RBC Cash Back MasterCard Review

RBC Cash Back MasterCard

RBC Cash Back MasterCard

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RBC Cash Back MasterCard
7 / 10 Our Vote
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Pros
Annual fee
Balance transfer 1.99%
2% cash back rate on groceries
Cons
Cash back rate drops to 1%
Summary

The cash back MasterCard by Royal Bank of Canada is a rewards category credit card. This card comes with many plus points that may appeal to many credit card users. There are 2 categories in which you may earn some cash back. The first category is 2% cash back rate for purchases on grocery items. The second category is for purchases on everything else and gas. You pay no annual fee on the primary or additional cards. They also give a promotional rate for balance transfers at 1.99% for the initial 10 months. This card stands out on the cash advance rate of 1.99%. Now, this rate sure beats some other competitor cards who charge anywhere from 19% to 22.99% interest rates on cash advances.

The only catch is that you may either use the balance transfer promotion or cash advances promotion for 1.99% rate but not both together. This card has limited insurance benefits only and no travel coverage. The card suits those who buy their grocery on this card as their primary credit card.

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RBC Cash Back MasterCard Pros

The RBC Cash Back MasterCard has many positive features. Some of these pros are as follows.

  • They do not charge an annual fee on the primary or additional cards.
  • The balance transfer rate of 1.99% on promotion is good for 10 months.
  • If you do not want to transfer any balance then you may use the 1.99% rate for the promotion on cash advances with this card.
  • There is no limit on the amount you could earn as cashback.
  • They give a 2% cash back rate on groceries which makes it easy to gather points.
  • Get 1% cash back even on pre-authorized payments.
  • Great flexibility in the redemption of cash back. Either redeem $25 or let it accumulate and get a bigger amount in the January statement.

RBC Cash Back MasterCard Cons

The RBC Cash Back MasterCard does have some drawbacks too as follows.

  • They offer only extended warranty and purchase protection on this card.
  • The cash back rate of 2% on grocery items has a maximum limit of $6000 and thereafter the rate drops to 1%.
  • You may not use both cash advance and balance transfer promotional rate of 1.99% (valid for first 10 months) at the same time.

RBC Cash Back MasterCard Overview

Annual Fee:$0.00
Interest Rate:19.99% on purchases
Balance Transfer:1.99% * promotional rate for 10 months
Cash Advance:21.99% *promotional rate of 1.99% if no balance transfer
Credit Score:Good
Additional CardNo fee
Rewards:2 tiers, 2% on grocery and 1% on everything else
OtherTheft & damage coverage on purchase protection, zero liability and extended warranty period

RBC Cash Back MasterCard Features & Benefits

Some of the main features of the RBC Cash Back MasterCard are as follows.

Annual Fee

They do not charge an annual fee for primary and supplementary cards.

Interest Rate

The APR or annual purchase interest rate is 19.99%

Balance Transfer

You may transfer balances from other creditors to this card at a promotional low-interest rate of 1.99% and this offer is for 10 months. This offer may not be available if you get a cash advance at 1.99% promotional rate.

Cash Advances

The interest rate they charge for cash advances is annually 22.99% for the cash advances that you obtain using this card.

Credit Score Rating

To be eligible for this credit card you may have a good rating for your credit scores. So, the credit history must be over 6 years and no application for new credit in the last nine months. You may not have missed your minimum payments since past three months.

Additional Cards

There are no fees to request for an additional card. So, when more users may purchase with this card to earn rewards.

Rewards

You may earn 2% cash back rate on grocery items that you purchase with this card. In order to qualify a purchase a grocery category, the merchant code is 5411. This includes store items sold in “grocery stores, convenience stores, and supermarkets”. If any merchant sells grocery but is not a part of MCC (Merchant Category Code) 5411 then you may not earn 2% cash back rate at those stores. There is a list of grocery merchants that you could look at to know the stores where you could earn 2%. You could also earn 2% cash back on clothing, giftware, seasonal items and flowers purchased at a grocery store with MCC code 5411.

RBC Cash Back MasterCard Grocery Store List

Asian Food CenterNester's Market
Askew's FoodsNo Frills
Atlantic WholesalersOverwaitea Food
BidgoodsPete's Frootique
Brunos Fine FoodsPlanet Organic
Buy Low FoodsPrice Chopper
Canada SafewayPrice Smart
Choices MarketProduce Depot
Colemans Food CentreProvigo
Community Natural FoodsQuality Foods
CO-OPQuality Market
Cooper's FoodsRabba
Country GrocerReal Canadian Super Stores
DominionSave Easy
Extra FoodsSave On Foods
Fairway MarketShop Easy Foods
Farm BoyShop 'N Save
Food BasicsSobeys
FoodlandStarsky Foods
FortinosStongs Markets
Grocery GatewaySuper C
Hannam SupermarketSuper Valu
Highland FarmsSupermarché P A
IGASuperstore
Kin's Farm MarketT & T Supermarket
Les Aliments M&MThrifty Foods
LoblawsUrban Fare
Longo'sValumart
M & M Meat ShopsVillage Food Markets
MaxiWal-Mart Superstores
MetroWeston Produce
Michael - Angelo's MarketYour Independent Grocers
Moncion GrocersZehrs

RBC Cash Back MasterCard Rewards Calculator

Spending CategoryMonthly Spending
Total Spending Reward$247
Groceries$400
Gas$300
Restaurants$200
Bills$500
Travel$150
Entertainment$200
Pharmacy$0
Everything Else$250

Insurance Features Of RBC Cash Back MasterCard

BenefitCoverage limits
Purchase SecurityFor up to a period of 90 days from the time your purchase a product with this card
Extended Warranty ProtectionGet double time the warranty period up to 1 more year

Coverage Summary

Some optional features are available that you could add for more protection. These include identity protection, balance protection, RBC Road Assist, Credit Monitoring and travel insurance. The RBC Cash Back MasterCard has some limited insurance features. You may get up to 90 days damage & theft for any item that you purchase with this card. The manufacturer warranty doubles for up to 1 more extra year when you buy a product using this card.

Where Can You Use RBC Cash Back MasterCard

You may use the RBC Cash Back MasterCard at all online merchant terminals and the point of sale locations who accept MasterCard. It is very easy to find merchants where you could use the MasterCard all over the world. They display MasterCard signage or logos.

RBC Cash Back MasterCard Reward Redemption

The minimum amount that you may have to collect to redeem is $25. The cash back amount is credited on your January card statement. If you want your cash back credit before January then you may call customer service to request them. Your cash back credit balance does not count for the monthly minimum payment. So, you have to continue to pay your minimum payments and avoid a default in payment.

RBC Cash Back MasterCard Contact Information

  • Customer Service Number: 1800 769 2511

*Rate and product information are subject to change at any time and does not constitute financial advice. Please contact the supplier for complete details.

RBC is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.


Resources:

http://www.rbcroyalbank.com/credit-cards/cash-back-credit-card/cash-back-mastercard/cashback-mc-faqs.html

http://www.rbcroyalbank.com/cashbackcard/pdf/grocery-popular-merchant-mc1-english.pdf


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