BMO Preferred Rate Mastercard Review
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.
Purchase Interest Rate
|Product Name||BMO Preferred Rate Mastercard|
|Reward||Take advantage of an introductory balance transfer offer, annual fee waiver in the first year, and low purchase and cash advance interest rates.|
|Welcome Offer||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.|
|Purchase Interest Rate||12.99%|
|Cash Advance Rate||12.99%|
|Balance Transfer Rate||3.99% for the first 9 months (then 12.99%)|
|Interest Free Period||Up to 21 days|
|Minimum Credit Limit||$500|
- 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.
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.
- 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
- Click “Go to site” to be directed to your BMO Preferred Rate Mastercard application.
- Complete the application with details that include your name, email address, social insurance number and birth date.
- Review and submit your application.
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