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BMO Preferred Rate Mastercard® Review
The BMO Preferred Rate Mastercard has a low interest rate and a balance transfer welcome bonus, but it comes with an annual fee.
Apr 23, 2026 6:44 AM
Written By
Lead Writer
Edited By
Credit Card Expert
Reviewed By
Credit Card Expert
The Bottom Line
While the BMO Preferred Rate Mastercard provides a low interest rate, there are alternative no-fee credit cards with better rates that you might want to consider first.
Skip to: Detailed Review
Our choice for: Low interest
APPLY NOW
on BMO's website
Welcome Bonus
Get a 0% introductory interest rate on Balance Transfers for 9 months with a 0.99% transfer fee and we’ll waive the $29 annual fee for the first year.*
Rewards Rate
No Rewards
Annual Fee
$29 $0
Interest Rates
13.99%* / 15.99%*
RECOMMENDED CREDIT SCORE
300Poor
560Fair
660⁎Good
725⁎Very Good
760⁎Excellent
Rewards
No rewards earned on this card
Insurance
Coverage
Purchase Protection
90 days
Extended Warranty
Doubled up to 1 year
Benefits
Details
Discount
Enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
Eligibility
Credit Score
GoodAnnual Income
N/A
Card Details
Interest Rates
Purchase APR
13.99%*
Cash Advance APR
15.99%*
Balance Transfer APR
15.99%*
Promotional Balance Transfer Rate
Promotional Rate
0.99%*
Promotional Period
9 months*
Transfer Fee
2%⁕
* Terms and conditions apply. Each balance transfer is subject to a fee of 2% which will be charged to your account on the date the balance transfer is posted to your Account.
Fees
Annual Fee
$29
Additional Cards
$0
Eligibility
Minimum Individual Income
N/A
Minimum Household Income
N/A
Credit Score Estimate
Good
Type
Card Type
Credit
Reward Type
None
Pros & Cons
Pros
- Low interest rates
- Balance transfer welcome bonus
Cons
- Annual fee
- Lacks significant benefits
Our Detailed Review
The main draw of the BMO Preferred Rate Mastercard is its competitive balance transfer offer, designed to help cardholders consolidate and pay down high-interest debt more affordably. New cardholders can take advantage of a 0% introductory interest rate on balance transfers for the first nine months, accompanied by a relatively low 2% transfer fee.
While there are competitors that offer longer promotional periods or no annual fees, this card remains a strong contender for those looking to pause interest charges temporarily. To add further value during the debt-repayment phase, BMO also waives the $29 annual fee for the first year, ensuring that more of the user's payments go directly toward reducing their principal balance.
Benefits and Perks
4 Benefits of the BMO Preferred Rate Mastercard
There are a few benefits that make the BMO Preferred Rate Mastercard one of the best balance transfer credit cards in Canada and one of the best low interest credit cards in Canada.
Thankfully, the BMO Preferred Rate Mastercard's annual fee is waived for the first year of membership, offering a budget-conscious beginning for cardholde.
To incentivize applicants even further, cardholders receive a 0% introductory interest rate on balance transfers for the first several months of membership.
After the promotional offer, interest on purchases, cash advances, and balances transfers still remain relatively low.
To boost its overall value, the BMO Preferred Rate Mastercard comes with Instacart+ for the first few months of membership, plus a monthly credit.
Drawbacks and Considerations
2 Downsides to the BMO Preferred Rate Mastercard
There are also a couple of drawbacks to consider before applying for the BMO Preferred Rate Mastercard.
After the first year, cardholders will be expected to pay an annual fee for their BMO Preferred Rate Mastercard. This may be disappointing since there are other low interest credit cards with better rates for no annual fee.
Outside of Instacart discounts and credits, the BMO Preferred Rate Mastercard lacks any significant perks.
Compare to Similar Cards
In this section, we're going to compare the BMO Preferred Rate Mastercard against other leading low-interest balance transfer credit cards in Canada.
