The BMO Preferred Rate credit card is built for individuals seeking lower interest rates on their purchases and cash advances.
It offers a straightforward solution for those prioritizing lower rates over rewards programs or extra perks often associated with other credit cards.
While it may not include flashy benefits, the card’s main appeal lies in its affordability, making it a practical choice for those who tend to carry a balance.
About the BMO Preferred Rate credit card
The BMO Preferred Rate credit card focuses on providing lower interest rates, helping cardholders save on interest over time.
It is geared towards clients who want to keep their credit card costs manageable without being bogged down by complex rewards systems.
It might be ideal for consumers looking for a reliable product to use regularly for purchases or to consolidate debt from higher-interest cards.
Benefits of the BMO Preferred Rate credit card
The BMO Preferred Rate credit card stands out for being a convenient and practical product for its cardholders.
Here are some of its benefits:
- Users can enjoy a low interest rate on purchases and cash advances;
- An additional cardholder can be added at no extra charge;
- Consumers have access to an extended warranty and purchase protection;
- This card provides 24/7 emergency support globally.
Disadvantages of the BMO Preferred Rate credit card
The BMO Preferred Rate card offers some attractive features, but it also comes with potential drawbacks for its users.
Here are some of the disadvantages to consider:
- It comes with an annual fee;
- Unlike many credit cards, this product doesn’t offer a rewards program, which may be a dealbreaker for those seeking travel points, cashback, or other incentives;
- This card doesn’t grant travel insurance;
- It charges a foreign transaction fee.
About the issuing bank
The BMO Preferred Rate card is issued by BMO (Bank of Montreal), one of Canada’s leading financial institutions.
BMO is known for its wide range of financial products, including banking, investments, loans, and credit cards.
With a long-standing history, this bank provides reliable customer service and a variety of online tools to help clients manage finances more effectively.
Fees of the BMO Preferred Rate credit card
Like most credit cards, the BMO Preferred Rate comes with fees that should be carefully considered.
These include:
- Annual fee: $29.00;
- Annual interest rate for purchases, fees, and other charges: 13.99%;
- Annual interest rate for cash advances and balance transfers: 15.99%;
- Foreign currency conversion rate: 2.50%;
- Over limit fee: $29.00.
Last update of rates according to the official website: 10/14/24
Why apply for this card?
The BMO Preferred Rate credit card could be a good fit for individuals who want to avoid high interest rates and are looking for an affordable financial product for everyday spending.
However, for clients seeking extensive rewards programs or premium benefits, such as travel insurance, this card might not be the best choice.
Additionally, the annual fee and other costs, combined with the lack of rewards, may make this card less competitive compared to the other options in the market.
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