Annual Fee
$20
Extra Card Fee
$0
Purchase
11.90%
Cash Advance
11.90%
Balance Transfer
11.90%
Promo Transfer
3.99%
Promo Term
9 months
Personal Income
$15,000
Household Income
N/A
Canadian resident who has reached the provincial age of majority.
  • Low interest rate for purchase, cash advances, and balance transfers of only 11.9%.
  • Includes two types of insurance coverage: purchase protection and extended warranty.
  • Get a 3.99% introductory interest rate on Balance Transfers for 9 months,1% fee applies to balance amounts transferred.
  • Worldwide acceptance at over 30 million locations.
  • Zero Dollar Liability: protects you from unauthorized use of your credit card.
  • Low annual fee at $20.
  • $0 income requirement.
Extended Warranty 1 year
Purchase Protection 90 days

Please review your insurance certificate for details, exclusions and limitations of your coverage.

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Our Review

Do you have existing credit card debt that you would like to pay off faster? Are you someone who tends to have a balance on your credit card? Do you need immediate relief from high interest rates? If you answered yes to any of these questions, then a low interest credit card could be the answer.

The BMO Preferred Rate Mastercard is one of the top 10 low interest credit cards – and could end up saving you hundreds in interest per year. (Tip: To find out exactly how much you’ll save, enter your typical balance in our sidebar calculator – the ‘Max Annual Savings’ calculation will update instantly.)

For only $20 a year, you can have a permanent interest rate of only 11.90% – that’s for:

  • purchases,
  • cash advances and
  • balance transfers.

Not to mention the introductory balance transfer promo rate of 3.99% for 9 months. And with your savings on interest charges, you should be able to pay down your balance faster.

BMO Preferred Rate Mastercard Breakdown

For example, for a card balance of $2,000 with a 19.99% interest card your annual savings would be $220 in the first year by taking advantage of the introductory 3.99% balance transfer offer:

BMO Preferred Rate Mastercard annual savings on $2,000 balance

...for a card balance of $8,000 with a 19.99% interest card your annual savings would be $940 using that same balance transfer offer:

BMO Preferred Rate Mastercard annual savings on $8,000 balance

And because tables help make things more clear:

Typical Card Balance Max First Year Savings
$2,000 $220
$5,000 $580
$8,000 $940
$10,000 $1,180

Two types of insurance coverage

As for insurance, this card gives you Purchase Protection, letting you shop with peace of mind knowing your purchases are covered in the event that your purchases are lost, stolen or damaged within 90 days. You also get one year of Extended Warranty – which kicks in once the manufacturer warranty expires.

Speaking of purchases, a little word of advice: The promotional balance transfer rate of 3.99% is only applied to balances transferred from one credit card to another – and does not apply to any new purchases you make with this card.

Not sure you need a low interest credit card?

If you don’t have any pre existing credit card debt and you don’t usually carry a balance on your card – then a low interest credit card might not be right for you.

Instead, consider a card that gives you rewards for all your purchases, like the no fee BMO CashBack Mastercard or even the premium BMO CashBack World Mastercard (which also gives you flexibility on when you can redeem your rewards and free roadside assistance).

What are your thoughts?

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The creditcardGenius algorithm calculates an estimated dollar value for all rewards and bonuses by using a typical point value a person can realistically achieve by redeeming their rewards in a reasonably optimized way. The "Welcome Bonus" is the dollar value obtained by combining of all one-time bonuses available to new cardholders within the first year. To qualify for the full bonus you may need to make purchases, meet minimum spending requirements, or complete special actions. Terms and conditions apply.

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