Overall rating
First year value
$0
Get this card if you:
- want to pay down credit card debt
- want to take advantage of a low-interest rate promotion
- value extended warranty and purchase protection
Scores by category
Low Interest 4.7
Balance Transfer 4.7
At a glance
The BMO Preferred Rate Mastercard®* is a low-interest credit card designed for individuals seeking to manage their credit card debt more effectively. It offers a competitive interest rate on purchases and balance transfers, along with benefits such as purchase protection and extended warranty, making it a practical choice for those might carry the occasional monthly balance, or who value low interest rates more than rewards.
Highlights
0.99% intro rate
Welcome bonus
$29
Annual fee
waived on the first anniversary when you opt for the introductory balance transfer offer*
Interest Rates
13.99%
Purchase APR
15.99%
Balance transfer APR
15.99%
Cash advance APR
Eligibility
Good
Recommended credit score
Quick overview of the The BMO Preferred Rate Mastercard
The BMO Preferred Rate Mastercard®* is a low-interest credit card designed to help you build your credit score and pay off any credit card debt. It’s all thanks to its 0.99% introductory interest rate on balance transfers with a reduced transfer fee. While it does charge a $29annual fee, it’s waived on your first anniversary.*
Who is the BMO Preferred Rate Mastercard best suited for?
You need a Good credit score to qualify for this card. Once you’re a card holder, you can build your credit score quickly with a balance transfer, low interest rates and quality credit card protections without a high annual fee.
Pros and cons of the BMO Preferred Rate Mastercard®*
Pros
-
Low-interest rate: Offers a competitive purchase interest rate
-
Introductory balance transfer offer for the first nine months
-
First-year annual fee waiver
-
BMO PaySmart™ Installment plans: Turn new credit card purchases into small, interest-free monthly payments with a small fee.
-
Additional cardholder: You can add an additional cardholder for free
-
Free extended warranty and purchase protection*
-
Zero Dollar Liability: protects you from unauthorized use of your credit card*
Cons
-
No rewards: Your focus is paying down debt, not collecting miles.
-
Foreign transaction fee: Charges a 2.5% fee on foreign transactions.
-
Balance transfer fee: While normal, it’s a bit painful to have to fork over a 2% fee on balance transfers.
The BMO Preferred Rate Mastercard®* welcome offer
- Introductory interest rate on balance transfers for 9 months with a 2% transfer fee and BMO will waive the annual fee in your first anniversary
Key benefits
- Low-interest rate: Competitive purchase interest rate of 13.99%.
- Balance transfer: 0% interest rate for nine months helps you pay down debt faster.
- Zero Dollar Liability: Protection against unauthorized use of the card.
The BMO Preferred Rate Mastercard insurance coverage
- Purchase Protection: Provides coverage for eligible items in case of theft or damage.
- Extended Warranty: Extends the manufacturer's warranty on eligible purchases.
For an extra fee, you can access services like Credit Card Balance Protection and BMO Roadside Assistance.
What people say?
Preferred rate cards are for people who don’t pay off their credit card.
/u/Dragynfyre
If you tend to carry a balance on your card or want to pay off your existing credit card debt, preferred rate credit cards are the way to go, as mentioned by this Reddit user. If you are also looking for rewards, you can compare the BMO Preferred Rate Mastercard with others cards below.
How the BMO Preferred Rate Mastercard compares
The BMO Preferred Rate Mastercard®* falls into the low-interest credit card category. When comparing it to other cards in this category, it's essential to consider the interest rate, annual fee and any additional perks or benefits.
$0
First Year Value
$0
Annual Value
Get this card if you...
-
want a low-interest rate on purchases and balance transfers
-
want to lower existing credit card debt
-
value purchase protection and extended warranty coverage
Annual Fee & Annual Interest Rates
$39
Annual Fee
10.99%
Purchase
24.99%
Cash Advance
13.99%
Balance Transfer
Our Take
The MBNA True Line® Gold Mastercard® is a low-interest credit card designed for individuals seeking to manage their credit card debt more effectively. It offers essential benefits such as purchase assurance, extended warranty coverage, and fraud protection.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
-
Low interest rate on purchases and balance transfers
-
Proactive fraud protection
Cons
-
$39 annual fee
-
Penalty interest rate if minimum payments are missed
Annual Interest Rates
10.99%
Purchase
24.99%
Cash Advance
13.99%
Balance Transfer
Fees
$39
Annual Fee
$2.5
Foreign Transaction
3.00%
Balance Transfer
Rewards
10.99%
10.99% interest rate on purchases and 13.99% on balance transfers✪
100%
This card is made from 100% recycled plastic
Funds Transfer
Use available credit on your credit card to transfer funds right to your chequing account.
