What the Card Offers
RBC markets the Cash Back Mastercard as no-fee unlimited cash back: 2% on groceries, 1% on gas, EV charging, transit and rideshare, 0.5% on everything else, plus 5% extra on the first $2,000 for 6 months.
- $0
No annual fee1
No annual fee for the card or additional cards.
- 2%
Cash back on groceries2
2% on grocery store purchases, with no cap.
- 1%
Cash back on gas and transit2
1% on gas, EV charging, transit and rideshare, with no cap.
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- 5%
Extra welcome cash back3
An extra 5% on up to $2,000 in purchases in your first 6 months, up to $100.
Benefits as advertised by the issuer. The conditions attached to them are in the Fine Print Report below.
Sources (3)
- RBC Cash Back Mastercard product page (retrieved 2026-10-13)
- RBC Cash Back Program Terms and Conditions 16416 (10/2026), s. 6(c)
- RBC Cash Back Mastercard product page legal disclaimers (retrieved 2026-10-13)
Points & Redemption
Rates: RBC Cash Back Program Terms and Conditions 16416 (10/2026), section 10. Cash back is credited to your account balance at face value.
The Fine Print Report
Light fine print. Simple terms; the base rate is low.
0.5% base rate; 21.99% interestImpact level: Medium
Everything outside groceries, gas and transit earns 0.5%; the purchase rate is 21.99%
Purchases outside groceries, gas, EV charging, transit and rideshare earn 0.5%. The card's purchase interest rate is 21.99%, a point higher than most RBC cards.
Why it matters: Dining, travel and online shopping earn 0.5%. Pay in full each month; the higher rate matters if you carry a balance.
Cash back wiped if behind on Dec 31Impact level: Medium
Your cash back is wiped if the account isn't in good standing on December 31
Cash back accumulates through the calendar year. If the account isn't in good standing (more than two statement periods past due, closed or charged off) on December 31, the year's balance is cancelled. RBC can also end your participation if you earn no cash back for three consecutive years.
Why it matters: Request your cash back once you reach $25 rather than waiting for the January credit.
2.5% FX markup; refunds won't fully reverseImpact level: Medium
Foreign currency purchases are converted at 2.5% over the benchmark rate, and refunds won't fully reverse
Purchases in a foreign currency are converted to Canadian dollars at 2.5% over the benchmark exchange rate; some are converted to U.S. dollars first. If you carry a balance, interest is charged on the full converted amount. If a foreign purchase is refunded, the agreement says the charge and credit won't exactly balance because of the exchange rate.
Why it matters: Every $1,000 spent abroad or online in foreign currency costs about $25 in conversion markup.
2 missed payments: higher rates for a yearImpact level: Medium
Two missed payments in 12 months raise your rates until you pay on time for 12 straight months
If your minimum payment isn't made by the due date and still isn't paid by your next statement date, twice in any 12-month period, RBC raises your purchase and cash advance rates to the higher rates in your Information Box. The higher rates apply to new transactions and all remaining balances until you make 12 consecutive on-time minimum payments.
Why it matters: Carrying a balance becomes more expensive for at least a year. Automatic minimum payments prevent it.
RBC can debit your other accountsImpact level: Medium
RBC can take what you owe from your other RBC accounts without telling you first
If you don't meet the agreement's payment terms, RBC can deduct amounts owing on the card from any other account you have with RBC and apply them to the card, without notice in advance.
Why it matters: If your chequing account is also at RBC, a missed card payment can lead to a withdrawal you didn't schedule.
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Redeem by phone, $25 minimumImpact level: Low
Cash back is redeemed by phone with a $25 minimum, or credited once a year in January
You can request cash back once your balance reaches $25 by calling RBC; otherwise it's credited automatically in January.
Why it matters: Annual crediting means a year's cash back sits with RBC.
Bonus rate depends on merchant codesImpact level: Low
Bonus categories depend on how the merchant is coded; warehouse clubs and big-box stores usually don't count as groceries
Bonus earn rates apply only to merchants classified under specific Merchant Category Codes. Stores that sell groceries but aren't coded as grocery stores, such as warehouse clubs and many big-box retailers, earn the base rate, as do merchants located inside a grocery store.
Why it matters: Check where you actually shop before counting on the bonus rate.
Who This Card Is For
Great fit if you...
- Want no-fee cash back
- Spend heavily on groceries
- Prefer unlimited earning with no caps
- Pay in full every month
- Want a simple welcome bonus
Consider alternatives if you...
- Spend mostly on dining or travel
- Carry a balance (21.99%)
- Want any insurance beyond purchase protection
- Shop mostly at warehouse clubs
- Make many foreign-currency purchases
Welcome Bonus History
RBC Cash Back MC Welcome Bonus History
The Verdict
The Cash Back Mastercard pays an uncapped 2% on groceries with no annual fee, which is competitive among no-fee cards.
Other spending earns 0.5%, the purchase rate is 21.99%, and redemption requires a call or waiting until January.
The Recommendation: Good for grocery-heavy households that want no fee. With $1,500+ a month in category spending, the Cash Back Preferred World Elite's 3% usually covers its $120 fee.
Before you apply: This teardown is general information, not financial, legal or insurance advice, and reflects the issuer's documents as of October 2026. Terms, rates, fees and offers change, and the issuer's own agreement, disclosure statement, insurance certificates and program terms are what govern your card. Read them in full and confirm details with the issuer before you apply. Full disclaimer