BMO Preferred Rate Mastercard Review

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Get an ultra-low interest rate on your everyday purchases with the BMO Preferred Rate Mastercard.

Get a rate of 3.99% on balance transfers for 9 months with a 1% transfer fee. Plus, get the $20 annual fee waived in the first year.

12.99%

Purchase Interest Rate

$20

Annual Fee

Details

Product NameBMO Preferred Rate Mastercard
RewardTake advantage of an introductory balance transfer offer, annual fee waiver in the first year, and low purchase and cash advance interest rates.
Welcome OfferGet a rate of 3.99% on balance transfers for 9 months with a 1% transfer fee. Plus, get the $20 annual fee waived in the first year.
Purchase Interest Rate12.99%
Cash Advance Rate12.99%
Balance Transfer Rate3.99% for the first 9 months (then 12.99%)
Interest Free Period Up to 21 days
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More Info

30-second take

  • Get this card if you’re looking to save money on interest or want a low introductory balance transfer rate.
  • Choose something else if you’re in the market for a cash back or rewards program.
  • This card does not have minimum annual income requirements.

The basics

If you’re struggling to repay a large debt or can’t seem to catch up on your minimum monthly payments, you might like to consider transferring to the BMO Preferred Rate Mastercard.

  • Annual fee. Get the $20 annual fee waived in the first year.
  • Low interest rates. This card comes with a purchase interest rate of 12.99% and a cash advance rate of 12.99%.
  • Balance transfer offer. Transfer balances as low as $100 from non-BMO credit cards onto your BMO Preferred Rate Mastercard, and pay a promotional balance transfer interest rate of 3.99% for 9 months (a 1% transfer fee applies).
  • Product coverage. Get purchase protection and extended warranty coverage on most products you buy with your card.

The perks

  • Enhanced security. Safeguard your purchases with a PIN-protected microchip and Mastercard SecureCode.
  • Zero-liability coverage. Relax with the knowledge that you won’t have to pay in case of fraudulent activity on your account.
  • Easy to qualify. There are no annual income requirements, but you’ll need to be a resident of Canada to apply.
  • Optional benefits. Pay an additional fee to get roadside assistance, balance protection or credit card alerts added on.

What to watch out for

  • Annual fee. You’ll have to pay $20 per year for this card. Get the $20 annual fee waived in the first year.
  • No rewards or cash back. The low interest rate replaces rewards or cash back as the main incentive.
  • Few benefits. You won’t receive additional benefits like travel insurance, airport lounge access or special discounts on car rentals.

What should I know before I apply

How to apply

  1. Click “Go to site” to be directed to your BMO Preferred Rate Mastercard application.
  2. Complete the application with details that include your name, email address, social insurance number and birth date.
  3. Review and submit your application.

Bottom line

The BMO Preferred Rate Mastercard is a low-interest card that offers upfront savings on outstanding balances for a low annual fee. It also comes with a low introductory balance rate as well as benefits like purchase protection and zero-liability insurance.

Frequently ask questions

Pictures: bmo.com/ca

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