Our Take
The MBNA True Line® Gold Mastercard® is a low-interest credit card designed for individuals seeking to manage their credit card debt more effectively. It offers essential benefits such as purchase assurance, extended warranty coverage, and fraud protection.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
-
Low interest rate on purchases and balance transfers
-
Proactive fraud protection
Cons
-
$39 annual fee
-
Penalty interest rate if minimum payments are missed
Annual Interest Rates
10.99%
Purchase
24.99%
Cash Advance
13.99%
Balance Transfer
Fees
$39
Annual Fee
$2.5
Foreign Transaction
3.00%
Balance Transfer
Rewards
10.99%
10.99% interest rate on purchases and 13.99% on balance transfers✪
100%
This card is made from 100% recycled plastic
Funds Transfer
Use available credit on your credit card to transfer funds right to your chequing account.
BMO Preferred Rate Mastercard vs. MBNA True Line Mastercard
If you’re looking for a balance transfer credit card, it’s hard to beat the MBNA True Line Mastercard. This is because of its 0% APR for 12 months (with a 3% transfer fee). MBNA may require a few more credit score points (~650+), but it also charges no annual fee. This makes it a strong contender for those looking for the best balance transfer card with a lower APR. If you can afford an annual fee, check out the MBNA True Line Gold Mastercard that charges a mere 10.99% on interest.
✪, Terms and Conditions apply.
This offer is not available for residents of Quebec. For residents of Quebec, please click here.
Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank. ®MBNA and other-trademarks are the property of The Toronto-Dominion Bank.
up to $2,500* value
Welcome Bonus
$2,133
First Year Value
$0
Annual Value
Welcome Bonus: Earn up to $2,500* in value in the first 14 months, including up to 80,000 bonus Scene+ points. Expires Oct 31, 2025
Get this card if you...
-
travel often and want premium travel perks like lounge access
-
want to avoid paying foreign exchange fees
-
value a great welcome offer
Annual Fee & Annual Interest Rates
$399
Annual Fee
9.99%
Purchase
9.99%
Cash Advance
9.99%
Balance Transfer
Our Take
The Scotiabank Platinum American Express® Card is a premium travel rewards credit card offering elevated earn rates on all eligible purchases, with additional benefits such as complimentary airport lounge access and comprehensive travel insurance. It charges no foreign transaction fees and provides access to exclusive events.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
-
The card offers a competitive low interest rate on purchases, cash advances, and balance transfers
-
Comprehensive insurance coverage
-
Complimentary Airport lounge access
-
No foreign transaction fees
-
Ideal for travelers as it has no foreign transaction fees
-
Offers a substantial welcome bonus that includes up to 80,000 Scene+ points
-
Enjoy premium perks like Hertz #1 Club Gold membership and concierge services.
Cons
-
High annual fee: At $399, the annual fee is steep, which could offset the rewards and benefits for some cardholders
-
Below average rewards rate: Lower compared to other cards with similar or lower annual fees
-
Limited American Express acceptance: Especially outside major cities
-
Rewards potential: The net rewards potential is relatively low when considering the high annual fee
-
Non-transferable points: Scene+ points cannot be transferred to other rewards programs
Annual Interest Rates
9.99%
Purchase
9.99%
Cash Advance
9.99%
Balance Transfer
Fees
$399
Annual Fee
$0
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
$29
Over The Limit Penalty
Rewards Scene+
2x
Scene+ points for every $1 spent on all other eligible purchases
4x
Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
0%
No foreign transaction fees
10
Complimentary airport lounge passes per year
Insurance Benefits
$1,000
Mobile device insurance amount
$2,000,000
Emergency medical insurance amount
$10
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
To qualify for this Offer make sure to open a new Scotiabank Platinum American Express credit card account (“Account”) opened between January 3, 2025 and October 31, 2025. |
Our Take
The Scotiabank Platinum American Express® Card is a premium travel rewards credit card offering elevated earn rates on all eligible purchases, with additional benefits such as complimentary airport lounge access and comprehensive travel insurance. It charges no foreign transaction fees and provides access to exclusive events.
Eligibility
Good (620 - 670)
Recommended Credit Score
$12,000
Required Annual Personal Income
Pros
-
The card offers a competitive low interest rate on purchases, cash advances, and balance transfers
-
Comprehensive insurance coverage
-
Complimentary Airport lounge access
-
No foreign transaction fees
-
Ideal for travelers as it has no foreign transaction fees
-
Offers a substantial welcome bonus that includes up to 80,000 Scene+ points
-
Enjoy premium perks like Hertz #1 Club Gold membership and concierge services.
