low interestbalance transfer

BMO® Preferred Rate Mastercard® review

Name: BMO Preferred Rate Mastercard
Brand: BMO

3.4Rated by the CreditCardGuru Editorial Team

A straightforward low-interest workhorse: the 13.99% purchase rate and 0.99% intro balance transfer can save far more in interest than any rewards card would earn back.

At a glance

Annual fee: $29
Welcome bonus: ~$29
Foreign tx fee: 2.5%
Network: MASTERCARD
Rewards: cash back
Purchase APR: 13.99%

Rewards & earn rates

No rewards earned on purchases

Welcome offer: $29 annual fee waived in the first year plus a 0.99% introductory interest rate on balance transfers for 9 months.

Pros & cons

Pros

Among the lowest purchase interest rates from a big bank
Cheap and effective for paying down transferred balances

Cons

No rewards on spending
Small annual fee after year one

Perks & insurance

Key perks

Low 13.99% interest rate on purchases
0.99% introductory balance transfer rate for 9 months
Low 15.99% rate on cash advances and balance transfers
Free additional cards

Insurance

Extended warranty insurance
Purchase security insurance (90 days)

Rates & fees

Annual fee: $29
Purchase interest: 13.99%
Cash advance: 15.99%
Foreign transactions: 2.5%

First year waived.

Last updated June 7, 2026Reviewed by CreditCardGuru Editorial Team

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Written by

CreditCardGuru Editorial Team

Rewards & Cards Research

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“BMO® Preferred Rate Mastercard® Review (2026)” — CreditCardGuru, https://creditcardguru.ca/cards/bmo-preferred-rate-mastercard, updated June 7, 2026.