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BMO® Preferred Rate Mastercard® review

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Advertiser Disclosure

Interest Rate: Purchases
Balance Transfer
12.9% (3.99% for the first 9 months)
Signup Bonus

Informr score
The BMO® Preferred Rate Mastercard® currently has an Informr score of 9.4 out of 10. This score is based on our evaluation of 5 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...

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...

- Borche Stefanov,
Money We Have

My BMO Preferred Rate Mastercard review is positive. This card is perfect for those who are looking to eliminate their debt quicker or for those who normally carry a balance on their credit card. The annual fee is waived for the first year and the balance transfer option is great which is why it’s o...

- Barry Choi, Money We Have

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

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...


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,


Interest Rates
Regular APR Interest Rate 12.9%
Balance Transfer Interest Rate 12.9% (3.99% for the first 9 months)
Cash Advance Interest Rate 12.9%
Rates & Fees
Annual Fee $20.00

First year annual fee refund

Balance Transfer Fee 3%


Cash Advance Fee $5.00
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
Sign up bonus No
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 Yes
Purchase Protection Yes
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
Virtual Cards No
Additional Benefits

15% off admission to Cirque du Soleil shows touring Canada, and 20% off resident shows in Las Vegas

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
Additional comments
Terms & Conditions Official Terms & Conditions
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