With BMO as the cardboard issuer, the Preferred Rate Mastercard can be ideal for individuals who prefer to maintain their accounts with a single provider or would love to have their card affiliated with one among the main banks.
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BMO Preferred Rate Mastercard
- Annual fee: $29
- Interest rate: 13.99% on purchases
- Welcome offer: You can get an introductory balance transfer rate of 0.99% for 9 months with a 2% transfer fee.
- Annual income requirement: $15,000 (personal or household)
4 things it is best to know in regards to the BMO Preferred Rate Mastercard
1. IThere is a low rate of interest
Why is that this card popular? It’s basic math. Most cards charge around 19.99% interest. With a daily rate of interest of 12.99%, the BMO preferential rate routinely saves you 7% interest on unpaid balances annually in comparison with the common bank card. Depending on how much debt you will have, this might add as much as several hundred dollars per 12 months. Even higher, this rate also generally applies to balance transfers and money advances.
2. You can transfer balances from cards with higher rates of interest
With the low rate of interest as its foremost feature, this card is aimed toward individuals who want to scale back their bank card payments. Therefore the introductory price of 0.99% applies Balance transfers for a full 9 months is such a bonus. New cardholders can transfer debt from higher-interest cards and pay 0.99% for 9 months (a 2% transfer fee applies, so for instance, in case you transfer $5,000 from one other card, a transfer fee of $50 added). . After the balance transfer offer period ends, any remaining debt will accrue interest at 12.99%, a rate that continues to be significantly lower than most cards.
3. It offers few bells and whistles
It’s not unusual for low interest cards to be somewhat light on perks. However, the BMO Preferred Rate Mastercard comes with purchase protection and an prolonged warranty that may provide you with a measure of peace of mind when making your on a regular basis purchases.
4. The advantage of the large bank
As a BMO card, the Preferred Rate Mastercard is a superb selection if you should simplify managing all accounts and bank cards with a single provider.
Are there any disadvantages to the BMO Preferred Rate Mastercard?
While the BMO Preferred Rate offers a really competitive low rate of interest, stronger alternatives might be found outside of the Big Five banks. When taking a look at the competition on this category, it’s clever to check regular rates of interest, annual fees, and balance transfer offers. Some cards like this MBNA True Line Mastercardmay be a greater option for you.
Should you apply for it? BMO Preferred Rate Mastercard
If you are in search of a low-interest card from a longtime bank, the BMO Preferred Rate Mastercard is a superb option. However, in case you’re in search of absolutely the lowest rates, balance transfer deals, and annual fees, you may find something that suits you higher. Check out our review Canada’s best low-interest bank cards to make it easier to together with your decision.
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RBC Cash Back Preferred World Elite Mastercard
- Annual fee: $99
- Earning rate: 1.5% cashback on all of your purchases
- Welcome bonus: You can earn unlimited a reimbursement, there isn’t a limit to the quantity you possibly can get back
- Annual income requirement: Personal income of $80,000 or household income of $150,000
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Keph Senett writes about personal finance from a community-building perspective. Their goal is to clarify and actionable knowledge accessible to everyone.
