Quick overview of the The BMO Preferred Rate Mastercard
The BMO Preferred Rate Mastercard®* is a low-interest credit card designed to help you build your credit score and pay off any credit card debt. It’s all thanks to its 0.99% introductory interest rate on balance transfers with a reduced transfer fee. It also has a low annual fee of $29.
Who is the BMO Preferred Rate Mastercard best suited for?
- People carrying credit card debt who want to reduce their interest payments with the low standard interest rate
- Balance transfer seekers looking to consolidate higher-interest debt with an introductory APR
- BMO customers who want to keep all their financial products in a single place
- Budget-conscious consumers willing to pay a small annual fee in exchange for significant interest savings
- People with fair to good credit
Pros and cons of the BMO Preferred Rate Mastercard®*
- Low-interest rate: Offers a competitive purchase interest rate
- Introductory balance transfer offer for the first nine months
- BMO PaySmart™ Installment plans: Turn new credit card purchases into small, interest-free monthly payments with a small fee.
- Additional cardholder: You can add an additional cardholder for free
- Free extended warranty and purchase protection*
- Zero Dollar Liability: protects you from unauthorized use of your credit card*
- No rewards: Your focus is paying down debt, not collecting miles.
- Foreign transaction fee: Charges a 2.5% fee on foreign transactions.
- Balance transfer fee: While normal, it’s a bit painful to have to fork over a 2% fee on balance transfers.
The BMO Preferred Rate Mastercard®* welcome offer
The Preferred Rate credit card comes with a decent introductory interest rate offer doe new accounts:
- Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee.*
What makes this offer particularly strong is its 9-month duration, which provides cardholders with ample time to make substantial progress paying down transferred debt. Many competing balance transfer offers only extend for 6 months, giving you less time to tackle your balance while enjoying the promotional rate.
Even when factoring in the standard 3% balance transfer fee that typically applies, the math still works heavily in your favor if you're carrying high-interest debt.
Can you earn rewards with the BMO Preferred Rate Mastercard®?*
No. Unfortunately, the BMO Preferred Rate Mastercard®* does not earn rewards points or cash back on purchases.
Key benefits of the BMO Preferred Rate Mastercard
- Low standard APR: The card features a competitive 113.99% interest rate on purchases and cash advances, significantly lower than the typical 19.99% or higher charged by most credit cards, saving you money when carrying a balance
- Balance transfer offer: New cardholders receive a 0.99% introductory interest rate on Balance Transfers for 9 months*, providing an extended opportunity to pay down existing high-interest debt
- Affordable annual fee: Comes with a modest $29 annual fee that's easily offset by the interest savings for anyone who occasionally carries a balance, making it a cost-effective choice for everyday financial management
BMO Preferred Rate Mastercard insurance coverage
For an additional fee, you can access more services like Credit Card Balance Protection and BMO Roadside Assistance.
Extra benefits of the BMO Preferred Rate Mastercard
- Zero Liability has your back if someone goes on a shopping spree with your stolen card info - you won't be on the hook for fraudulent charges
- Mastercard Identity Check™ gives you extra peace of mind* when shopping online, helping keep your digital purchases safe from prying eyes
- BMO Alerts work like your personal security buddy, sending you heads-up messages about large purchases or anything fishy happening with your account
- BMO PaySmart™ installment plans allow you to break up bigger purchases into bite-sized, interest-free monthly payments with a small fee, perfect when you need something now but want to spread out the cost over time.
If you tend to carry a balance on your card or want to pay off your existing credit card debt, preferred rate credit cards are the way to go, as mentioned by this Reddit user. If you are also looking for rewards, you can compare the BMO Preferred Rate Mastercard with others cards below.
Preferred rate cards are for people who don’t pay off their credit card.
/u/Dragynfyre
How does the BMO Preferred Rate Mastercard compare?
The BMO Preferred Rate Mastercard®* falls into the low-interest credit card category. When comparing it to other cards in this category, it's essential to consider the interest rate, annual fee and any additional perks or benefits.
Here’s how the card stacks up with two close competitors:
0% intro rate
Welcome Bonus
$0
First Year Value
$0
Annual Value
Welcome Bonus: Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening.
Get this card if you...
