cash back rewards card.

Another no-fee RBC card is the RBC Rewards+ Visa Credit Card.