BMO Preferred Rate Mastercard
Anyone who carries a balance and wants to minimize interest charges rather than earn rewards.
VaultNerd estimate based on the card's tier and income requirements, not an official issuer cutoff. Approval also depends on income, debt, and credit history.
Our verdict
A straightforward low-interest workhorse: the 13.99% purchase rate and 0.99% intro balance transfer can save far more in interest than any rewards card would earn back.
Reward rates
No rewards earned on purchases | 0% |
Welcome bonus
$29 annual fee waived in the first year plus a 0.99% introductory interest rate on balance transfers for 9 months
Pros
- Among the lowest purchase interest rates from a big bank
- Cheap and effective for paying down transferred balances
Cons
- No rewards on spending
- Small annual fee after year one
Perks
- Low 13.99% interest rate on purchases
- 0.99% introductory balance transfer rate for 9 months
- Low 15.99% rate on cash advances and balance transfers
- Free additional cards
Insurance
- Extended warranty insurance
- Purchase security insurance (90 days)
Frequently asked questions
Is the BMO Preferred Rate Mastercard worth it?
It charges a $29 annual fee, and we rate it 3.4 out of 5. It's best suited to anyone who carries a balance and wants to minimize interest charges rather than earn rewards. The welcome bonus is worth roughly $29, which covers the first year for many people. Whether it's worth it for you depends on your spending. Run your own numbers through our credit card finder to see the net rewards after the fee.
What does the BMO Preferred Rate Mastercard earn?
It earns 0% on no rewards earned on purchases.
What credit score do you need for the BMO Preferred Rate Mastercard?
We'd suggest a score of around 640 or higher, which puts approval in our "moderate" band. This is a VaultNerd estimate based on the card's tier and stated requirements. Approval also depends on your income, existing debt and credit history.
Researching and writing about Canadian personal finance since 2026.
Last reviewed June 2026 · How we research
“BMO Preferred Rate Mastercard Review.” VaultNerd, https://www.vaultnerd.com/ca/credit-cards/bmo-preferred-rate-mastercard, updated June 2026.
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