BMO Preferred MasterCard Credit Card Review

BMO Preferred MasterCard Credit Card Review

Last Updated on August 30, 2021 by Borche Stefanov

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

  • The lowest interest rate the BMO preferred MasterCard offers is 12.99% on purchases and cash advance
  • The annual fee of the card costs only $20

Specification: BMO® Preferred Mastercard®

Annual Fees


Interest Rate


Balance Transfer


Cash Advance


Card Type

Balance Transfer, Travel Rewards


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

  • 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.
  • 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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