BMO Preferred MasterCard Credit Card Review

9/10

Interest Rate

12.99%

Annual Fee

$20

Balance Transfer

3.99%

Card Type

Low Interest

Get a 3.99% introductory interest rate on balance transfers for 9 months with a 1% transfer fee

Signup/Welcome bonus from BMO Preferred MasterCard users

When signing up for the BMO Preferred MasterCard, the primary cardholders will not need to pay the annual fee for the first year. After the first year, the cardholders will make a yearly payment of $20. The payment date counts from the first day of the credit card opening. The BMO Preferred MasterCard Offers low credit card interest rates for you not to worry if not being able to make full payment on time. This card is a great option for those who are looking to lower interest charges and cut credit card debts.
  • Users who sign up for the card won’t need to pay the annual fee for the first year
  • You can easily transfer your balances from other accounts to a much lower interest rate of 3.99%
  • Get a 3.99% introductory interest rate on balance transfers for 9 months with a 1% transfer fee
  • No annual fee the first year
  • Get the $20 annual fee rebated every year when you also have a BMO Performance chequing account
  • Enjoy extended warranty and purchase protection
  • Mastercard Identity Check™* adds another layer of security to protect you when you shop online.
  • Zero Liability safeguards you if there is any monetary loss resulting from fraudulent card use.

Credit Cards that have lower interest rates are more relevant than reward cards if you are looking to run a balance. The BMO Preferred MasterCard has a regular 12.99% interest rate, allowing you to save more money. Moreover, you can effortlessly transfer your balance from higher-interest cards to the BMO card with the lowest 3.99% rate. The transfers are also available with only a 1% transfer fee for the first 9 months and the annual fee of the first year will be waived with the value of $20. The BMO Preferred MasterCard is a great choice for people who wish to keep all their accounts with one provider or affiliate their cards with one of the banks of their choice

Important details about the BMO MasterCard

Below you will find the most important details and rates that the BMO MasterCard offers to its users.

  • Interest Rate – 12.99%
  • Interest Rate Promo – 3.99% on balance transfer for 9 months
  • Balance Transfer Rate – 12.99%
  • Balance Transfer Rate Promo – 3.99%
  • Cash Advance Rate – 12.99% on all purchases and cash advance
  • Cash Advance Rate Promo – 12.99%
  • Annual Fee – $20
  • Card Best Suited For – Canadian citizens who have bank accounts and want to save with lower interest rates
  • Reward Type – Everyone loves to have rewards, but since The BMO Preferred MasterCard already delivers low-interest rates, it does not provide rewards on purchases
  • Signup/Welcome Bonus Offers – The annual fee of the first year is waived for new cardholders

BMO Preferred MasterCard is Best Suited For

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.

9 Total Score
BMO Preferred MasterCard Review

PROS
  • The biggest advantage that the BMO Preferred MasterCard has is its low-interest rates. At only a permanent rate of 12.99%, you can manage your cash advances, balance transfers, and purchases. 
  • It has two types of insurance coverage. With this credit card, you are getting yourself purchase protection, which allows you to live peacefully knowing that your accounts are well-protected. An extended warranty is available after the manufacturer's warranty. 
  • Just like many credit cards, this one also has an annual fee. However, thanks to its fair cost of only $20 per year, it is reasonable to what it potentially offers. Moreover, new cardholders can save the first year's annual fee when signing up for the BMO Preferred MasterCard. 
  • The balance transfers can be made with only 3.99% for 9 months. Only a 1% fee applies for the transfer fee so when you transfer $1.000 from your other card, $10 will be added to your balance as a transfer fee.
  • The BMO Preferred MasterCard has a worldwide acceptance at over 30 million locations.
CONS
  • Although the BMO Preferred MasterCard gives an affordable balance transfer rate of 3.99%, there are other options in the market with more affordable deals, like BMO CashBack World Elite Mastercard that offer only 1.99% of a balance transfer. 
  • This credit card does not offer rewards and bonuses on purchases as well.
  • The balance transfer rate of 3.99% is valid only for 9 months. After this period is over, the remaining debt will incur interest at 12.99%.
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