BMO Preferred Rate MasterCard

The BMO Preferred Rate MasterCard is designed for those seeking a low purchase interest rate, making it a great option for individuals who often carry a balance on their credit card. While it does not offer any rewards program or travel insurance, its primary benefit is the potential to reduce interest payments. This card is especially beneficial if you have an outstanding balance on another credit card and want to lower your interest costs. The BMO Preferred Rate MasterCard features a welcome offer on balance transfers, allowing you to transfer your existing balance to this card and save on interest payments.

Card Summary:

This credit card has an annual fee of $29. The interest rate for purchases is 13.99%, and the rate for cash advances is 15.99%. This makes it an affordable option with lower interest rates compared to many other cards.

Rewards Summary:

• N/A

Benefits Summary:

Take control of your card with features like alerts, card lock/unlock, and lost/stolen card reporting. Enjoy peace of mind with Visa Secure protection. Plus, get free, 24/7 access to CreditView, allowing you to monitor your credit score without any impact.

Coverage Summary:

• Purchase Security and Extended Warranty Insurance

Editor’s Review

BMO Preferred Rate MasterCard Review

The BMO Preferred Rate MasterCard is tailored for individuals who often carry a balance on their credit card, offering a low purchase interest rate to help reduce interest payments. While it doesn’t come with rewards or travel insurance, its primary advantage lies in its cost-saving features, particularly for those managing outstanding balances.

Card Summary:

• Annual Fee: $29 (waived for the first year)
• Supplementary Card Fee: Not specified
• Interest Rates: 13.99% (purchases), 15.99% (cash advances)
• Introductory Balance Transfer Rate: 0.99% for the first 9 months with a 2% transfer fee

Rewards Program:

• None

Benefits:

• Alerts: Stay informed about your card activity
• Card Lock/Unlock: Quickly secure your card if it’s lost or stolen
• Lost/Stolen Card Reporting: Fast reporting to prevent unauthorized use
• Visa Secure: Enhanced security for online transactions
• CreditView: Free, 24/7 access to monitor your credit score without impact

Insurance Coverage:

• Purchase Security: Protection against theft or damage for purchases
• Extended Warranty Insurance: Extends the warranty period on eligible purchases

Pros and Cons

Pros:

• Low purchase interest rate (13.99%)
• Annual fee waived for the first year
• Attractive balance transfer offer (0.99% for 9 months)
• Basic purchase protection and extended warranty

Cons:

• No rewards program
• No travel insurance
• 2% balance transfer fee

Who is this card for?

This card is ideal for individuals who:

• Frequently carry a balance and want to minimize interest payments
• Have outstanding balances on other credit cards and want to take advantage of the balance transfer offer
• Seek basic purchase protection benefits without a high annual fee

Comparison with Similar Cards

Final Verdict

The BMO Preferred Rate MasterCard is an excellent choice for those who prioritize low interest rates over rewards. Its competitive rates, especially the introductory balance transfer offer, make it a practical option for managing and reducing credit card debt. While it lacks a rewards program and comprehensive benefits, its focus on affordability and basic protections provides significant value for budget-conscious cardholders.

View other BMO credit cards.

View other low interest credit cards.

Please note that the information provided on this site is not intended to be construed as professional or financial advice. For the latest and most accurate information on rates, terms, and conditions, kindly refer to the official webpage of the credit card.