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BMO Preferred Rate Mastercard®
Credit cards

BMO Preferred Rate Mastercard®

Updated 01.12.2022

About BMO Preferred Rate Mastercard®

A BMO Preferred Rate Mastercard® card is a low-rate credit card allowing you to pay less in interest charges. Being an affordable credit solution, a BMO Preferred Rate Mastercard® card doesn’t feature reward-earning opportunities or exclusive benefits from Mastercard.

Welcome offers for new BMO Preferred Rate Mastercard® card applicants may provide you with a lowered interest rate on balance transfers and annual fee waiver options available for a limited time. 

BMO Preferred Rate Mastercard® features

A BMO Preferred Rate Mastercard® credit card features a $12.99% interest rate on purchases and 15.99% on cash advances. With occasional welcome offers for new applicants, you can get the advantage of a lowered rate on balance transfers and thus save even more on interest charges by consolidating your outstanding debt into a single credit card account.

The annual fee for a BMO Preferred Rate Mastercard® credit card is just $20. With welcome offers in place, you can waive the annual fee for the first year. BMO Performance chequing account holders can waive the annual fee every year.

Issuing an additional card is free of charge.

Insurance coverages provided by a BMO Preferred Rate Mastercard® credit card are up to 90-day purchase protection and extended warranty coverage increasing the original manufacturer’s warranty period by up to 1 year. Optionally, you can apply for the following add-ons:

  • The CREDIT ALERT service notifying you about changes to your credit record 

  • The InfoProtector 360™ service protecting all the important cards, documents, and devices that you carry with you

  • BMO Credit Card Balance Protection Enhanced providing coverage of your credit card payments and outstanding balance in case of job loss or death

  • BMO Roadside Assistance providing free battery boosts, flat-tire change, lockout service, and towing on almost any road in Canada and the U.S.

Pros and cons

The pros of a BMO Preferred Rate Mastercard® card are:

  • A low annual fee

  • Low interest rates on purchases and cash advances

  • Annual fee waiver options for BMO Performance chequing account holders

  • Free issuance of an additional card

  • No yearly minimum income requirements to apply

  • Contactless payment through digital wallets

  • Credit card protection capabilities (the Mastercard Zero Liability Protection policy and ID Theft Protection™)

Still, there are certain cons:

  • Few insurance coverages included

  • The lack of exclusive benefits from Mastercard

How to apply for a BMO Preferred Rate Mastercard®

You can apply for a BMO Preferred Rate Mastercard® credit card online. To proceed, hit the “Apply now” button on the credit card description page and specify whether you already have a BMO debit card and a Canadian address. Then, provide the following applicant details:

  • Your first name

  • Your middle name (optional)

  • Your last name

  • Your date of birth

  • Your phone number

  • Your address

  • Your housing status

  • Your monthly payment

  • Month and year since you live there

  • Your social insurance number (optional)

  • Your employment status

  • Your occupation category

  • Your position

  • The company name

  • Month and year since you work there

  • Work phone number

  • Your sources of income

  • Whether you want to add another cardholder

  • Whether you want to add Optional BMO Credit Card Balance Protection Enhanced

Once you’ve filled out the required fields, review the provided information, agree to the terms and conditions, and click “Confirm & apply” to finish your application.

There are no minimum annual income requirements to qualify for a BMO Preferred Rate Mastercard® credit card.

How to activate my BMO Preferred Rate Mastercard® credit card?You can activate your BMO Preferred Rate Mastercard® credit card online by filling out your credit card information and following the on-screen prompts.
How can I get help with my BMO Preferred Rate Mastercard® credit card?If you need assistance with your BMO Preferred Rate Mastercard® credit card, call BMO at 1-800-247-4623 (if you are in Canada or the U.S.) or 1-314-275-6690 (if you are outside North America).
What happens to my interest rate if I don’t make a credit card payment on time?

If you fail to make a minimum payment on your BMO Preferred Rate Mastercard® credit card on time and don’t pay it by the date BMO prepares your next statement two times during a 12-month period, your interest rates for purchases and cash advances will increase

to 20.99% and 23.99% respectively.

Rate
i

Effective interest rate on the product

12.99% - 15.99%

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