Cons
-
High annual fee: At $399, the annual fee is steep, which could offset the rewards and benefits for some cardholders
-
Below average rewards rate: Lower compared to other cards with similar or lower annual fees
-
Limited American Express acceptance: Especially outside major cities
-
Rewards potential: The net rewards potential is relatively low when considering the high annual fee
-
Non-transferable points: Scene+ points cannot be transferred to other rewards programs
Annual Interest Rates
9.99%
Purchase
9.99%
Cash Advance
9.99%
Balance Transfer
Fees
$399
Annual Fee
$0
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
$29
Over The Limit Penalty
Rewards Scene+
2x
Scene+ points for every $1 spent on all other eligible purchases
4x
Scene+ points for every dollar you spend on hotel bookings, car rentals, and things to do with Scene+ Travel, Powered by Expedia
0%
No foreign transaction fees
10
Complimentary airport lounge passes per year
Insurance Benefits
$1,000
Mobile device insurance amount
$2,000,000
Emergency medical insurance amount
$10
Emergency medical insurance over 65 days
$500,000
Travel accident insurance amount
$1,000
Hotel burglary insurance
$65,000
Rental car insurance amount
To qualify for this Offer make sure to open a new Scotiabank Platinum American Express credit card account (“Account”) opened between January 3, 2025 and October 31, 2025. |
BMO Preferred Rate Mastercard vs. Scotiabank American Express Platinum Card
Charging only 9.99% interest on purchases, cash advances and balance transfers, the Scotiabank Amex Platinum card is a fantastic low interest rate credit card that also earns rewards. It can’t all be great news—the card’s annual fee is $399. So if you’re looking at the Amex for travel and low interest rates, consider if you like the Scene+ program, as you’ll have to transfer points to another card if the annual fee becomes too much.
$0
First Year Value
$0
Annual Value
Get this card if you...
-
want a prepaid mastercard for travel
-
value purchase protection and extended warranty coverage
-
don't care about fancy perks
Annual Fee & Annual Interest Rates
$9.99
Annual Fee
Our Take
The BMO Prepaid Mastercard is a reloadable card that provides the convenience of a credit card without the need for a credit check or income requirements, making it accessible for individuals seeking controlled spending. It offers benefits such as purchase protection and extended warranty coverage; however, it does not contribute to building credit history and lacks rewards programs.
Eligibility
Fair (300 - 619)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
-
No credit check or minimum income requirements for approval.
-
Accepted internationally at over 30 million locations.
-
Offers Purchase Protection and Extended Warranty coverage.
-
No interest rates since it's not a credit card.
-
Enhanced security features, including Mastercard’s Zero Liability insurance.
Cons
-
No rewards or cash back program.
-
Annual fee of $9.99
-
Various fees, including foreign transaction fee and inactivity fee.
-
Maximum balance limit of $10,000
Fees
$9.99
Annual Fee
$2.5
Foreign Transaction
Rewards
N/A
There are no rewards with the BMO Prepaid Mastercard
Our Take
The BMO Prepaid Mastercard is a reloadable card that provides the convenience of a credit card without the need for a credit check or income requirements, making it accessible for individuals seeking controlled spending. It offers benefits such as purchase protection and extended warranty coverage; however, it does not contribute to building credit history and lacks rewards programs.
Eligibility
Fair (300 - 619)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
-
No credit check or minimum income requirements for approval.
-
Accepted internationally at over 30 million locations.
-
Offers Purchase Protection and Extended Warranty coverage.
-
No interest rates since it's not a credit card.
-
Enhanced security features, including Mastercard’s Zero Liability insurance.
Cons
-
No rewards or cash back program.
-
Annual fee of $9.99
-
Various fees, including foreign transaction fee and inactivity fee.
-
Maximum balance limit of $10,000
Fees
$9.99
Annual Fee
$2.5
Foreign Transaction
Rewards
N/A
There are no rewards with the BMO Prepaid Mastercard
BMO Preferred Rate Mastercard vs. BMO Prepaid Mastercard
Why not avoid interest rates altogether? With a BMO Prepaid Mastercard®*, there’s no interest rate on purchases or cash advances, and all for a small annual fee. However, it’s because you’re loading up the card with your money so you can use a credit card to spend, no one is loaning you any money.
Prepaid credit cards don’t help build your credit score, but it certainly keeps your spending in check because you can only spend the money you load onto the card.
Is the BMO Preferred Rate Mastercard worth it?
Given its low-interest rate, balance transfer offer and the first-anniversary annual fee rebate, the BMO Preferred Rate Mastercard®* is a solid choice if you’re looking to save on interest. However, if you’re looking for extensive rewards or benefits, there are better options available.
FAQs
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information
*Terms and conditions apply
Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.
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†Terms and Conditions apply.