BMO Preferred Rate Mastercard
Annual Fee
$20.00
Interest Rate
12.99%
Balance Transfer
12.99%*
Cash Advance
12.99%
Credit Score
Good
Rewards
-
- Welcome offer: Get a 3.99% introductory interest rate on Balance Transfers for 9 months, 1% fee applies to balance amounts transferred.
- Low $20 annual fee
- BMO’s lowest interest rate of 12.99% on purchases and cash advances
- Free extended warranty and purchase protection
- Zero Dollar Liability: protects you from unauthorized use of your credit card
- You must be a Canadian resident
- You must be the age of majority in your province/territory of residence.
Summary
The BMO Preferred Rate Mastercard offers holders free extended warranty and purchase protection, and BMO’s lowest interest rate of 12,99% on purchases and cash advances. Plus, get a 3.99% introductory interest rate on Balance Transfers for 9 months!
Our Review
BMO Preferred Rate Mastercard
The BMO Preferred Rate Mastercard offers cardholders a low interest rate on ongoing purchases, balance transfers and cash advances. The interest rates on these categories are BMO’s lowest, at 12.99% for all three. On top of that, get a welcome rate of 3.99% interest on balance transfers (a 1% fee applies) for the first 9 months. This card comes with an annual fee of $20, and offers no rewards or perks, but it does include a free extended warranty and purchase protection. If you’re looking to pay back credit card debt, this card might be a good choice for you, but you may be able to find similar rates without the annual fee.
As per our rating system, this card scored 0/25 on rewards, 23/25 on interest rates and balance transfers, 7/25 on perks and insurance, and 24/25 on annual fees. Therefore, the total smart score of this card is 54/100.
Pros
- Welcome offer: Get a 3.99% introductory interest rate on Balance Transfers for 9 months, 1% fee applies to balance amounts transferred.
- Get a 12.99% interest rate on balance transfers thereafter.
- BMO’s lowest interest rate of 12.99% on purchases and cash advances
- Get purchase protection and extended warranty.
Cons
- This card does not offer rewards, insurance or extra perks.
- An annual fee of $20.