Advertiser Disclosure

The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Read our disclosure.

BMO Preferred Rate Mastercard Review 2022

The BMO Preferred Rate Mastercard is a low-interest credit card that would appeal to anyone who typically carries a balance.

Low-interest credit cards are few and far between in Canada. Other than a handful of options, you are stuck with paying at least 19.99% if you do not pay off your balance within the grace period.

This review of the BMO Preferred Rate Mastercard covers its benefits, fees, and application requirements.

BMO Preferred Rate Mastercard

BMO Preferred Rate Mastercard – At a Glance

  • Annual fee: $20
  • 12.99% rate for purchases
  • 15.99% for cash advances
  • 3.99% promotional balance transfer for 9 months (1% transfer fee applies)
  • Purchase protection and extended warranty

BMO Preferred Rate Mastercard Benefits

1. Low 3.99% balance transfer rate. Compared to a 19.99% or higher rate, this card can save you a lot of money in interest fees if you are carrying a large balance. A 1% balance transfer fee applies.

2. Low-interest 12.99% regular rate for purchases. Compared to the average credit card in Canada, the purchase APR is low. This rate applies to balance transfers as well after the promotional period ends.

3. Purchase protection for 90 days and extended warranty for up to one additional year.

4. A low annual fee of $20 is waived in the first year. If you have a BMO Performance Chequing account with a Performance Plan, this fee is rebated every year.

Is The BMO Preferred Rate Card Worth It?

The BMO Preferred Rate Mastercard is easy to apply for.

Its basic eligibility requirement is that you should be a Canadian resident and have a personal income of at least $15,000 per year.

You also have to be the age of the majority in your province.

With a balance transfer rate of 3.99% for 9 months and a regular purchase interest rate of 12.99%, this card makes sense if you carry a credit card balance.

Another card that may interest you in the low-interest category is the Scotiabank Value Visa Card. It offers a regular 12.99% purchase rate and a 0% balance transfer rate for the first 6 months.

For a no-fee cash back credit card that offers a low balance transfer rate of 1.95% for the first 6 months, take a look at the Tangerine World Mastercard.

Tangerine World Mastercard

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases; VIP perks.

Welcome offer: Get an extra 15% cash back on up to $1,000 in spending in the first 2 months ($150 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

Related post:

Best Credit Offers in December 2022

Get one of the best rewards credit cards in Canada ($450 bonus)

Earn up to 6 points per $1 spent on everyday purchases.

Get up to a $450 welcome bonus and $850 value in the first year.

Comprehensive travel insurance benefits, perks and no FX fees.

The annual fee is waived in the first year.

Get up to 5% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard plus a $20 welcome bonus.

Free budgeting app with automatic savings features.

Increase your credit score with optional credit building add-on.

Earn up to 1.50% interest on your entire balance.*

The Neo Card pays up to 5% cash back at thousands of retailers

Get a $25 bonus when you are approved for the Card.

Earn up to 5% unlimited cash back at 8,000+ participating stores.

No annual account fees.

Guaranteed instant approval credit card.

Retirement 101 eBook - 3D

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

0 Shares
Share
Pin
Tweet
WhatsApp
Reddit