RBC Cash Back Mastercard: A Complete Guide

Discover how the RBC Cash Back Mastercard can save you money

The RBC Cash Back Mastercard is a popular choice for individuals looking to earn rewards on everyday purchases without incurring additional fees. With a simple cashback system, no annual fee, and various features that make managing your finances more convenient, this card stands out as a valuable tool for both casual spenders and budget-conscious individuals. In this guide, we’ll explore the key benefits, application requirements, and provide a step-by-step process on how to apply.

More Details and Positive Aspects

The RBC Cash Back Mastercard is designed to provide steady rewards without unnecessary complexity. Here’s a deeper look at what this card offers:

Access to RBC Perks and Insurance

The RBC Cash Back Mastercard comes with additional benefits, such as purchase security and extended warranty insurance. This means that eligible items purchased with the card are protected against theft, loss, or damage for up to 90 days. Furthermore, the card extends the manufacturer’s warranty by up to one additional year on most purchases. Cardholders also gain access to RBC’s exclusive perks, such as discounts and offers from select merchants.

Fuel Savings with Petro-Canada

RBC has partnered with Petro-Canada to offer additional savings on fuel purchases. When you link your RBC Cash Back Mastercard to your Petro-Points account, you’ll save 3¢ per litre on fuel and earn 20% more Petro-Points. This benefit is particularly useful for drivers who frequently refuel, allowing them to save money at the pump while continuing to earn cash back on their everyday purchases.

Easy Redemption of Cash Back

Redeeming your cash back rewards with the RBC Cash Back Mastercard is incredibly easy. Unlike some cards that have complex redemption rules or require you to accumulate a large amount of points before you can redeem, RBC allows you to apply your cash back directly to your credit card balance. This flexibility means you can use your rewards to lower your bill at any time, providing immediate savings on your everyday expenses.

Requirements to Apply for the RBC Cash Back

Before you apply for the RBC Cash Back Mastercard, it’s important to ensure that you meet the eligibility criteria. Here are the basic prerequisites:

• Minimum Age Requirement
  To qualify for the RBC Cash Back Mastercard, you must meet the age of majority in your province or territory. This typically means being at least 18 or 19 years old, depending on where you live in Canada.
• Canadian Residency
  You must be a permanent resident or citizen of Canada to apply for the card. RBC typically does not issue this credit card to non-residents or temporary visitors.
• Good Credit Score
  Like most credit cards, a good credit score is required to be approved for the RBC Cash Back Mastercard. While RBC does not disclose an exact credit score requirement, having a score in the “good” range (typically 660 or above) increases your chances of approval. If your credit history is limited or poor, you might be required to apply for a secured credit card before being eligible for this one.
• Stable Income
  Although RBC does not list a specific income threshold, having a steady source of income is often a factor in determining approval. You should be prepared to provide proof of employment or financial stability during the application process.

Frequently Asked Questions (FAQ)

How is cashback earned and redeemed?
Cashback is earned on eligible purchases, with 2% cashback on groceries and 1% on other purchases. You can accumulate cashback throughout the year and redeem it at any time. Redemption can be done online or through the RBC mobile app, and the cashback amount is applied as a statement credit or directly deposited into your RBC account.

Are there any foreign transaction fees?
Yes, the RBC Cash Back Mastercard charges a 2.5% foreign transaction fee on purchases made outside of Canada. While the card offers great rewards on domestic purchases, this fee can reduce your cashback earnings when shopping internationally.

Does the RBC Cash Back Mastercard offer travel insurance?
No, the RBC Cash Back Mastercard does not include comprehensive travel insurance. However, it does offer purchase protection and extended warranty insurance, as well as access to RBC perks, which may include occasional travel-related offers.

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Is there a limit on how much cashback I can earn?
There is no cap on the amount of cashback you can earn with the RBC Cash Back Mastercard, allowing you to maximize your rewards over time.

Step-by-Step Guide to Apply for the RBC Cash Back Mastercard

Applying for the RBC Cash Back Mastercard is a simple and straightforward process. Here’s a step-by-step guide to help you get started:

1. Visit the RBC Website
   Head over to the official RBC website, navigate to the credit cards section, and select the RBC Cash Back Mastercard. From there, you’ll see an option to apply online.
2. Fill Out the Application Form
   The online application form will ask for basic personal information, including your name, address, date of birth, and Social Insurance Number (SIN). You’ll also need to provide employment and income details.
3. Agree to the Terms and Conditions
   Before submitting your application, carefully review the terms and conditions. This includes information on interest rates, foreign transaction fees, and the cashback structure.
4. Submit Your Application
   Once you’ve filled out the form and agreed to the terms, submit your application. RBC will review your information, and in most cases, you’ll receive an instant decision. If further review is needed, RBC may contact you for additional information.
5. Receive Your Card
   If approved, your RBC Cash Back Mastercard will be mailed to you within 5-10 business days. Once received, you can activate it online or over the phone and start earning cashback right away.

The RBC Cash Back Mastercard is a great tool for those looking to earn rewards on everyday spending without incurring extra costs. With its simple cashback system, no annual fee, and easy application process, it’s a smart choice for anyone seeking financial flexibility and rewards. Apply today to start enjoying the benefits!