RBC Cash Back Preferred World Elite Mastercard Review

Who is the RBC Cash Back Preferred World Elite Mastercard for? 

The RBC Cash Back Preferred World Elite Mastercard is a great option for customers who would like to earn cash back on all their purchases without worrying about accrual restrictions. This card not only provides a generous flat cash back rate of 1.5% on all cardholders’ spending, but also includes other special benefits such as free WiFi access and Mastercard Concierge Service. These excellent features provide further value to frequent business travelers. However, this card requires a minimum income of $80,000 or a household income of $150,000. If meeting these top-level requirements  The RBC Cash Back Preferred World Elite Mastercard might be the right one for you.

Rewards

The RBC Cash Back Preferred World Elite Mastercard allows cardholders to earn unlimited cash back with every purchase they make. The cash back rate is 1.5% for the first $25,000 spent annually, and it becomes 1% for any purchase over that amount. Even though there is a small decline in the cash back rate once it meets the $25,000, it should not be a big concern because the cash back rate resets every year.

Cardholders gradually lost incentives to continue using cash back cards because these cards have a cap for cash cardholders can earn. However, The RBC Cash Back Preferred World Elite Mastercard has unlimited cash features, which allows cardholders to generate a great amount of money in their savings. 

The RBC Cash Back Preferred World Elite Mastercard shows great flexibility in allowing cardholders to redeem cash rewards. If you have earned more than $25 in rewards, you can redeem them whenever you want, wherever you want. Other cash back cards only allow cardholders to redeem cash once per year.

Other benefits

In addition to having a great cash back rate, the RBC Cash Back Preferred World Elite Mastercard has many other features to benefit as many cardholders as they can. This card provides a free account with Boingo, which is a WiFi terminal company with over one million hotspots around the world. Cardholders can access and enjoy free internet in areas such as airports, which further enhance their traveling experience.

With the partnership between RBC bank and Petro-Canada, cardholders can save 3 cents per liter on fuels and receive an extra 20% Petro-Points at Petro-Canada. This feature helps cardholders save additional costs on oil or gas.

Last but not least, the RBC Cash Back Preferred World Elite Mastercard includes premium insurance benefits. With options including Balance Protector Insurance, Identity Protection, and Optional Travel Insurance, this card significantly boosts the purchase protection. While some of its competitors offer 90 days of protection and doubled warranty terms, this card extends the length of protection to 120 days and triples existing manufacturer warranties. These benefits improve the user experience with this card.

Annual Fee & Eligibility

The annual fee for the RBC Cash Back Preferred World Elite Mastercard is $99, which is a reasonable price. Qualified cardholders are welcomed into the World Elite club, receiving a range of benefits and experiences. However, the RBC Cash Back Preferred World Elite Mastercard has a high barrier of entry: cardholders must have an annual income of $80,000 individually or $150,000 for the entire household. Also, they need to have a good credit score to apply.

Moreover, even though cardholders receive no welcome bonus from the RBC Cash Back Preferred World Elite Mastercard, they don’t need to spend extra money on applying for additional cards.

Cautions

The regular purchase APR and cash advance APR are fixed 19.99% and 22.99% for the RBC Cash Back Preferred World Elite Mastercard. However, these interest rates will increase to 24.99% on purchases and 27.99% on cash advances if cardholders fail to make minimum payments. 

While cash advance fees are only $3.5 if cardholders withdraw cash or make cash-like transactions in Canada, they increased to $5 if these activities happen outside Canada. Therefore, cardholders have to be careful with their current locations to avoid further costs

Conclusion

Even though the RBC Cash Back Preferred World Elite Mastercard has high requirements to apply, it offers a great earn rate with unlimited cash features, which maximize cardholder’s cash back. While the cash back rate drops to only 1.0% after $25,000 worth of annual expense, the card’s other perks and benefits make up for the downsides. . 

Cardholders can receive benefits including a complimentary Boingo Wifi account and premium insurance benefits. This card will enhance the traveling experience and serve the world’s elite travelers better than its competition. All things considered, this card is worth its $99 annual fee.