RBC Cash Back Preferred World Elite Mastercard
|
The RBC Cash Back Preferred World Elite Mastercard offers unlimited cash back. Unlike most cash back credit cards, this one has no limit on the amount of cash back you can receive and is not restricted to specific types of purchases. However, there is an annual fee of $99, which we find to be high considering the card does not offer any insurance or rewards. With this card, you will receive 1.5% cash back on all purchases and save 3 cents per liter on fuel at participating Petro-Canada stations.
Card Summary
This credit card comes with an annual fee of $99, but adding an extra card is free. Purchases made with the card have an interest rate of 20.99%, while cash advances are subject to a higher rate of 22.99%.
Rewards Summary
- N/A
Benefits Summary
With this credit card, you can save 3 cents per liter on fuel and earn 20% more Petro-Points at participating Petro-Canada locations. When shopping at Rexall, you’ll earn up to 50 Well Points for every dollar spent. Plus, enjoy a free 12-month subscription to DoorPass, giving you access to exclusive benefits and savings.
Insurance Summary
- Addons only.
Editor’s Review
RBC Cash Back Preferred World Elite Mastercard
The RBC Cash Back Preferred World Elite Mastercard offers a straightforward approach to earning unlimited cash back on all purchases. Here’s a comprehensive look at its features, benefits, and drawbacks.
Card Summary
- Annual Fee: $99
- Additional Card: Free
- Interest Rates:
- Purchases: 20.99%
- Cash Advances: 22.99%
- Cash Back Rate: 1.5% on all purchases
- Fuel Savings: Save 3 cents per liter at participating Petro-Canada stations
Benefits Summary
- Petro-Canada Savings:
- Save 3 cents per liter on fuel
- Earn 20% more Petro-Points at participating Petro-Canada locations
- Rexall Rewards: Earn up to 50 Well Points for every dollar spent at Rexall
- DoorPass Subscription: Free 12-month subscription to DoorPass, providing exclusive benefits and savings
Insurance Summary
- Insurance Coverage: None included; add-ons available separately
Detailed Review
Rewards and Cash Back Program: The RBC Cash Back Preferred World Elite Mastercard provides unlimited 1.5% cash back on all purchases. This feature sets it apart from other cards that limit earnings to specific categories or cap the total amount of cash back. It’s ideal for those who prefer a simple and straightforward rewards structure without the hassle of managing multiple categories.
Fuel Savings and Additional Perks: Cardholders save 3 cents per liter at participating Petro-Canada stations and earn 20% more Petro-Points, which can be redeemed for various rewards. The card also offers enhanced rewards at Rexall pharmacies, with up to 50 Well Points for every dollar spent. Additionally, the free 12-month DoorPass subscription provides various discounts and benefits, adding extra value to the card.
Fees and Interest Rates: While the annual fee of $99 might seem high, especially without included insurance benefits, the unlimited cash back and fuel savings can offset this cost. The purchase interest rate is 20.99%, and the cash advance rate is 22.99%, which are standard rates for this type of card.
Insurance Coverage: A significant drawback of this card is the lack of included insurance coverage. Many competitors offer travel insurance, purchase protection, and extended warranties. If these features are important, you may need to consider other cards or purchase add-on insurance separately.
Final Verdict
The RBC Cash Back Preferred World Elite Mastercard is ideal for those seeking unlimited cash back on all purchases without category restrictions. Its straightforward rewards structure, combined with fuel savings and other perks, can offer substantial value, particularly for frequent Petro-Canada and Rexall shoppers. However, the lack of included insurance and the $99 annual fee might be a deterrent for some.
Recommendation: This card is best suited for individuals who prioritize unlimited cash back on all purchases and frequently buy fuel from Petro-Canada. For those needing robust insurance coverage and higher rewards in specific categories, the TD Cash Back Visa Infinite or Scotiabank Momentum Visa Infinite may be better options.
Comparison with Similar Cards
| Feature | RBC Cash Back Preferred World Elite | TD Cash Back Visa Infinite | Scotiabank Momentum Visa Infinite |
|---|---|---|---|
| Annual Fee | $99 | $120 | $120 |
| Cash Back Rate | 1.5% on all purchases | 3% on groceries, gas, and recurring bills; 1% on other purchases | 4% on groceries and recurring bills; 2% on gas and transit; 1% on other purchases |
| Fuel Savings | 3 cents per liter at Petro-Canada | N/A | N/A |
| Additional Perks | DoorPass subscription, Petro-Canada points, Rexall Well Points | Travel insurance, roadside assistance | Travel insurance, concierge service, purchase protection |
| Insurance Coverage | None (add-ons available) | Comprehensive travel insurance | Comprehensive travel insurance |
View other RBC credit cards.
View other Cash Back Credit Cards.
Please note that the latest and most up-to-date rates, terms, and conditions for the credit card can be found on the official web page. The information provided on the Site should not be considered as professional or financial advice.
There are no reviews yet.