BMO Preferred Rate MasterCard Review
Get an ultra-low interest rate on your everyday purchases with the BMO Preferred Rate Mastercard..
Purchase Interest Rate
3.99% for the first 9 months (then 12.99%)
Balance Transfer Rate
|Product Name||BMO Preferred Rate MasterCard|
|Reward||Low interest rates of 12.99% on purchases and cash advances.|
|Welcome Offer||Offers a 3.99% balance transfer intro rate in the first nine months to new cardmembers.|
|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|
|Go to site|
The BMO Preferred Rate MasterCard offers a low 12.99% interest rate and a 3.99% balance transfer rate in your first 9 months. The downside is it comes with very few added benefits, and you’ll have to pay an annual fee.
- 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 cashback 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.
- Low interest rate. The interest rate on this card is 7% lower than on a typical card.
- Low introductory balance rate. Earn a low 3.99% introductory interest rate on balance transfers in your first 9 months (with a 1% transfer fee).
- 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 to maintain this card.
- No rewards or cashback. The low interest rate replaces rewards or cashback 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.