BMO® Preferred Rate Mastercard®* Review
Recommended Credit Score:
670 900
Average to Excellent
Welcome Bonus Value
Annual Fee
Purchase Interest Rate
Min Personal Required
BMO® Preferred Rate Mastercard®*
My Rate Compass Rating: star star star star star_outline (4)
Bank Name:BMO
Network Type:Mastercard
BMO® Preferred Rate Mastercard®*
Welcome Bonus
Annual Fee
BMO® Preferred Rate Mastercard®*
Card Details
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

  • Priority airport services No
  • Airport lounge access No
  • Concierge service No
  • Balance protection(Optional) No
  • Purchase Security & Extended Protection Insurance Yes
  • Flight delay insurance,Baggage Insurance No
  • Vehicule rental insurance No
  • Travel accident insurance No
  • Travel medical insurance No
Fees and Eligibility
  • 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:
670 900
Average to Excellent
Our Rating
My Rate Compass Rating: star star star star star_outline (4)
Rating Methodology: 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. Credit card rating methodology
Editorial Guidelines: Learn more about our editorial guidelines here.
Pros and Cons
  • 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.