BMO Preferred Rate Mastercard®* Review
The BMO Preferred Rate Mastercard®* has a long-lasting low interest promotional period, plus no annual fee in the first year.
Sep 15, 2026 8:06 PM
The Bottom Line
For one of the longest zero-interest balance transfer welcome bonuses, check out the BMO Preferred Rate Mastercard®* today.
Skip to: Detailed Review
Our choice for: Low interest
on BMO's website
Welcome Bonus
Get a 0% introductory interest rate on Balance Transfers for 18 months with a 3% transfer fee and a $29 first-year annual fee rebate.*
Rewards Rate
No Rewards
Annual Fee
$29 $0
Interest Rates
13.99%* / 15.99%*
RECOMMENDED CREDIT SCORE
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%*
Promotional Period
18 months*
Transfer Fee
3%⁕
Fees
Annual Fee
$29
$0 first year
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®*, one of the best BMO credit cards in Canada, 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 18 months, accompanied by a relatively low 3% 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 cardholders.*
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
4.6
Desjardins
4.0
Annual Fee
$29
$0 first year
$0
$20
$0 first year
$29
$0 first year
$0
Interest Rates
Purchase
13.99%*
Cash advance
15.99%*
Balance transfer
15.99%*
Rate details
Purchase
12.99%*
Cash advance
24.99%*
Balance transfer
17.99%*
Rate details
Purchase
12.99%
Cash advance
14.99%
Balance transfer
14.99%
Purchase
13.99%*
Cash advance
13.99%*
Balance transfer
13.99%*
Rate details
Purchase
10.9% - 19.9
Cash advance
12.9%
Balance transfer
12.9%
Welcome Bonus
Get a 0% introductory interest rate on Balance Transfers for 18 months with a 3% transfer fee and a $29 first-year annual fee rebate.*
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 November 4 2026.
0% interest on balance transfers for 9 months + first year fee rebate
—
Rewards
N/A
N/A
N/A
N/A
N/A
on BMO's website
on MBNA's website
on RBC's website
on Scotiabank's website
on Desjardins' website
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 a slightly shorter 0% balance transfer promotional interest rate period with a 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 avoids annual fees at all times, but its balance transfer promotional period doesn't last as long and transfer fees are higher.
BMO Preferred Rate Mastercard®* vs RBC Visa Classic Low Rate Option
The RBC Visa Classic Low Rate Option also provides a shorter balance transfer promotional interest rate and 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 shorter balance transfer welcome bonus that's not 0% interest. That said, the card comes with more perks and a lower annual fee after the first year.
BMO Preferred Rate Mastercard®* vs Scotiabank Value Visa Card
The Scotiabank Value Visa Card issues a shorter balance transfer promotional period at a higher interest rate, for a similar 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 has a shorter promotional period with a higher interest rate.
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 18 months, along with a 3% transfer fee. After the promotional period ends, the regular balance transfer interest rate applies.*
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.*
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