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BMO Preferred Rate Mastercard Review

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BMO Preferred Rate Mastercard
Welcome Offer
0.99% rate on balance transfers for 9 months
Rewards
N/A
Annual Fee
$0 annual fee for the first year ($29 thereafter)
Purchase Interest Rate
13.99%
Cash Advance Rate
15.99%

Our verdict

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

If you're struggling to repay a large debt or can't seem to catch up on your minimum monthly payments, the BMO Preferred Rate Mastercard could be a helpful card for you. You'll get a lower than usual purchase interest rate (13.99% compared to the average of 19.99%) and a balance transfer offer which can help you pay down your credit card debt faster.

Best for: Those who need to manage and pay down existing credit card debt.

Pros

  • No annual fee for the card
  • Low purchase interest rate of 13.99%
  • Get a promo balance transfer rate of 0.99% for 9 months (a 2% applies). The rate thereafter is 15.99%.
  • Easy card to qualify for

Cons

  • You won't earn any rewards or cash back
  • No travel insurance coverage

In this guide

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  • Your reviews
Get a rate of 0.99% on balance transfers for 9 months with a 2% transfer fee. Plus, get the $29 annual fee waived by your first anniversary.

The basics

  • Annual fee. Get the $29 annual fee waived in the first year.
  • Low interest rates. This card comes with a purchase interest rate of 13.99% and a cash advance rate of 15.99%.
  • Balance transfer offer. Get a promo balance transfer rate of 0.99% for 9 months (a 2% applies). The rate thereafter is 15.99%.
  • 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 $29 per year for this card. Get the $29 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.

BMO Preferred Rate Mastercard interest rates

Interest TypeInterest Rate
Purchase interest rate13.99%
Cash advance rate15.99%
Standard balance transfer rate15.99%

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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