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Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we're the most trusted source for credit card reviews.

The {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.

Rewards

With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:

Calculating your annual rewards

We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you'd earn this per category:

Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.

This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.

The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that's a 10% earn rate on gas.

For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.

That's equivalent to a {{total_earn_rate}} return on spending.

The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.

This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.

Fees

The {{card.name}} has a {{card.annualFee}} annual fee.

The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.

The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.

Interest Rates

The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.

For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.

Testing the {{card.name}} with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it {{factor_score_insurance}} out of 5 for insurance.

It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.

Approval and qualifying

We scored it {{factor_score_approval}} out of 5 for approval.

We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.

This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.

The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.

This puts it in the {{decile.personal_income}} of cards by the income required to qualify.

The RBC Cash Back Mastercard is a popular option among Canadians seeking a straightforward and easy-to-understand cash back rewards system. This review will discuss the earning potential, four benefits, two drawbacks, and other relevant information prospective cardholders need to consider.

Earning potential with the card:

The RBC Cash Back Mastercard earns cash back rewards without any confusing points structure. Cardholders receive 2% cash back on groceries and 1% cash back on all other purchases, with no limit to the amount of cash back you can earn.

This makes the card particularly attractive for those who primarily spend on groceries and everyday purchases.

Benefits

1. No Annual Fee – One major advantage of this card is that it comes with no annual fee. This is ideal for individuals who want a low-cost option for earning cash back rewards without committing to a card with larger annual fees.





2. Introductory Bonus – The RBC Cash Back Mastercard offers new cardholders an attractive introductory offer.
   
   For the first three months, cardholders receive 3% cash back on eligible grocery purchases up to $500 per month and 1% cash back on all others (terms and conditions apply), allowing them to maximize their cash back earnings during this period.





3. Easy Redemption – Redeeming cash back with the RBC Cash Back Mastercard is quite simple. Cash back rewards are automatically credited to your account annually, providing a hassle-free process with no need to manage points or navigate complex redemption portals.





4. Purchase Protection and Extended Warranty – This card also offers purchase protection, which covers eligible new items against loss, theft, or damage for 90 days from the purchase date. Additionally, the extended warranty feature doubles the original manufacturer’s warranty, up to one additional year.

Drawbacks

1. Limited Reward Categories – Although the RBC Cash Back Mastercard earns 2% cash back on groceries, it only provides 1% cash back on all other purchases. While this is better than nothing, other cards on the market may offer higher cash back percentages in other spending categories, like dining or travel.





2. No Travel Benefits or Perks – Unlike some competitors, this card does not offer any additional travel benefits or perks, such as complimentary travel insurance or airport lounge access. For individuals who frequently travel and desire these perks, this may not be the card of choice.

Additional information:

This card supports Mastercard’s suite of benefits, such as Zero Liability protection and Mastercard Easy Savings. Furthermore, it comes with tap & go functionality for more efficient transactions at the point of sale.

In conclusion, the RBC Cash Back Mastercard is a solid choice for Canadians looking for a no-annual-fee cash back credit card with a simple reward structure.

While it may not cater to those with specific reward preferences or travel needs, it still offers valuable advantages for individuals prioritizing grocery purchases and cost-effective cash back earnings.

Is the RBC Cash Back Mastercard not convincing you? Consider the RBC Cash Back Preferred World Elite MasterCard or the RBC US Dollar Visa Gold. Still not the right credit card? Make sure not to miss the RBC Avion Visa Infinite.

FAQ

Key benefits

• Unlimited cash back earning potential





• Complimentary supplementary card for authorized users





• RBC’s mobile app for convenient account management





• Zero liability protection for unauthorized transactions





• Tap and pay feature with Mastercard contactless payment





• Emergency cash and card replacement services





• Access to BalanceProtector Premiere Plus insurance coverage





• Option to combine with RBC client card, functioning as both debit and credit card





• Dedicated customer support available 24/7





• Options for flexible payment plans and credit limit increases