Scotiabank
4.1
Desjardins
4.0
Annual Fee
$29
First year rebated
$0
$20
First year rebated
$29
First year rebated
$0
Welcome Bonus
Get a 0% introductory interest rate on Balance Transfers for 9 months with a 0.99% transfer fee and we’ll waive the $29 annual fee for the first year.*
0% rate on balance transfers for 12 months (3% fee applies). Not available for residents of Quebec.†
Enjoy a 0.99% introductory interest rate for the first 10 months on balance transfers^ and no annual fee for the first year*. Apply by September 30, 2026.
0.99% interest on balance transfers for 9 months + first year fee rebate
—
Rewards
N/A
N/A
N/A
N/A
N/A
Welcome Bonus Details
Earn Rates
Insurance Coverage
Extra Benefits
Requirements
BMO Preferred Rate Mastercard vs MBNA True Line Mastercard
The MBNA True Line Mastercard provides an even longer 0% balance transfer promotional interest rate with a slightly higher transfer fee. While this competitor lacks coverage, it provides car rental discounts at Avis and Budget locations as an added perk. The best part? The card comes with no annual fee.
Verdict: The MBNA True Line Mastercard has a longer balance transfer welcome bonus, plus it avoids annual fees.
BMO Preferred Rate Mastercard vs RBC Visa Classic Low Rate Option
The RBC Visa Classic Low Rate Option also provides a longer balance transfer promotional interest rate, but it's not 0%. Still, cardholders receive basic extended warranty and purchase protection insurance, plus DoorDash discounts, gas discounts, and extra Be Well points on eligible Rexall purchases. The annual fee is also rebated for the first year of membership.
Verdict: The RBC Classic Low Rate Option has a longer balance transfer welcome bonus, but it's not 0% interest. That said, the card comes with more perks and a lower annual fee.
BMO Preferred Rate Mastercard vs Scotiabank Value Visa Card
The Scotiabank Value Visa Card issues a similar balance transfer promotional interest rate, for a slightly higher transfer fee. For coverage, expect optional balance protection. Benefits include car rental discounts at Avis locations across the globe. Like the BMO Preferred Rate Mastercard, the Scotiabank Value Visa Card has a first year annual fee rebate.
Verdict: The Scotiabank Value Visa Card is very similar to the BMO Preferred Rate Mastercard, but it's balance transfer fee is slightly higher during the promotional period, and it provides car rental discounts and optional balance protection instead of Instacart perks.
BMO Preferred Rate Mastercard vs Desjardins Flexi Visa
Unfortunately, the Desjardins Flexi Visa doesn't come with a promotional balance transfer interest rate. Instead, it provides an all-time low balance transfer rate alongside cash advances and purchases. The coverage on this card is also much more comprehensive, featuring valuable protections like trip interruption, trip cancellation, and travel medical insurance. Cardholders can also expect no annual fee.
Verdict: The Desjardins Flexi Visa Card has all-time low interest rates and better coverage.
Frequently Asked Questions
Yes. The BMO Preferred Rate Mastercard is one of the top balance transfer credit cards in Canada for people looking to pay down existing debt. It currently offers a 0% introductory interest rate on balance transfers for 9 months, along with a 0.99% transfer fee. After the promotional period ends, the regular balance transfer interest rate applies.
Note, however, that there are other balance transfer credit cards in Canada that offer lower interest rates or longer promotional periods for no annual fee.
The BMO Preferred Rate Mastercard is inherently a low-interest credit card, with a regular purchase interest rate of 13.99%. This rate is lower than the typical 19.99% offered by many standard credit cards in Canada. Cash advances and balance transfers revert to the regular rate after the promotional period.
Yes. The BMO Preferred Rate Mastercard has a $29 annual fee, but BMO waives the fee for the first year as part of its welcome offer for new cardholders.
About the author
Sara Skodak
Lead Writer
Since graduating from the University of Western Ontario, Sara has built a diverse writing portfolio, covering topics in the travel, business, and wellness sectors. As a self-started freelance content ...
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Kevin Shahnazari
Credit Card Expert
Kevin started FinlyWealth and juggles a bit of everything—digging into data, running our marketing, and keeping the finances on track. Before this, he spent years as a data scientist at tech companies...
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Abid Salahi
Credit Card Expert
Abid leads the design and engineering of the FinlyWealth website, making sure everything runs smoothly and looks great. He’s a seasoned software engineer who follows best practices and designs interfa...
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