How to Apply BMO Preferred Rate Mastercard

One must be willing to make sacrifices in order to obtain a credit card with a low interest rate. In most cases, as a way to reduce the amount of money spent on interest fees, you will need to forego the rewards and other benefits that are often included with most credit cards. 

This is not the case with BMO Preferred Rate Mastercard, you can use your card and rip all the benefits as per many other cards while still offering you a very competitive interest rate.

Before we take a look at the details of this credit card benefits and perks, let’s have a brief review of the banking history and profile of BMO as a Canadian Banking Institution.

BMO Bank background and profile

For over two centuries, BMO individuals have contributed to initiatives that have changed Canada, assisted clients in making significant financial strides, and fueled growth that has propelled the North America’s economy ahead. Below are a few of their lengthy history’s high points.

Timeline of BMO’s Key Moments:

• 1817: First Canadian colony bank opens.
• 1829: BMO begins uninterrupted dividend payments.
• 1835: First documented corporate donation to a community.
• 1847: Corporate headquarters on Place d’Armes established.
• 1870: First international branch built, expanding abroad.
• 1882: Harris Bank established in Chicago.
• 1885: Completion of Canada’s transcontinental railroad.
• 1914: Partnership with Canadian Armed Forces starts.
• 1934: Bank of Canada founded, changing banking landscape.
• 1967: First female bank director, Madame Vanier.
• 1969: Introduction of real-time online banking.
• 1984: Harris Bank becomes a significant market player.
• 1987: Acquisition of Nesbitt Thomson.
• 1991: Diversity report breaks glass ceiling.
• 1992: First Indigenous banking unit in Canada.
• 1994: Launch of BMO Institute for Learning.
• 2010: Bank of Montreal (China) Co. established.
• 2011: Marshall & Ilsley Bank joins BMO.
• 2019: “Grow the Good Boldly” initiative for a sustainable future.

Today, the institution caters to over 12 million customers and ranks as the eighth-largest bank in North America by assets. It provides an array of services, including personal and business banking, global markets, and investment banking. BMO is committed to facilitating progress for individuals, families, and businesses throughout North America.

Contact BMO

By phone: 1-877-225-5266
By website

Benefits of BMO Preferred Rate Mastercard

A credit card with a low interest option can be the ideal choice for you if you want to reduce the amount of money you spend on interest payments and annual fees each month. 

Because this credit card’s interest rate is lower than the rate offered by the vast majority of other credit cards, you will accrue fewer interest charges while you carry a balance; in essence, it will cost you less money to borrow money with this credit card. 

You’ll be able to put more money toward paying off the balance on the card if you reduce the amount of interest charges you pay each month.

Here is a list with some of the top benefits you’ll get from this card:

No annual fee for the first year

The card is free for the first year ($29 thereafter)

Lowest interest rate ever for new accounts

BMO Preferred Rate Mastercard offers a low rate of 0.99% on balance transfers for the first nine months.

Low interest rate on purchases

Experience everlasting modest interest rates of 13.99% on any of your purchasing.

Low interest rate on balance transfer

15.99% interest rate on balance transfers (when you move a balance from an older and higher interest rate credit card to BMO Preferred Rate Mastercard)

Low interest rate on cash advance

15.99% interest rate on cash advance (When you get a cash advance from any of the Bank branches, or when you take out cash from an ATM, you are borrowing money against the line of credit that is associated with your BMO Preferred Rate Mastercard)

Free additional cardholder

Include a free additional cardholder in your account.

Additional perks

You can make even higher savings by using a Performance checking account in conjunction with your BMO Preferred Rate Mastercard. You will be entitled to a refund of the $29 yearly fee each year if you also maintain a BMO Performance checking account.

• Take advantage of purchasing protection and extended warranties.
• 24/7 availability for urgent support in any part of the world.
• BMO Alerts assist in determining whether the transactions in question truly belong to you. They keep a close watch-out for things like unusual behavior and significant purchases.

Who’s eligible for the BMO Preferred Rate Mastercard

To be eligible for an application for a BMO Preferred Rate Mastercard, you need to fulfill a few prerequisites first.

• You must either be a citizen of Canada or a permanent resident.
• Have not submitted a petition for bankruptcy in the preceding seven years.
• You must be at least 18 years old in order to apply in the province in which you reside (AB Alberta, MB Manitoba, ON Ontario, PE Prince Edward Island, QC Quebec, and SK Saskatchewan). 19 years old in every single other province.
• Attain the required minimum amount of income

How to obtain the BMO Preferred Rate Mastercard

To receive a BMO Preferred Rate Mastercard, you can apply online at this URL.

In order to submit an application for the BMO Preferred Rate Mastercard, the following information must be provided:

• Your name
• Your date of birth
• Your contact information
• Your Social Security number
• Your residence
• Your job status
• Your income source(s)
• The amount of your rent or mortgage

If BMO has a more complete picture of your current financial situation, they will be able to inform you of the status of your application much more quickly.

Our Opinion

Although you won’t receive cash back or any other rewards, with BMO Preferred Rate Mastercard you will save money in a variety of different ways. The BMO Preferred Rate Mastercard not only makes it easier for you to pay off your credit card debt, but it also gives you more confidence when you go shopping.  It’s little wonder that this card is considered to be among the very best no-interest cards in Canada.