In need of saving money on credit card interest? After a dark period when COVID-19 entered our world (and many top balance transfer offers disappeared) things are looking up.
BMO has just upped their balance transfer offer on one of their credit cards that you’ll want to know about.
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The BMO Preferred Rate Mastercard with a new balance transfer offer
BMO’s low interest credit card has upped their balance transfer. With a new
Previously, the card came with a balance transfer offer of 3.99% for 9 months, with a 1% transfer fee. A good, but not great offer.
But now, it’s much improved – you’ll get a lower rate of 0.99% for the same term of 9 months. One small catch – the balance transfer fee has increased to 2%.
But overall, you’ll save much more on interest rates.
Once your balance transfer offer is over, the standard interest rate is 15.99% on balance transfers – new purchases are 12.99%.
One point to note about this card – it does have an annual fee of $20. However, it’s currently waived for the first year.
How much you could save on interest with a new BMO Preferred Rate Mastercard
How much could you save on interest if you took BMO up on their new offer?
To give an idea, here’s what you would approximately save if you had a balance of $5,000 and your current interest rate is 19.99%.
First, your annual interest rate difference is 19%. The promotion is 9 months long (or 3/4 of the year), so we’ll multiply 19% by 0.75:
19% x 0.75 = 14.25%
We’ll then multiply $5,000 by the adjusted interest rate for the period to find out how much you save:
$5,000 x 14.25% = $712.50
There’s also the balance transfer fee to consider.
$5,000 x 2% = $5,100
It’s an extra $100 you’ll have to pay, but it’s a small price to pay considering your net savings is still over $600.
Pretty easy savings by taking advantage of a balance transfer offer.
Other offers if you already have a BMO credit card
One rule of balance transfers is you can’t transfer funds between credit cards from the same bank.
So if your debt is on a BMO credit card, you won’t be able to use this offer.
There are plenty of other balance transfer offers you can look at – here are the best of the best.
One offer we will spotlight – the
Plus, you'll also receive $135 GeniusCash on us when you get approved for the card using our offers page.
×2 Award winner 
GC: $135
2x Award winner
$135 GeniusCash + 0% on balance transfers for 12 months (3% fee) + No annual fee.*
Your turn
If interest savings are your game, BMO has a sweet new offer for you to take advantage of.
Will you take BMO up on their new offer?
Let us know in the comments below.
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