Home
Credit Cards
Credit Card Reviews
BMO Preferred Rate Mastercard Review

BMO Preferred Rate Mastercard®* review

Tyler Wade
Cory Santos

Apr 17, 2025

While we adhere to strict editorial guidelines, partners on this page may provide us earnings.

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

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. It also has a low annual fee of $29. 

Who is the BMO Preferred Rate Mastercard best suited for?

  • People carrying credit card debt who want to reduce their interest payments with the low standard interest rate
  • Balance transfer seekers looking to consolidate higher-interest debt with an introductory APR
  • BMO customers who want to keep all their financial products in a single place
  • Budget-conscious consumers willing to pay a small annual fee in exchange for significant interest savings
  • People with fair to good credit

Pros and cons of the BMO Preferred Rate Mastercard®*

Pros

Pros

  • Low-interest rate: Offers a competitive purchase interest rate

  • Introductory balance transfer offer for the first nine months

  • 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

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

The Preferred Rate credit card comes with a decent introductory interest rate offer doe new accounts:

  • Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.*

What makes this offer particularly strong is its 9-month duration, which provides cardholders with ample time to make substantial progress paying down transferred debt. Many competing balance transfer offers only extend for 6 months, giving you less time to tackle your balance while enjoying the promotional rate.

Even when factoring in the standard 3% balance transfer fee that typically applies, the math still works heavily in your favor if you're carrying high-interest debt.

Can you earn rewards with the BMO Preferred Rate Mastercard®?*

No. Unfortunately, the BMO Preferred Rate Mastercard®* does not earn rewards points or cash back on purchases.

Key benefits of the BMO Preferred Rate Mastercard

  • Low standard APR: The card features a competitive 113.99% interest rate on purchases and cash advances, significantly lower than the typical 19.99% or higher charged by most credit cards, saving you money when carrying a balance
  • Balance transfer offer: New cardholders receive a 0.99% introductory interest rate on Balance Transfers for 9 months*, providing an extended opportunity to pay down existing high-interest debt
  • Affordable annual fee: Comes with a modest $29 annual fee that's easily offset by the interest savings for anyone who occasionally carries a balance, making it a cost-effective choice for everyday financial management

BMO Preferred Rate Mastercard insurance coverage

Coverage
Amount
Purchase protection
Provides coverage for eligible items in case of theft or damage for 90 days
Extended warranty
Extends the manufacturer's warranty on eligible purchases by 1 year

For an additional fee, you can access more services like Credit Card Balance Protection and BMO Roadside Assistance.

Extra benefits of the BMO Preferred Rate Mastercard

  • Zero Liability has your back if someone goes on a shopping spree with your stolen card info - you won't be on the hook for fraudulent charges
  • Mastercard Identity Check™ gives you extra peace of mind* when shopping online, helping keep your digital purchases safe from prying eyes
  • BMO Alerts work like your personal security buddy, sending you heads-up messages about large purchases or anything fishy happening with your account
  • BMO PaySmart™ installment plans allow you to break up bigger purchases into bite-sized, interest-free monthly payments with a small fee, perfect when you need something now but want to spread out the cost over time.

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.

Preferred rate cards are for people who don’t pay off their credit card.

/u/Dragynfyre

How does the BMO Preferred Rate Mastercard compare?

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.

Here’s how the card stacks up with two close competitors:

MBNA True Line® Mastercard®

2.9

Winner: Best Balance Transfer

0% intro rate

Welcome Bonus

$0

First Year Value

$0

Annual Value

Welcome Bonus: Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening.

Learn More Apply Now On MBNA Credit Cards' Secure Site

The MBNA True Line Mastercard counters with a slightly lower 12.99% purchase interest rate and completely eliminates the annual fee, saving you $29 every year. However, it falls short with its steep 24.99% cash advance rate, making it significantly more expensive if you ever need to withdraw cash.

For someone focused purely on the lowest ongoing interest rate who never uses cash advances, the MBNA True Line saves you money with its lower rate and no annual fee. However, if you plan to transfer a balance or might need cash advances, the BMO card offers better value with its longer promotional period and much lower cash advance rate.

BMO Preferred Rate Mastercard MBNA True Line Mastercard
Annual fee:
$29 		Annual fee:
$0
Welcome offer:
0.99% introductory interest rate on Balance Transfers for 9 months* 		Welcome offer:
Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening.
APR on purchases:
13.99% 		APR on purchases:
12.99%
APR on transfers:
15.99% 		APR on transfers:
17.99]%
Insurance:
Basic 		Insurance:
Basic
Apply Now Apply Now

CIBC Select Visa* Card

2.7

Finalist: Balance Transfer

0% interest

Welcome Bonus

$0

First Year Value

$0

Annual Value

Welcome Bonus: Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate.‡

Learn More Apply Now On CIBC's Secure Site

The CIBC Select Visa matches BMO's 13.99% interest rate on purchases and cash advances and annual fee. Where it shines is its superior balance transfer offer (0% interest on balance transfers for up to 10 months†) and added insurance benefits including common carrier accident coverage and rental car collision protection.

For those who qualify, the CIBC Select Visa offers superior value with its no-fee balance transfer and added insurance benefits, especially if you can get approved with the lower annual fee tier. However, if you don't meet the income requirement or prefer predictable annual costs regardless of credit limit, the BMO card remains a solid choice with its fixed fee structure.

BMO Preferred Rate Mastercard CIBC Select Visa* Card
Annual fee:
$29 		Annual fee:
$29
Welcome offer:
0.99% introductory interest rate on Balance Transfers for 9 months* 		Welcome offer:
Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate.‡

APR on purchases:
13.99% 		APR on purchases:
13.99%
APR on transfers:
15.99% 		APR on transfers:
13.99%
Insurance:
Basic 		Insurance:
Basic
Apply Now Apply Now

Disclosures:

  • †Terms and Conditions Apply. This offer is not available for residents of Quebec.

  • This is a digital-exclusive offer.†

    To be eligible for this offer:

    1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and

    2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.†

    This offer is reserved for you. Please do not forward it to anyone else.

    This balance transfer offer is only available at the time of your online application†. Simply tick the checkbox to select the balance transfer option when you’re filling out your application.

    Once you take advantage of this offer, you'll have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate.

    Any opinions, analyses, reviews, or recommendations expressed on this page are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by our advertising partners.

Is the BMO Preferred Rate Mastercard worth it?

Given its low-interest rate and balance transfer offer, 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

  • How does the balance transfer offer work?

    +

    Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.*

  • How do I qualify for the BMO Preferred Rate Mastercard?

    +

    While the card is accessible to those with fair credit scores (ranging from 575-749), having a good credit score can increase the chances of approval. This card does not have any income requirements.

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 Personal finance content strategist & writer

Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.

Cory Santos Credit card expert

Cory Santos is a finance writer, editor and credit card expert with nearly a decade of experience in personal finance. Cory joined Wise Publishing from BestCards, with bylines in numerous print and digital publications across North America, including the Miami Herald, St. Louis Post-Dispatch, Debt.ca, AOL, MSN and Medium as well as financial podcasts like KOFE Talk.

Explore the latest articles

Tariffs

Using balance transfer credit cards during tariffs

Discover how a balance transfer credit card can provide financial relief for Canadians struggling with debt amid Trump's tariffs and surging inflation

CS
Cory Santos

Newfoundlanders feel cost of living pinch
LK
Leslie Kennedy

How Canadians can navigate market volatility
LK
Leslie Kennedy

Tax credits vs. tax deductions: Maximize savings
DT
Daniel Teo

Disclaimer

The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

†Terms and Conditions apply.