RBC Cash Back Preferred World Elite Mastercard Review (Dec 2022)

October 16, 2022
Reviews

The RBC Cash Back Preferred World Elite Mastercard is a low fee general-purpose cash back credit card issued by the Royal Bank of Canada, one of the largest banks in Canada. It offers 1.5% cash back on all purchases up to $25,000; after reaching the limit, you'll earn 1% cash back on all purchases, with no annual limit.

With this card, you will earn bonus points when filling up at Petro-Canada gas stations, or when purchasing at Rexall drugstores. Additionally, you can choose from any of their add-ons and boost the benefits of your card; from benefits like roadside assistance to comprehensive medical and travel insurance.

What Is The RBC Cash Back Preferred World Elite Mastercard?

The RBC Cash Back Preferred World Elite Mastercard is a type of reward credit card that allows you to earn rewards in the form of cash back. It has an annual fee of $99, and it is considered a general-purpose cash back card. With this card, you will earn a flat cash back rate of 1.5% on all your purchases, up to an annual limit. After you reach the limit, you’ll earn 1% on all purchases, with no annual limit. 

This card also offers some exclusive Mastercard World Elite benefits, plus additional perks that you can opt-in for, for a fee. If you shop frequently at Petro-Canada and Rexall, or are specifically looking for the best Mastercards in Canada, you can take advantage of bonus points on all purchases plus additional cash back per litre of gas. The RBC Cash Back Preferred World Elite Mastercard also comes with a complimentary 12-month DoorDash subscription, worth $120.

Features Of The RBC Cash Back Preferred World Elite Mastercard

#1 Earn 1.5% Cash Back On All Purchases

With the RBC Cash Back Preferred World Elite Mastercard, you can earn unlimited cash back on all your purchases – this is in line with what the best cash back credit cards in Canada offer. For the first $25,000 you spend every year you’ll 1.5% in cash back, for a maximum of $375 cash back every year. Afterwards, the cash back rate is 1% on all purchases, and there is no limit on how much cash back you can earn. Here’s the summary:

  • 1.5% cash back on all purchases  (for up to $25,000 spent in a year)
  • 1% cash back on all purchases after reaching the limit

Your cash back rewards will be credited to your account upon request, or automatically in January every year. There is no limit on how much cash back you can earn.

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#2 Complimentary DashPass Subscription

Through its partnership with DoorDash, RBC offers a complimentary DashPass subscription for 12 months – which means free food deliveries on orders over $15. To activate the DashPass, link your RBC card to your DoorDash account and start your trial. This DashPass subscription has an estimated value of $120.

#3 Instant Fuel Savings at Petro-Canada

Gas prices have never been lower, and one way to take advantage of it is to earn cash back. With your RBC Cash Back Preferred World Elite Mastercard, you will earn a 20% bonus Petro-Points and save 3¢ per litre at Petro-Canada gas stations. To qualify for these rewards, you have to link your RBC card with your Petro-Points card. Here are the steps:

  • Enroll with the RBC Mobile Banking program or the RBC Mobile app
  • Link your RBC Cash Back Preferred World Elite Mastercard to your Petro-Points card and await confirmation

Bonus Petro-Points are credited to your account within 2 business days. If you want to redeem your Petro-Points at Petro-Canada, you can use your linked RBC card.

#4 Earn More Be Well Points at Rexall

With your RBC Cash Back Preferred World Elite Mastercard, you will earn 50 Be Well points per $1 spent at Rexall drugstores. Be Well points can be exchanged at Rexall drugstores for rebates on eligible purchases at a rate of $10 off per 25,000 Be Well points. 

Just like with your Petro-Points card, you can link your RBC Cash Back Preferred World Elite Mastercard with your Be Well card to redeem your points when you use your RBC card to make purchases.

#5 Access To Exclusive Mastercard Services

The RBC Cash Back Preferred World Elite Mastercard is part of the Mastercard World Elite program. After getting your application approved, you’ll gain access to all of these exclusive benefits, and more:

Access To The Boingo Wi-Fi Network

Through the Boingo Wireless Wi-Fi network, you’ll always stay connected – even when you travel. The Boingo network has more than a million Wi-Fi hotspots worldwide, including airports, hotels, coffee shops, and more. With your complimentary account you can sync up to 4 devices at any time, and if you have any issues their customer support reps are just a call away.

Four Months Of Free Apple Music

If you already have an Apple Music account, you can claim three months of complete access to over 90 million songs, ad-free. For new Apple Music users, the period is extended to 4 months. Keep in mind this benefit is applicable to all World and World Elite Mastercards, not just RBCs.

Mastercard Travel Rewards

For frequent travellers, the RBC Cash Back Preferred World Elite Mastercard comes with exclusive Mastercard benefits including:

  • Complimentary Mastercard Travel Pass (DragonPass)
  • Access to more than 1,300 airport lounges worldwide
  • Access to exclusive Mastercard Priceless Experiences 
  • World Elite Concierge Services

To access the airport lounges you will need to download the Mastercard Travel Pass app and confirm your membership. Keep in mind these Mastercard World Elite benefits are independent of the benefits offered by RBC.

