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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

RBC Cash Back Mastercard

Entry-level RBC cash back card

Annual fee: $0

Rewards: Earn up to 2% cash back on high-spend categories.

Interest rates: 19.99% on purchases and 22.99% on cash advances.

Minimum income requirement: $0

Recommended credit score:


On RBC’s website

  • Earn up to 2% cash back on grocery store purchases.
  • Earn up to 1% cash back on all other eligible purchases, including recurring payments.
  • Save 3 cents per litre on fuel and earn 20% more Petro-Points at Petro-Canada.
  • Earn extra Be Well points at Rexall when you link your card with your Be Well card.
  • Save on delivery fees through Doordash with a complimentary three-month DashPass subscription.
  • Access purchase security and extended warranty insurance for up to 90 days after making a purchase.

No annual fee

Unlimited cash back

Competitive purchase APR at 19.99%

Limited travel benefits

Limited insurance benefits

The RBC Cash Back Mastercard offers competitive rates and a strong cash back program. With no annual fee, it’s a great card for those just starting out or those looking to build their credit score.

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 Review

RBC Cash Back Mastercard vs. Tangerine Cash Back Credit Card

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

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.

Neo Credit Mastercard (Standard)

Rewards: Average of 5% cash back at 10,000+ partners and a minimum of 0.50% cash back across all purchases

Welcome offer: Get 15% cash back on your first purchases, plus a $25 welcome cash bonus.

Interest rates: 19.99% – 29.99% on purchases; 22.99% – 31.99% for cash advances.

Annual fee: $0

SimplyCash Card from American Express

Rewards and benefits: Earn up to 2% cash back on gas and groceries; 1.25% cash back on all other purchases; travel accident insurance.

Welcome offer: Earn a $10 statement credit each month you spend $300 in purchases on your Card in the first 10 months (up to $100 value).

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $0

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.

RBC Cash Back Mastercard Review
  • Annual fee
  • Rewards
  • Eligibility
  • Insurance


The RBC Cash Back Mastercard offers unlimited cash back rewards up to 2% and has no annual fees. This RBC Cash Back Mastercard review of the card covers all you need to know.

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

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Business Insider, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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  • No monthly fees.
  • Get up to 5% cash back on purchases.
  • $20 welcome bonus with CASHBACK referral code.
  • Your balance earns interest.*
*Limited time offer. Terms and conditions apply.
Best No Annual Fee Prepaid Cash Back Card
Best No Annual Fee Prepaid Cash Back Card
No monthly fees. Get up to 5% cash back on purchases. $20 bonus with CASHBACK code.
*Limited time offer. Terms and conditions apply.