RBC Business Cash Back Mastercard review | Finder Canada (2024)

The RBC Business Cash Back Mastercard gives you a decent return on cashback when you make business purchases. You can Earn 2% cashback on all of your purchases in your first 3 months and 1% after that. This card also comes with basic insurance, fraud protection and optional extras like travel insurance.

30-second take

• Think about this card if you want to earn cashback without paying an annual fee.

• Choose something else if you want low interest or comprehensive benefits.

• There’s no minimum annual income listed to qualify for this card.

The basics

If you’re looking for a no-fee credit card that will give you cashback on every purchase you make for your business, then the RBC Business Cash Back Mastercard could be a suitable fit.

• No annual fee. You won’t have to pay an annual fee to keep your account active.
• Decent cashback return. Earn 2% cashback on all of your purchases in your first 3 months and 1% after that.
• Flexible redemption. Get your balance paid out as soon as your cashback reaches $25 or wait to receive a yearly payment every January.
• Purchase assurance. Rest easy with 90 days
  purchase protection and double the extended warranty coverage on eligible products you buy with your card.
• Fuel discounts. Save 3 cents per litre on fuel and get 20% more Petro-Points and RBC Rewards points when you spend money at Petro Canada.
• Zero liability insurance. Avoid paying for fraudulent charges on your card with zero liability insurance.

The perks

• Optional travel medical insurance. Pay a little bit more each year to get basic travel insurance.
• Credit card lock. Lock your card temporarily at any time by signing into the RBC Mobile app.
• Security features. Rest easy knowing that your purchases are protected by fraud detecting services, PIN-enabled microchips and online payment protection.
• Special offers. Sign in with your business account to get discounts on purchases from popular brands and retailers.
• Easy payment. Take advantage of contactless payment with Mastercard Tap & Go®.
• No fee for additional cards. You won’t have to pay an extra fee to add cards to your account.

What to watch out for

• High interest. You’ll pay 19.99% interest on any outstanding balance you carry along with 22.99% for cash advances.
• No rewards. You won’t earn any points for spending money on your business.
• Few benefits. You won’t get more comprehensive benefits like travel insurance, mobile device coverage or roadside assistance with this card.
• Must be an RBC client. You can only link your credit card to your Petro Canada membership if you hold an RBC client card or credit card.

RBC Business Cash Back Mastercard interest rates

What should I know before I apply

• To apply for an RBC Business Cash Back Mastercard, you need to meet the following criteria:

  • Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces).
  • Own a small business in Canada.
• • Your name, residential status and contact information.
  • Your social insurance number (SIN) and date of birth.
  • Your email address and phone number.

How to apply

1. Head to the RBC website to begin your application.
2. Complete the application, which includes providing your name, email address, social insurance number and birth date.
3. Review and submit your application.

Bottom line

If you’re looking to earn a decent cashback return when you make purchases for your business, you might like to check out the RBC Business Cash Back Mastercard. This card gives you basic insurance, fuel discounts and special offers from reputable businesses for no annual fee.

Compare other business credit cards

Frequently asked questions

• Yes and no. It doesn’t necessarily give you a welcome bonus that you can cash in on right away, but it does allow you to earn an accelerated cashback rate in your first three months.

• You can get your cashback deposited into your account as soon as it reaches $25. You can also choose to wait until it’s automatically paid out in January of each year.

• Yes. If you want to collect points and get a full suite of benefits, you can look into the RBC Avion Visa Business Card or the Avion Visa Infinite Business Card. Just be aware that you’ll have to pay an annual fee to take advantage of these cards.

• Yes, you can apply by visiting the RBC bank website.