The BMO Preferred Rate Mastercard is a great choice for those wanting to lower interest costs.
It also offers a 0.99% balance transfer rate for nine months, plus extended warranty and purchase protection, adding more security to your spending.
If you need a budget-friendly credit card, this might be the right fit. Apply today on the official BMO website and take advantage of its benefits.
How Does the BMO Preferred Rate Mastercard Work?
The BMO Preferred Rate Mastercard works like a regular credit card but with lower interest rates. If you don’t pay your balance in full, the interest charges will be lower than those of standard credit cards.
It offers a 0.99% introductory balance transfer rate for nine months with a 2% transfer fee. This helps you consolidate higher-interest debts and save money on interest.
The annual fee is $29, but it’s waived for the first year. If you have a BMO Performance Chequing Account, the fee is rebated every year.
All about the BMO Preferred Rate Mastercard Card
The BMO Preferred Rate Mastercard is a credit card designed for those looking for lower interest rates. It helps cardholders save money on interest when carrying a balance.
With a competitive 13.99% interest rate on purchases, it’s a great option for anyone who wants to avoid high interest charges. Plus, it comes with a low annual fee that can be waived in some cases.
Keep reading to learn more about how this card works, its benefits, and how you can apply today.
Advantages of the BMO Preferred Rate Mastercard
Low Interest Rate
With a 13.99% purchase interest rate, this card is a great choice for those who carry a balance and want to minimize interest charges.
Balance Transfer Offer
New cardholders get a 0.99% introductory rate on balance transfers for nine months, making it easier to pay off existing debt.
Annual Fee Rebate
The $29 annual fee is waived for the first year and can be rebated every year with a BMO Performance Chequing Account.
Purchase Protection
Any item bought with this card is protected against damage or theft for 90 days, adding peace of mind to your purchases.
Extended Warranty
Eligible purchases receive an extended warranty, doubling the manufacturer’s original warranty for up to one additional year.
Worldwide Acceptance
As a Mastercard, this card is accepted globally, making it a convenient choice for both local and international purchases.
Eligibility Criteria for the BMO Preferred Rate Mastercard
Before applying for the BMO Preferred Rate Mastercard, it’s important to check if you meet the basic eligibility requirements. Below is a quick overview of the key criteria.
| Requirement | Details |
|---|---|
| Minimum Age | 18 years old (or legal age in state) |
| Residency | U.S. resident |
| Credit Score | Good to excellent |
| Employment Status | Must have stable income |
| Income Requirement | No strict minimum, but proof of income required |
Disclaimer: Approval is subject to BMO’s internal review, and meeting the criteria does not guarantee acceptance. Terms may vary based on individual credit profiles.
How to Apply for the BMO Preferred Rate Mastercard?
Applying for the BMO Preferred Rate Mastercard is a simple process that can be completed online in just a few minutes. Follow these steps to get started:
- Visit the official BMO website: Go to the BMO credit card section and locate the Preferred Rate Mastercard application page.
- Provide personal information: Enter details such as your full name, address, date of birth, and Social Security Number for identity verification.
- Share your financial details: Input your employment status, annual income, and housing expenses to help determine your eligibility.
- Review terms and conditions: Carefully check the interest rates, fees, and credit limit details before submitting your application.
- Submit and wait for approval: Once completed, BMO will review your application and notify you about the approval status.
Who Is the BMO Preferred Rate Mastercard For?
The BMO Preferred Rate Mastercard is tailored for individuals seeking to minimize interest expenses and manage their finances effectively. This card is particularly suitable for:
- Balance Carriers: Those who often carry a balance month-to-month can benefit from the card’s low 13.99% purchase interest rate, reducing overall interest costs.
- Debt Consolidators: Individuals aiming to consolidate higher-interest debts will find the 0.99% introductory rate on balance transfers for nine months advantageous.
- Cost-Conscious Consumers: With a modest $29 annual fee, waived in the first year, this card appeals to those mindful of annual costs.
Is the BMO Preferred Rate Mastercard Worth It?
The BMO Preferred Rate Mastercard is a great choice for those who carry a balance and want to minimize interest payments. Its low 13.99% APR makes it a cost-effective alternative to high-interest credit cards.
If you rarely carry a balance and prefer rewards, a cashback or travel credit card might be a better fit. This card focuses on affordability rather than perks like points or travel benefits.
Overall, if reducing interest charges is your main priority, this card is a solid financial tool that helps manage debt while keeping costs low.
Frequently Asked Questions About the BMO Preferred Rate Mastercard Card
Yes, purchases made with the BMO Preferred Rate Mastercard are protected with extended warranty and purchase security, covering damage or theft for 90 days.
If you take out a cash advance, an interest rate of 15.99% will apply immediately. This rate is lower than what many other credit cards charge for cash advances.
Yes, you can add an additional cardholder for free, which means a family member can have their own card while sharing your credit limit and benefits.
No, the BMO Preferred Rate Mastercard does not include travel insurance, so it may not be the best option for frequent travelers looking for coverage.