BMO Preferred Rate MasterCard review

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Advertiser Disclosure

Interest Rate: Purchases
11.9
Balance Transfer
11.9 (3.99% for the first 9 months)
Rewards
-
Signup Bonus
-


9.8/10
Informr score
The BMO Preferred Rate MasterCard currently has an Informr score of 9.8 out of 10. This score is based on our evaluation of 3 sources including reviews from users and the web's most trusted critics.

Am I eligible?


BMO Preferred Rate MasterCard is typically available to those with good credit scores (650 or greater).
To get this card, you must also:
Yes Be at least 18 years of age (AB, MB, ON, PE, QA, SK). 19 in all other provinces.
Yes Be a permanent or temporary resident of Canada
Yes Have a minimum personal income of $15000.

Note: This information is only intended as a guide. The final decision is up to the bank and your application could still be rejected even if you can answer 'Yes' to all the minimum criteria above. Always consider your options and your financial situation before you apply for a credit card.

What the Critics Are Saying...


creditcardGenius

The BMO Preferred Rate Mastercard has permanently low interest rates so you don’t need to worry when you can’t quite make the full payment on time.

- creditcardGenius
LowestRates.ca

With this card, you get BMO’s preferred interest rate of 11.9%. Credit card lenders typically only allow clients who are in good standing credit-wise to access this rate. And you get this benefit by paying a relatively low fee of $20. Plus, you only need a fair credit score to qualify (in the 575-64...

- LowestRates.ca
Ratehub.ca

If you’re in the habit of carrying a balance on your credit card from month to month, a low interest credit card might be the solution to your problems

- Bassel Abdel-Qader, Ratehub.ca

Details


Interest Rates
Regular APR Interest Rate 11.9%
Balance Transfer Interest Rate 11.9% (3.99% for the first 9 months)
Cash Advance Interest Rate 11.9%
Rates & Fees
Annual Fee $20.00
Balance Transfer Fee 3%

Maximum

Cash Advance Fee $3.50

$5.00 fee charged at a financial institution/ATM outside Canada.

Foreign Transaction Fee 2.5%

Transactions made in a foreign currency will be converted and posted to your account in Canadian currency.

Over Limit Fee $29.00
Late Payment Fee $0.00
Promotions
Sign up bonus No
Rewards
All Purchases No
Restaurants No
Gas No
Groceries No
Hotels No
Travel No
Pharmacy No
Bills No
Features & Benefits
Additional Card Holders Yes
Travel Accident Insurance No
Car Rental Insurance No
Car Rental Discount No
Extended Warranty No
Purchase Protection No
Zero Liability Yes
No Foreign Transaction Fees No
Emergency Assistance No
Concierge Service No
Price Protection No
Fraud Protection Yes
Free Credit Scores No
Wireless Payments Apple Pay
Eligibility
Minimum Security Deposit $0
Minimum Age

18 years in AB, MB, ON, PE, QA, SK. 19 years in all other provinces.

Minimum Personal Income $15,000 per year


Temporary Residents No
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Additional comments
Terms & Conditions Official Terms & Conditions
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Critic Reviews


creditcardGenius

One of the top 10 low interest credit cards

creditcardGenius

The BMO Preferred Rate Mastercard has permanently low interest rates so you don’t need to worry when you can’t quite make the full payment on time.

Read full review

The BMO Preferred Rate Mastercard has permanently low interest rates so you don’t need to worry when you can’t quite make the full payment on time.

Read full review

Less

LowestRates.ca

An excellent credit card to consider if you want to rebuild your credit score

LowestRates.ca

With this card, you get BMO’s preferred interest rate of 11.9%. Credit card lenders typically only allow clients who are in good standing credit-wise to access this rate. And you get this benefit by paying a relatively low fee of $20. Plus, you only need a fair credit score to qualify (in the 575-649 range).

Read full review

With this card, you get BMO’s preferred interest rate of 11.9%. Credit card lenders typically only allow clients who are in good standing credit-wise to access this rate. And you get this benefit by paying a relatively low fee of $20. Plus, you only need a fair credit score to qualify (in the 575-649 range).

Read full review

Less

Ratehub.ca

A great low interest card

from Ratehub.ca

If you’re in the habit of carrying a balance on your credit card from month to month, a low interest credit card might be the solution to your problems

Read full review

If you’re in the habit of carrying a balance on your credit card from month to month, a low interest credit card might be the solution to your problems

Read full review

Less

User Reviews


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