The BMO Preferred Rate Mastercard is a credit card offered by the Bank of Montreal (BMO) in Canada. It is designed for individuals who are looking for a credit card with a lower interest rate.

This card is suitable for people who may carry a balance on their credit card and want to minimize the interest charges.

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It offers a lower annual interest rate compared to some other credit cards, making it a good choice for those who prioritize managing their credit card debt and reducing interest costs. However, the eligibility criteria and specific features of the card may vary, so it’s advisable to check with BMO or visit their website for the most up-to-date information on the BMO Preferred Rate Mastercard.

Credit card benefits BMO Preferred Rate Mastercard

  • Low-Interest Rate: The primary advantage of this card is its lower annual interest rate on both purchases and cash advances. This can be beneficial for cardholders who tend to carry a balance on their credit card, as it helps reduce the cost of borrowing.
  • Interest-Free Grace Period: The card typically comes with an interest-free grace period on purchases. If you pay your balance in full by the due date, you won’t incur any interest charges on your purchases.
  • Security Features: Like most credit cards, the BMO Preferred Rate Mastercard includes security features such as chip and PIN technology for secure transactions.
  • Online Account Management: Cardholders can manage their account, view statements, and make payments conveniently through BMO’s online banking platform.
  • Optional Credit Card Insurance: Cardholders may have the option to enroll in credit card insurance, which can provide coverage for things like balance protection in case of unexpected events, like disability or job loss.
  • Purchase Protection and Extended Warranty: This card may offer purchase protection and extended warranty coverage on eligible purchases, offering added peace of mind when making certain purchases.
  • Cash Advances: While it’s important to use cash advances sparingly due to higher interest rates, this card may offer a lower interest rate on cash advances compared to other credit cards.

Credit card limit

To find out the credit limit for your BMO Preferred Rate Mastercard, you should refer to your most recent credit card statement, contact BMO’s customer service, or log in to your BMO online banking account. The credit limit on a credit card is typically determined by factors like your creditworthiness, income, and the specific terms of your credit card agreement. Your credit limit can also be subject to change over time based on your credit usage and the issuer’s policies.

  • Minimum Credit Score needed: You need to have a good credit score in order to qualify for BMO Preferred Rate MasterCard. To be exact, a credit score between 650 to 749 is needed;
  • Annual Income requirements: A minimum annual income of $15,000 is required but this is for household.

BMO Preferred Rate Mastercard: Fees and tariffs

  • Annual Fee: You pay an annual fee of $20 for this card, which is lower than what most other credit cards charge;
  • Late Payment Penalty Fee: This card doesn’t have late payment fees, but if you miss two payments within a year, your interest rate will increase to 17.99%;
  • Returned Payment Fee: If your payment bounces, you’ll be charged $48. It’s a significant fee, so make sure your payments are in order;
  • Foreign Transaction Fee: If you use the card for international transactions, there’s a fee of 2.5% for each transaction. This is a standard practice;
  • Interest Rate: The card has a low-interest rate of 12.99% for purchases and 15.99% for cash advances and transfers. But if you miss two payments in a year, the rate can go up to 17.99%;
  • Other Fees: There’s an over-limit fee of $29, so be careful not to exceed your credit limit. If you want an extra copy of your monthly statement, it will cost you at least $5.

Opinion about the card

The BMO Preferred Rate MasterCard is best suited for individuals who carry a balance on their credit card and want to minimize interest charges. Its low annual fee and competitive interest rates make it a cost-effective choice for responsible credit users. However, the foreign transaction fee and the returned payment fee can be significant drawbacks, so it’s important to consider your spending habits and whether these fees may impact your usage of the card.

Before applying for any credit card, it’s advisable to review the terms, conditions, and fees carefully to ensure that it aligns with your financial goals and spending patterns. Additionally, the suitability of the card can depend on your individual financial situation and credit needs.

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