-
want a low interest rate with no annual fee
-
value extended warranty and purchase protection
-
want to pay down existing credit card debt
Annual Fee & Annual Interest Rates
$0
Annual Fee
12.99%
Purchase
24.99%
Cash Advance
17.99%
Balance Transfer
Our Take
The MBNA True Line® Mastercard® is a no-annual-fee credit card designed for individuals seeking a low-interest option for managing their finances. It offers a competitive interest rate on purchases and balance transfers, along with benefits such as fraud protection and discounts on car rentals.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
-
Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)
-
No annual fee or minimum income requirement
-
Low standard interest rate of 12.99% for all new purchases charged to the card
-
Some extra perks like fraud protection and a discount on car rentals
Cons
-
3% balance transfer fee is comparatively high
-
Very high cash advance interest rate of 24.99%
-
No insurance benefits
-
Can’t transfer a balance owed to either MBNA or TD
Annual Interest Rates
12.99%
Purchase
24.99%
Cash Advance
17.99%
Balance Transfer
0.00%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
Rewards
0%
Promotional annual interest rate† (a 3% transfer fee applies) for 12 months on any balance transfer✪ completed within 90 days of opening the account.
100%
This card is made from 100% recycled plastic
Our Take
The MBNA True Line® Mastercard® is a no-annual-fee credit card designed for individuals seeking a low-interest option for managing their finances. It offers a competitive interest rate on purchases and balance transfers, along with benefits such as fraud protection and discounts on car rentals.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
-
Solid welcome offer: 12 months of 0% APR† on balance transfers✪ made within the first 90 days (3% transfer fee applies)
-
No annual fee or minimum income requirement
-
Low standard interest rate of 12.99% for all new purchases charged to the card
-
Some extra perks like fraud protection and a discount on car rentals
Cons
-
3% balance transfer fee is comparatively high
-
Very high cash advance interest rate of 24.99%
-
No insurance benefits
-
Can’t transfer a balance owed to either MBNA or TD
Annual Interest Rates
12.99%
Purchase
24.99%
Cash Advance
17.99%
Balance Transfer
0.00%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
3.00%
Balance Transfer
Rewards
0%
Promotional annual interest rate† (a 3% transfer fee applies) for 12 months on any balance transfer✪ completed within 90 days of opening the account.
100%
This card is made from 100% recycled plastic
The MBNA True Line Mastercard counters with a slightly lower 12.99% purchase interest rate and completely eliminates the annual fee, saving you $29 every year. However, it falls short with its steep 24.99% cash advance rate, making it significantly more expensive if you ever need to withdraw cash.
For someone focused purely on the lowest ongoing interest rate who never uses cash advances, the MBNA True Line saves you money with its lower rate and no annual fee. However, if you plan to transfer a balance or might need cash advances, the BMO card offers better value with its longer promotional period and much lower cash advance rate.
| BMO Preferred Rate Mastercard | MBNA True Line Mastercard |
|---|---|
|
Annual fee:
$29 |
Annual fee:
$0 |
|
Welcome offer:
0.99% introductory interest rate on Balance Transfers for 9 months* |
Welcome offer:
Get a 0% promotional annual interest rate (“AIR”)† for 12 months on balance transfers✪ completed within 90 days of account opening. |
|
APR on purchases:
13.99% |
APR on purchases:
12.99% |
|
APR on transfers:
15.99% |
APR on transfers:
17.99]% |
|
Insurance:
Basic |
Insurance:
Basic |
| Apply Now | Apply Now |
0% interest
Welcome Bonus
$0
First Year Value
$0
Annual Value
Welcome Bonus: Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate.‡
Get this card if you...
-
want a low-interest rate on purchases and balance transfers
-
want a modest annual fee
-
don't need comprehensive insurance benefits
Annual Fee & Annual Interest Rates
$29
Annual Fee
13.99%†
Purchase
13.99%†
Cash Advance
13.99%†
Balance Transfer
Our Take
The CIBC Select Visa* Card is a low-interest credit card offering a promotional interest rate on balance transfers for a specified period, subject to a transfer fee. It features a low annual fee and provides basic insurance coverage, making it suitable for individuals seeking to manage existing credit card debt or minimize interest charges on new purchases.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Household Income
Pros
-
0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer fee†
-
13.99%† Purchase Annual Interest Rate
-
A first year annual fee rebate†
-
No annual fee for additional cards (up to 3)
Cons
-
There are other low interest cards available with no annual fee whatsoever
-
Few distinguishing benefits beyond its interest rates
Annual Interest Rates
13.99%†
Purchase
13.99%†
Cash Advance
13.99%†
Balance Transfer
0.00%†
Balance Transfer (Introductory)
25.99%†
Penalty
Fees
$29
Annual Fee
2.50%†
Foreign Transaction
5.00%†
Balance Transfer
$29
Over The Limit Penalty
$42.5
Return Penalty
Rewards
10 cents
up to 10 cents off per litre♢ when you link your Journie Rewards card (terms apply)
Insurance Benefits
$100,000
Travel accident insurance amount
Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee†
Transfer up to 50% of your assigned credit limit†.
