BMO Preferred Rate Mastercard
BMO
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)
Researching and writing about Canadian credit cards and rewards since 2026.
“BMO Preferred Rate Mastercard Review — VaultNerd” — VaultNerd, https://www.vaultnerd.com/credit-cards/bmo-preferred-rate-mastercard, updated June 2026.
- BMO cardholder agreement and rates & fees disclosure
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