The RBC Cash Back Mastercard offers a simple and rewarding way to earn cashback on your purchases. With no annual fee, this card provides unlimited cash back on various categories, including groceries and qualifying purchases. Whether you’re looking for convenience or a way to earn on every transaction, this card is designed to make managing your finances easier and more rewarding.
In this guide, we’ll delve into the key features of the RBC Cash Back Mastercard, its advantages and potential drawbacks, and how to apply for one. If you’re considering a new credit card, read on to discover if this card fits your lifestyle and spending habits.
Key information about the RBC Cash Back Mastercard
How does the annual fee work?
With the RBC Cash Back Mastercard, the annual fee is completely waived, which is a significant advantage for cardholders who want to avoid extra costs. This fee-free structure allows you to keep more of your hard-earned money, making it a great choice for anyone looking to maximize the value of their rewards without having to pay for the privilege of owning a credit card.
This aspect of the card is especially appealing for people who prefer simplicity and want to avoid surprise charges every year. While many cards charge annual fees, the RBC Cash Back Mastercard stands out by offering you the ability to earn unlimited cash back without any additional cost.
How is the credit limit determined?
For conventional and secured credit cards, the limit is usually determined based on your credit score, income, and overall financial situation. RBC, like most financial institutions, will assess your credit history and other relevant factors before assigning a credit limit.
For pre-paid cards, however, the limit is entirely at the discretion of the cardholder, as it depends on the amount of money deposited into the account. In the case of a traditional RBC Cash Back Mastercard, your credit limit will reflect RBC’s evaluation of your financial health and creditworthiness.
Advantages of the RBC Cash Back Mastercard
The RBC Cash Back Mastercard comes with several advantages that make it a popular choice for those seeking simplicity and rewards from their daily purchases. Here are the main benefits:
- Unlimited Cashback: Earn as you spend, with no cap on how much you can get back.
- Up to 2% Back on Groceries: A great reward for those who shop for groceries regularly.
- No Annual Fee: Enjoy the rewards without the extra cost of an annual fee.
- Security Features: Enjoy purchase protection and extended warranty benefits on eligible purchases.
- Instant Fuel Savings: Link your card to Petro-Canada for fuel savings and earn more Petro-Points.
These features combine to provide you with a straightforward, rewarding experience, especially for those who spend a significant portion of their budget on groceries or fuel.
The advantage that stands out: Unlimited cashback and grocery rewards
What truly sets the RBC Cash Back Mastercard apart is its unlimited cashback offer. Unlike many credit cards that limit how much you can earn each year, this card allows you to earn cashback on every purchase without any restrictions.
You can earn up to 2% cash back on grocery store purchases and 1% on all other qualifying purchases, making it ideal for those who want to maximize their rewards. The cashback is accumulated automatically, so you don’t have to keep track of your spending.
Moreover, the card also offers additional rewards and savings through RBC Offers, allowing you to save on purchases from top brands and earn Avion points faster. This added layer of rewards makes the RBC Cash Back Mastercard an appealing option for those who value both simplicity and flexibility in their rewards program.
Disadvantages of the RBC Cash Back Mastercard
While the RBC Cash Back Mastercard has a lot of advantages, it’s important to consider some potential downsides:
- Higher Purchase Rate: The card comes with a relatively high purchase rate of 20.99%, which could be costly if you carry a balance.
- Limited International Acceptance: Although the card is widely accepted, some regions may have limited options for transactions, especially for certain online purchases.
- Additional Fees for Cash Advances: While the card is great for everyday purchases, cash advances come with a 22.99% rate and additional fees.
The disadvantage that stands out: High purchase rate
One of the most significant drawbacks of the RBC Cash Back Mastercard is its high purchase rate of 20.99%. This could be a problem for individuals who tend to carry a balance month-to-month. If you’re someone who usually pays off their balance in full each month, this rate may not be an issue. However, if you carry a balance, the interest charges can quickly add up, diminishing the value of your cashback rewards.
Who can apply for the RBC Cash Back Mastercard?
To apply for the RBC Cash Back Mastercard, you need to meet the following requirements:
- Age: You must be at least 18 years old.
- Minimum Income: A minimum annual income requirement, typically around $12,000, depending on your credit history.
- Credit Status: You need to have a good credit score. Individuals with a history of missed payments or a low score may face challenges in approval.
- Employment Status: A stable source of income will be required to demonstrate your ability to repay the credit card balance.
How to apply for the RBC Cash Back Mastercard
Applying for the RBC Cash Back Mastercard is a straightforward process. You can apply online through the RBC website, via the RBC mobile app, or in person at an RBC branch.
Online Application
To apply online, simply visit the RBC website and navigate to the credit cards section. From there, you can fill out the application form. You’ll need to provide basic information like your address, income, and employment details. After submitting the form, you’ll receive a response in under 60 seconds.
Mobile App
If you prefer to apply on your phone, download the RBC mobile app from the App Store or Google Play. From there, you can follow the same application steps as the website and submit your details securely.
In Person
You can also apply for the RBC Cash Back Mastercard in person by visiting your local RBC branch. A bank representative will assist you in completing the application process.