If you choose to carry a balance and you make your minimum payments on time, a balance transfer could save you money on interest.
Take advantage of this 0% introductory interest rate on balance transfers for your first 10 months. You’ll only have to pay a 1% fee† when you transfer your balance from another card to the CIBC Select Visa Card.
This balance transfer offer is only available at the time of your online application†. Simply tick the checkbox to select the balance transfer option when you’re filling out your application.
Once you take advantage of this offer, you'll have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate.
Our Take
The CIBC Select Visa* Card is a low-interest credit card offering a promotional interest rate on balance transfers for a specified period, subject to a transfer fee. It features a low annual fee and provides basic insurance coverage, making it suitable for individuals seeking to manage existing credit card debt or minimize interest charges on new purchases.
Eligibility
Good (620 - 670)
Recommended Credit Score
$15,000
Required Annual Household Income
Pros
-
0% Balance Transfer rate for a generous 10 months with a low (1%) Balance Transfer fee†
-
13.99%† Purchase Annual Interest Rate
-
A first year annual fee rebate†
-
No annual fee for additional cards (up to 3)
Cons
-
There are other low interest cards available with no annual fee whatsoever
-
Few distinguishing benefits beyond its interest rates
Annual Interest Rates
13.99%†
Purchase
13.99%†
Cash Advance
13.99%†
Balance Transfer
0.00%†
Balance Transfer (Introductory)
25.99%†
Penalty
Fees
$29
Annual Fee
2.50%†
Foreign Transaction
5.00%†
Balance Transfer
$29
Over The Limit Penalty
$42.5
Return Penalty
Rewards
10 cents
up to 10 cents off per litre♢ when you link your Journie Rewards card (terms apply)
Insurance Benefits
$100,000
Travel accident insurance amount
Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee†
Transfer up to 50% of your assigned credit limit†.
If you choose to carry a balance and you make your minimum payments on time, a balance transfer could save you money on interest.
Take advantage of this 0% introductory interest rate on balance transfers for your first 10 months. You’ll only have to pay a 1% fee† when you transfer your balance from another card to the CIBC Select Visa Card.
This balance transfer offer is only available at the time of your online application†. Simply tick the checkbox to select the balance transfer option when you’re filling out your application.
Once you take advantage of this offer, you'll have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate.
The CIBC Select Visa matches BMO's 13.99% interest rate on purchases and cash advances and annual fee. Where it shines is its superior balance transfer offer (0% interest on balance transfers for up to 10 months†) and added insurance benefits including common carrier accident coverage and rental car collision protection.
For those who qualify, the CIBC Select Visa offers superior value with its no-fee balance transfer and added insurance benefits, especially if you can get approved with the lower annual fee tier. However, if you don't meet the income requirement or prefer predictable annual costs regardless of credit limit, the BMO card remains a solid choice with its fixed fee structure.
| BMO Preferred Rate Mastercard | CIBC Select Visa* Card |
|---|---|
|
Annual fee:
$29 |
Annual fee:
$29 |
|
Welcome offer:
0.99% introductory interest rate on Balance Transfers for 9 months* |
Welcome offer:
Transfer your credit card balance and get 0% interest for up to 10 months with a 1% transfer fee† and a first year annual fee rebate.‡ |
|
APR on purchases:
13.99% |
APR on purchases:
13.99% |
|
APR on transfers:
15.99% |
APR on transfers:
13.99% |
|
Insurance:
Basic |
Insurance:
Basic |
| Apply Now | Apply Now |
Disclosures:
- †Terms and Conditions Apply. This offer is not available for residents of Quebec.
-
This is a digital-exclusive offer.†
To be eligible for this offer:
1) this offer must have been directly communicated to you from CIBC or from a partner/affiliate; and
2) you must apply for the eligible card through the link provided in the CIBC or partner/affiliate communication to you.†
This offer is reserved for you. Please do not forward it to anyone else.
This balance transfer offer is only available at the time of your online application†. Simply tick the checkbox to select the balance transfer option when you’re filling out your application.
Once you take advantage of this offer, you'll have a promotional rate balance on your account. As a result, you will lose your interest-free grace period on new purchases unless you pay your amount due, including any promotional rate balances, in full each month. While you will enjoy the promotional rate on the balances you transfer by using this offer, new purchases will be subject to the purchase interest rate.
Any opinions, analyses, reviews, or recommendations expressed on this page are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by our advertising partners.
Is the BMO Preferred Rate Mastercard worth it?
Given its low-interest rate and balance transfer offer, the BMO Preferred Rate Mastercard®* is a solid choice if you’re looking to save on interest. However, if you’re looking for extensive rewards or benefits, there are better options available.
FAQs
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*Terms and conditions apply
