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Mr. Loonie
BMO® Preferred Rate Mastercard®

BMO® Preferred Rate Mastercard®

7.9
Good
Expert Score · 10 reviews How we score

Best for: People who carry a balance and want a lower interest rate for a small fee

The balance you carry
Less interest than a typical card, each year
$210
About $420 a year here, instead of $630 at 20.99%

Ranked #7 of 176 for low interest. See the list

See how we worked it out
Balance transfers
0% for 18 months
3% fee, then 15.99%
Annual fee
$0 first year
Then $29 a year
Apply now on BMO’s site (opens in a new tab)
Needs $15,000 personal income
We may get paid if you apply through this link. It never changes our score.

Have this card?

Details from BMO’s site. Banks can update terms at any time, so give them a quick look before you apply. Source

Is it for me? Interest Can I get it? Perks Fees Similar cards
3 quick questions

Is it for me?

Do you carry a balance from month to month?

Do you have a balance on another card you’d like to move?

Do you want to earn rewards on your spending?

Answer the 3 questions to see if it fits.

From the numbers

The good and the bad

Stands out

  • Good: 0% on moved balances for 18 months A 3% fee to move them.
  • Good: 13.99% on purchases The usual rate is 20.99%.
  • Good: No fee in the first year Then $29 a year.

Watch for

  • Watch for: Earns no rewards If you pay in full each month, a no fee cash back card gives you more.
  • Watch for: $29 a year from year two
  • Watch for: 15.99% after the 18 months Whatever you haven’t paid off by then is charged the regular rate.

Worked out from the card’s rates and fees.

Show your work

What you’d pay in interest

On a balance of $3,000 that you carry for a year.

  • This card $420
    13.99% $3,000 carried all year
  • A typical card $630
    20.99% $3,000 carried all year

If you move a balance here

Moving $3,000 from a card charging 20.99%.

Fee to move it (3%)
$90
Interest here for 18 months
$0
Interest on the old card for 18 months
$945
You keep about
$855
Pay this a month to clear it before the 0% ends
$167
After 18 months, on anything left
15.99%

A late payment can end a promotional rate early. Simple yearly interest on a balance that stays the same. Banks charge interest monthly, so the real cost comes out a little higher.

Before you apply

Can I get it?

  • Age 18 or older 19 or older in BC, NB, NL, NS and the territories
  • Where you live Canada
  • Personal income $15,000 or more Issuer says
  • Credit score No minimum on record Most banks don’t publish one, and we don’t guess.

Mr. Loonie’s tip A balance transfer only helps if the balance shrinks. Set up an automatic payment so it goes down every month.

What critics say

Other reviewers on this card

7.9
Good
Expert Score How we score
  • MoneySense (opens in a new tab) May 2024

    “If you’re looking for a low interest card from an established bank, the BMO Preferred Rate Mastercard is a good option.”

  • SAVVY New Canadians (opens in a new tab) Sep 2022

    “Low-interest credit cards are few and far between in Canada. Other than a handful of options, you are stuck with paying at least 19.99% if you do not pay off your balance within the grace period.”

  • Hardbacon (opens in a new tab) Jul 2022
    7.4

    “If you pay your credit card balance off in full each month, then move along; nothing to see here. But if you’re stressed about credit card debt or sick of choosing between low-interest or handy card features, you’ve come to the right place. The BMO Preferred Rate Mastercard is a great card for anyone looking to pay off their balance faster, protect their purchases, or both.”

  • Money We Have (opens in a new tab) Jun 2022

    “My BMO Preferred Rate Mastercard®* review is positive. This card is perfect for those who are looking to eliminate their debt quicker or for those who normally carry a balance on their credit card. The annual fee is waived for the first year and the balance transfer option is great which is why it’s one of the best BMO credit cards.”

  • Offerhub.ca (opens in a new tab) Mar 2022
    9

    “Thanks to its low-interest rates on purchases, cash advances, and balance transfers, this credit card is ideal for people who have various bank accounts and want to transfer their balance to a low-interest rate bank. It is also a great fit for those who are looking for secure purchase protection and an extended warranty. With the BMO Preferred MasterCard in your wallet, you should not worry about your daily purchases as it is protected by the Canadian Branch of Allianz Global Risks US Insurance Company.”

  • My Rate Compass (opens in a new tab) Feb 2021
    8

    “This card is perfect for people who usually carry a balance and want to save big on interest, and also for people who might have lost their jobs during the COVID-19 crisis. The BMO® Preferred Rate Mastercard®* stands out from the crowd due to the appealing interest rate, which is 7% lower than the market average.”

What cardholders say

Ratings from people with this card

No ratings yet. If you have this card, tell others what it’s like.

Applied and weren’t approved?

Insurance and perks

What comes with it

  • Extended warranty Included
  • Purchase protection Included
  • 15% off admission to Cirque du Soleil shows touring Canada, and 20% off resident shows in Las Vegas
  • Mobile wallets Apple Pay
Coverage limits

We haven’t recorded the coverage limits for this card yet. Read BMO’s insurance certificate before you count on any coverage.

Not included

Not listed for this card: travel medical, trip cancellation, trip interruption, flight delay, lost baggage, car rental damage and mobile device.

Fees and interest

What it costs

Annual fee
$0 first year Then $29 a year
Purchase interest
13.99%
Cash advance interest
15.99%
Foreign currency fee
2.5%
All fees and rates

Fees

Fee waivers
Bank bundle (Get annual fee rebated every year when you also have a BMO Performance chequing account)
Cash advance fee
$1.00, Minimum of $5
Balance transfer fee
5%, Maximum
Over-limit fee
$29
Late payment fee
None
Source
Issuer page

Interest rates

Balance transfer interest
15.99%
Intro rate: balance transfers
0% for 18 months, fee 3%
Source
Issuer page

Read the card terms and conditions for the full terms.

Checked on Nov 8, 2026. Source

Before you decide

Similar cards

Purchase interest on each card. This card: 13.99%.

See all cards ranked by interest

Some of these links pay us when you apply, at no extra cost to you. Most don’t, and pay never changes our score. How we make money

Common questions

Questions people ask

What is the annual fee on the BMO® Preferred Rate Mastercard®?

$0 the first year, then $29 a year.

What income do I need?

BMO asks for $15,000 in personal income.

Does it charge a foreign transaction fee?

Yes, 2.5% on purchases in other currencies.

What is the interest rate?

13.99% on purchases. Cash advances are 15.99%.

Does it have a balance transfer offer?

Yes, 0% for 18 months. The transfer fee is 3%. After that, the rate is 15.99%.

Does it include insurance?

It lists extended warranty and purchase protection. Read the insurance certificate for the limits.

Rates, fees and offers come from the card issuers and change often. We work to keep this page accurate and current, but it may contain mistakes, so always check the issuer’s terms before you apply. This page is general information and isn’t financial advice.

Spot something wrong? We’ll check it with the bank. Suggest a correction

Card names, logos and trademarks belong to their owners. No issuer wrote, paid for or approved what we say about this card. Our scores and opinions are our own.

Mr. Loonie is independent and supported by affiliate links. We may earn a commission when you apply through some links, at no cost to you. How we make money

$210
less interest a year
Apply now on BMO’s site (opens in a new tab)
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