BMO Preferred Rate Mastercard vs CIBC Select Visa Card
The short answer: for most people the CIBC Select Visa Card is the better overall card — we rate it 3.8/5 and it shines if you want anyone carrying a balance or consolidating credit card debt.. Choose the BMO Preferred Rate Mastercard instead if your priority is anyone who carries a balance and wants to minimize interest charges rather than earn rewards..
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| Our rating | 3.4 | 3.8 |
|---|---|---|
| Annual fee | $29/yr | $29/yr |
| Welcome bonus | $29 | None |
| Foreign transaction fee | 2.5% | 2.5% |
| Rewards type | cash back | cash back |
| Top earn rates |
|
|
| Purchase interest | 13.99% | 13.99% |
| Income required | None stated | None stated |
| Best for | Anyone who carries a balance and wants to minimize interest charges rather than earn rewards. | Anyone carrying a balance or consolidating credit card debt. |
| Apply now | Apply now |
BMO Preferred Rate Mastercard
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.
CIBC Select Visa Card
Our winnerA purpose-built debt-management card: the 10-month 0% balance transfer window plus a permanent 13.99% rate can save serious interest versus a standard 21.99% card.
Frequently asked questions
Is the BMO Preferred Rate Mastercard or the CIBC Select Visa Card better?
For most Canadians, the CIBC Select Visa Card is the better overall pick (we rate it 3.8/5 vs 3.4/5). It's especially strong if you want anyone carrying a balance or consolidating credit card debt.. The BMO Preferred Rate Mastercard can still win if you specifically want anyone who carries a balance and wants to minimize interest charges rather than earn rewards..
Which card has the lower annual fee?
Both cards have a $29 annual fee.
Do either of these cards charge foreign transaction fees?
BMO Preferred Rate Mastercard: 2.5% foreign transaction fee. CIBC Select Visa Card: 2.5% foreign transaction fee.