#6 Optional Add-On Services

There are also additional or optional services that you can purchase from RBC. These add-on services can be very helpful if you travel often or want to cover yourself for a worst-case scenario. Here are some of the services you can choose from:

  • BalanceProtector Max Insurance ($1.20 per $100 in your credit card balance): Covers you for up to 25% of your account balance (capped at $6,250 per month) in case you lose your job or self-employed income, or become totally disabled. In each case, you are covered for up to $25,000, paid over a 4-month period.
  • Medical Emergency Insurance: This add-on offers medical insurance if you’re travelling abroad. Keep in mind this covers you only for the first 31 days (7 days for travellers over 65 years old).
  • Travel Insurance: Covers you for flight delays, trip interruptions & cancellations, baggage, and burglary insurance on your hotel stays.
  • RBC Roadside Assistance (From $79.99 to $144.99 per year): This add-on includes road assistance and covers services like emergency fuel delivery, towing, flat tires, and battery boosts. Here are some other credit cards that offer roadside assistance.

Pros & Cons Of RBC Cash Back Preferred World Elite Mastercard

Pros

  • Low annual fee ($99)
  • No fees for additional cards
  • No annual cap on how much cash back you can earn
  • 1.5% cash back on all purchases
  • Worldwide access to the Boingo Wi-Fi network 
  • Use your RBC card to purchase gas at partner stations and get 3¢ back per litre
  • 20% more Petro-Points at Petro Canada
  • 50 Be Well points per $1 spent at Rexall
  • Free DoorDash deliveries on orders over $15
  • Freeze your card instantly from the RBC app
  • Purchase Security and Extended Warranty Insurance
  • Opt-in for Roadside Assistance, Travel & Medical Insurance, and other services for a small fee

Cons

  • No welcome bonus
  • No promotional cash back rate.
  • High-income requirement to apply ($80,000 for individuals or $150,000 for households)
  • Diminishing cash back rate after you spend $25,000/year (from 1.5% to 1%)

Pricing

The RBC Cash Back Preferred World Elite Mastercard has an annual fee of $99 and has interest rates comparable to those of most credit cards in Canada. Here’s the summary:

  • Annual Fee: $99
  • Interest Rate On Purchases: 19.99%
  • Interest Rate On Cash Advances: 22.99%

In Summary

The RBC Cash Back Preferred World Elite Mastercard is premium cash back credit card issued by the Royal Bank of Canada, one of the largest banks in Canada. It offers a flat cash back rate of 1.5% on all purchases with no annual limits, and it has a moderate annual fee of $99.

With this card, you will earn bonus points when filling up at Petro-Canada gas stations, or when purchasing at Rexall drugstores. Additionally, you’ll have access to exclusive Mastercard World Elite benefits, plus you can choose RBC add-ons like medical insurance and roadside assistance to boost your card.

RBC Cash Back Preferred World Elite Mastercard FAQs

How Much Does RBC Cash Back Preferred World Elite Mastercard Cost?

The RBC Cash Back Preferred World Elite Mastercard has an annual fee of $99. The interests on purchases and cash advances are 19.99% and 22.99% respectively.

Is The RBC Cash Back Preferred World Elite Mastercard Worth It?

Yes – the RBC Cash Back Preferred World Elite Mastercard is a great option if you’re looking for an affordable general-purpose card that will earn you cash back across all categories. It comes with very handy perks like free food delivery bonus points at select stores. With all the benefits, you won’t struggle to make more than enough to justify the moderate annual fee.

Is The RBC Cash Back Preferred World Elite Mastercard Safe?

Yes – all RBC credit cards are insured for loss or damage, and if you use RBC Rewards points you are insured for the among of points you redeemed to make a purchase. It also has a card-freeze feature accessible from the RBC Mobile app.

Is The RBC Cash Back Preferred World Elite Mastercard Legit? 

Yes. RBC is one of the Big 5 Banks in Canada, and it is trusted by millions of Canadians. They have partners across many industries and offer special benefits through their partnership with Rexall and Petro-Canada. The RBC Cash Back Preferred World Elite Mastercard is powered and secured by the Mastercard network.

Who Qualifies For The RBC Cash Back Preferred World Elite Mastercard?

To qualify for the RBC Cash Back Preferred World Elite Mastercard you need a good credit score (starting at 660) and an annual income of $80,000 ($150,000 for households). Additional qualifications include:

  1. You must be a Canadian Resident of at least the age of majority in the province where you reside. In Alberta, Manitoba, Ontario, Quebec, Prince Edward Island, and Saskatchewan the age of majority is 18. In all other provinces, the age of the majority is 19.
  2. Fill in their digital form. You will need to provide personal and background information, including your name, address, phone number, and email address.

Does The RBC Cash Back Preferred World Elite Mastercard Have An Annual Fee?

Yes, RBC Cash Back Preferred World Elite Mastercard has an annual fee of $99.

How Do I Redeem My RBC Cash Back Preferred World Elite Mastercard Points?

With the RBC Cash Back Preferred World Elite Mastercard you will earn bonus points at Petro-Canada gas stations and Rexall drugstores. To redeem your points you have to link your RBC card with your Reward card from each of those stores. Keep in mind that each store may have a requirement, usually a minimum number of points that you need to accumulate before redeeming.

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