{"id":794912,"date":"2019-07-25T00:55:06","date_gmt":"2019-07-25T04:55:06","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=794912"},"modified":"2025-12-15T14:00:33","modified_gmt":"2025-12-15T19:00:33","slug":"bmo-preferred-rate-mastercard","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/credit-cards\/bmo-credit-cards\/bmo-preferred-rate-mastercard","title":{"rendered":"BMO Preferred Rate Mastercard Review"},"content":{"rendered":"<h3>The basics<\/h3><ul class=\"list-1\"><li><strong>Annual fee. <\/strong>You&#8217;ll pay an annual fee of $29<\/li><li><strong>Low interest rates. <\/strong>This card comes with a purchase interest rate of 13.99% and a cash advance rate of 15.99%.<\/li><li><strong>Balance transfer offer. <\/strong>Get a promo balance transfer rate of 0% for 9 months (a 0.99% fee applies). The rate thereafter is 15.99%.<\/li><li><strong>Product coverage. <\/strong> Get purchase protection and extended warranty coverage on most products you buy with your card.<\/li><\/ul><h3>The perks<\/h3><ul class=\"list-4\"><li><strong>Enhanced security. <\/strong> Safeguard your purchases with a PIN-protected microchip and Mastercard SecureCode.<\/li><li><strong>Zero-liability coverage. <\/strong> Relax with the knowledge that you won&#8217;t have to pay in case of fraudulent activity on your account.<\/li><li><strong>Easy to qualify. <\/strong> There are no annual income requirements, but you&#8217;ll need to be a resident of Canada to apply.<\/li><li><strong>Optional benefits. <\/strong> Pay an additional fee to get roadside assistance, balance protection or credit card alerts added on.<\/li><li><strong>Save on groceries.<\/strong> Get three months of Instacart+ and a $5 monthly Instacart credit.<\/li><\/ul><h3>What to watch out for<\/h3><ul class=\"list-3\"><li><strong>Annual fee. <\/strong> You&#8217;ll have to pay $29 per year for this card. <\/li><li><b>No rewards or cash back. <\/b> The low interest rate replaces rewards or cash back as the main incentive.<\/li><li><strong>Few benefits. <\/strong> You won&#8217;t receive additional benefits like travel insurance, airport lounge access or special discounts on car rentals.<\/li><\/ul><h3>BMO Preferred Rate Mastercard interest rates<\/h3><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"width: 50%; text-align: left;\" scope=\"col\"><b>Interest Type<\/b><\/th><th style=\"width: 50%; text-align: left;\" scope=\"col\"><b>Interest Rate<\/b><\/th><\/tr><\/thead><tbody><tr><td>Purchase interest rate<\/td><td>13.99%<\/td><\/tr><tr><td>Cash advance rate<\/td><td>15.99%<\/td><\/tr><tr><td>Standard balance transfer rate<\/td><td>15.99%<\/td><\/tr><\/tbody><\/table><h3>What should I know before I apply<\/h3><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">Eligibility requirements<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>To apply for a BMO Preferred Rate Mastercard, you need to meet the following criteria:<\/p><ul class=\"list-7\"><li data-bind=\"html: $data\">Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)<\/li><\/ul><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000001\" data-toggle=\"collapse\" data-target=\"#accordion0000000001\">\n        <span class=\"luna-accordion__title\">Required documents and information<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000001\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><ul class=\"list-7\"><li>Your name, residential status and contact information.<\/li><li>Your social insurance number and date of birth.<\/li><li>Your email address and phone number.<\/li><\/ul><\/div>\n  <\/div>\n<\/li><\/ul><h3>How to apply<\/h3><ol><li>Click <b>&#8220;Go to site&#8221;<\/b> to be directed to your BMO Preferred Rate Mastercard application.<\/li><li>Complete the application with details that include your name, email address, social insurance number and birth date.<\/li><li>Review and submit your application.<\/li><\/ol><h3>Bottom line<\/h3><p>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.<\/p><h3>Frequently ask questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000002\" data-toggle=\"collapse\" data-target=\"#accordion0000000002\">\n        <span class=\"luna-accordion__title\">BMO Preferred Rate MasterCard have a welcome offer?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000002\" data-accordion=\"details\">\n    <div class=\"accordionContent\">Yes, depending on when you signup. Get a 0% introductory interest rate on balance transfers for 9 months with a 0.99% transfer fee. Plus, get the $29 annual fee waived for the first year.<\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000003\" data-toggle=\"collapse\" data-target=\"#accordion0000000003\">\n        <span class=\"luna-accordion__title\">Does the same low interest rate apply to cash advances?<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000003\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Yes. You&#8217;ll only have to pay 13.99% interest on cash advances (which is around 10% less than what you would pay with other cards).<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000004\" data-toggle=\"collapse\" data-target=\"#accordion0000000004\">\n        <span class=\"luna-accordion__title\">Can I apply online? <\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000004\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Yes, you can apply by visiting the BMO bank website, or you can simply click <strong>&#8220;Go to Site&#8221; <\/strong> in the table above to be redirected to an application.<\/p><\/div>\n  <\/div>\n<\/li><\/ul><p><small>Pictures: bmo.com\/ca<\/small><\/p>","protected":false},"excerpt":{"rendered":"<p>Searching for a low interest card? Save money on your outstanding balance with the BMO\u00ae Preferred Rate MasterCard\u00ae* .<\/p>\n","protected":false},"author":474,"featured_media":1057083,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[5988],"tags":[],"asset_tag":[],"class_list":["post-794912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bmo-credit-cards"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BMO Preferred Rate MasterCard\u00c3\u201a\u00c2\u00ae Review | Finder Canada<\/title>\n<meta name=\"description\" content=\"Want to earn a low interest rate on everyday purchases? 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