BMO Preferred Rate Mastercard®

Welcome Bonus

Get a 0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee and they will waive the $29 annual fee for the first year.

N/A

Annual Fee

$29

Annual Rewards

N/A

N/A

Rewards on Approval

N/A

Purchase Rates

0.99%

Cash Advance Rates

15.99%

Balance Transfer Rates

N/A

Table of Contents

The BMO Preferred Rate Mastercard® is a credit card offered by the Bank of Montreal (BMO) that stands out for its low interest rates and potential for savings. With a competitive interest rate on purchases, balance transfers, and cash advances, this card is ideal for individuals looking to minimize interest costs. It offers a flexible credit limit, cash back rewards on eligible purchases, and additional benefits such as purchase protection and extended warranty coverage. Accepted worldwide, the BMO Preferred Rate Mastercard® combines accessibility, convenience, and the opportunity to manage your finances responsibly while enjoying the perks of a widely accepted payment method.

Pros

  1. Low interest rates: The BMO Preferred Rate Mastercard® offers competitive interest rates on purchases, balance transfers, and cash advances. This can help cardholders save money on interest charges, particularly if they carry a balance on their card.

  2. Savings on balance transfers: The card provides a low introductory interest rate on balance transfers, allowing users to consolidate their existing credit card debt onto the BMO Preferred Rate Mastercard® and potentially reduce the amount of interest they pay.

  3. Cash back rewards: While the BMO Preferred Rate Mastercard® does not have a traditional rewards program, it offers cash back on eligible purchases. Cardholders can earn a flat rate of cash back on all their eligible spending, providing a simple and straightforward way to earn rewards.

  4. Additional benefits: The card includes benefits such as purchase protection and extended warranty coverage. Purchase protection can help safeguard eligible items purchased with the card against theft, loss, or damage. Extended warranty coverage extends the manufacturer's warranty on eligible items, providing cardholders with extra peace of mind.

  5. Worldwide acceptance: Being a Mastercard, the BMO Preferred Rate Mastercard® is widely accepted both domestically and internationally. This allows cardholders to make purchases with ease and convenience wherever Mastercard is accepted.

Cons

  1. Limited rewards program: While the card offers cash back rewards, it does not have a comprehensive rewards program with points or miles. This means that cardholders may not have access to additional perks, such as travel benefits or exclusive discounts, commonly associated with reward-based credit cards.

  2. No introductory APR on purchases: While the BMO Preferred Rate Mastercard® provides an introductory low interest rate on balance transfers, it does not offer a similar promotional rate for new purchases. This means that purchases made with the card will be subject to the regular interest rate from the start.

  3. Foreign transaction fees: Like many credit cards, the BMO Preferred Rate Mastercard® may charge foreign transaction fees on purchases made outside of the cardholder's home country. These fees can add up, especially for frequent international travelers or individuals who frequently make purchases in foreign currencies.

  4. Limited additional benefits: While the card does offer some additional benefits such as purchase protection and extended warranty coverage, it may not provide as extensive a range of benefits compared to premium credit cards. Cardholders looking for a wider array of travel insurance, airport lounge access, or concierge services may find these options limited with the BMO Preferred Rate Mastercard®.

Details & Eligibility

  • 680 - 800
  • N/A
  • N/A
  • $29
  • N/A
  • Mastercard
  • No
  • 13.99%
  • 15.99%
  • N/A
  • 0.99%
  • 0.99%
  • $0

The BMO Preferred Rate Mastercard® is a credit card offered by the Bank of Montreal (BMO) that provides customers with several features and benefits tailored to their financial needs. As a preferred rate card, it offers a competitive interest rate on purchases, balance transfers, and cash advances, making it an attractive choice for individuals who are looking to save on interest costs.

One of the key features of the BMO Preferred Rate Mastercard® is its low annual interest rate on purchases. This rate can help cardholders save money over time, especially if they tend to carry a balance on their credit card. The card also offers a low introductory interest rate on balance transfers, allowing users to consolidate their existing credit card debt onto the BMO Preferred Rate Mastercard® and potentially reduce the amount of interest they pay.

Furthermore, the BMO Preferred Rate Mastercard® provides flexibility and convenience when it comes to managing credit. Cardholders have access to a generous credit limit that is determined based on their creditworthiness. This allows users to make larger purchases or manage unexpected expenses when necessary. The card also offers the option of adding authorized users to the account, which can be beneficial for families or individuals who want to share a credit card with a spouse or dependents.

In terms of rewards and perks, the BMO Preferred Rate Mastercard® offers a simplified rewards structure. While it does not have a traditional rewards program with points or miles, cardholders can earn cash back on their purchases. The card provides cash back at a flat rate on all eligible purchases, allowing users to earn rewards on their everyday spending without the need to navigate complex redemption options or categories.

The BMO Preferred Rate Mastercard® also comes with additional benefits such as purchase protection and extended warranty coverage. Purchase protection can help protect cardholders against theft, loss, or damage of eligible items purchased with the card, while extended warranty coverage extends the manufacturer’s warranty on eligible items for an additional period.

Another advantage of the BMO Preferred Rate Mastercard® is its acceptance worldwide. As a Mastercard, it can be used at millions of locations around the globe, making it a convenient payment option for both domestic and international purchases. Additionally, the card offers additional security features, including Mastercard SecureCode®, which adds an extra layer of protection when making online purchases.

In terms of accessibility and convenience, BMO provides online and mobile banking services that allow cardholders to easily manage their credit card account, view transactions, make payments, and track their cash back earnings. The bank also offers 24/7 customer support, ensuring that cardholders can get assistance whenever they need it.

It is important to note that credit cards, including the BMO Preferred Rate Mastercard®, come with certain terms and conditions. Cardholders should review the terms carefully, including information about fees, interest rates, and any specific requirements or limitations associated with the card.

Overall, the BMO Preferred Rate Mastercard® is a credit card that offers a competitive interest rate, flexible credit management options, cash back rewards, and additional benefits. It is designed to meet the needs of individuals who want to save on interest costs while enjoying the convenience and security of a widely accepted payment method.

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