Card Details

Bank Name: BMO
Network Type: Mastercard
Card Type: Personal
MRC Rating My Rate Compass's ratings are determined by our editorial team. Our editors rate credit cards objectively based on the benefits and features the credit card offers, interest rates, the fees, and how a credit card compares with other cards in its category.: (4)


Annual Fee: $20
Additional Card Fee: $0
Purchases Interest Rate: 11.9%
Cash Advance Interest Rate: 11.9%


  • You're a Canadian resident
  • You've reached the age of majority in your province or territory

Recommended Credit Score

Average to Excellent (670-900)

BMO® Preferred Rate Mastercard®* Review

Welcome Bonus:
BMO® Preferred Rate Mastercard®* snapshot
BMO® Preferred Rate Mastercard®*Review

Enjoy a lower interest rate and more savings power

Welcome Offer: Get a 3.99% introductory interest rate on Balance Transfers for 9 months with a 1% transfer fee.$20 annual fee waived for the first year

BMO® Preferred Rate Mastercard®* Rewards
BMO® Preferred Rate Mastercard®* Features
Priority airport services
Airport lounge access
Concierge service
Balance protection(Optional)
Purchase Security & Extended Protection Insurance
Flight delay insurance,Baggage Insurance
Vehicule rental insurance
Travel accident insurance
Travel medical insurance
BMO® Preferred Rate Mastercard®* User Reviews
Total Reviews: 0

Rating: 1 2 3 4 5 ( 4 )

Application Experience: 1 2 3 4 5

Rewards/Features: 1 2 3 4 5

Customer Service: 1 2 3 4 5

Convenience: 1 2 3 4 5

Likelihood to recommend: 1 2 3 4 5

BMO® Preferred Rate Mastercard®* FAQs

Other Recommended Credit Cards


  • Extended Warranty coverage, doubling the original manufacturer's warranty period up to a maximum of one additional year.
  • Purchase Protection to insure against theft or damage for 90 days from the date of purchase.
  • 15% off admission to Cirque du Soleil shows touring Canada, and 20% off resident shows in Las Vegas

Editor`s Review:

The BMO® Preferred Rate Mastercard®*is another great card that comes with just a $20 annual fee. With a very low-interest rate of just 12.99% and a unique option to pay just 3.99% on balance transfers for the first 9 months, this credit card is quite attractive for Canadians of all ages. Add to that the fact that you don't have to pay the $20 fee during the first year and you don't need a minimum income level and you've got one of the most affordable credit cards in 2020.


This card is perfect for people who usually carry a balance and want to save big on interest, and also for people who might have lost their jobs during the COVID-19 crisis. The BMO® Preferred Rate Mastercard®* stands out from the crowd due to the appealing interest rate, which is 7% lower than the market average.


This card is also a great choice because it enables you to transfer the balances from higher-interest cards. This allows you to pay less on interest and save hundreds of dollars in the long run. If you're looking to keep things simple and benefit from a low-interest rate, then this credit card is perfect for you.

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Author Bio

Mohamed Konate

Mohamed Konate is a personal finance expert, blogger, and marketing consultant based out of Toronto. He is a former financial services professional who worked for many years at major Canadian financial institutions where he managed the marketing strategy around various financial products ranging from credit cards to lines of credit. Mohamed is passionate about personal finance and holds a Bachelor in Business Administration from the University of Quebec (Montreal) and a Master in International Business from the University of Sherbrooke (Quebec).He is also the author of the Canadian Credit Card Guidebook.