Reviewed by Jen, founder of MoneyMint · Updated September 25, 2026

BMOLow-Interest

BMO Preferred Rate Mastercard

Our take: a $29-a-year card built around a 13.99% purchase rate rather than rewards — worth a look if you sometimes carry a balance.

#1 Balance transfer

Key feature13.99% purchase APR — one of BMO’s lowest standard rates

Apply on BMO’s site →

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Our review

The BMO Preferred Rate Mastercard is a no-frills, low-interest credit card designed for Canadians who sometimes carry a balance rather than pay it off in full each month. In exchange for one of BMO’s lowest standard purchase APRs (13.99%), the card skips a rewards program entirely, making it a poor fit for anyone chasing points or cash back. It tends to make the most sense for people consolidating higher-interest debt through a balance transfer or who simply want to minimize interest costs on everyday spending.

4.0out of 5

MoneyMint rating

#4 of 7 low-interest and no-rewards cards · How we rate

Rewards value

0/10

Insurance

4/10

Flexibility

4/10

Welcome bonus

0/10

Fee value

9/10

Perks

0/10

Rate-first card

Not built for rewards, so the score leans on interest rate, fees and insurance. Find the right fit for you →

At a Glance

Annual fee

$29rebated yearly with BMO Performance Plan chequing

Rewards rate

Noneno points or cashback program

Balance transfer offer

0% for 18 months18 statement periods, 3% transfer fee

Credit score needed

Good

Foreign transaction fee

2.5%

Purchase APR 13.99% · Cash advance APR 15.99%

Pros & Cons

Pros

13.99% purchase APR is lower than most standard or rewards credit cards
Annual fee ($29) can be fully rebated every year by pairing the card with a BMO Performance Plan chequing account
Standard purchase protections included: extended warranty and 90-day purchase security insurance
Zero Liability fraud protection and a free additional cardholder
Car rental discounts with Avis and Budget

Cons

No rewards, points, or cash back of any kind on purchases
$29 annual fee unless a qualifying BMO chequing account is also held
2.5% foreign transaction fee on purchases made in other currencies
3% fee applies to balance transfers, and the 15.99% cash advance rate applies to any transferred balance left when the promotion ends
Minimal built-in travel insurance compared to BMO’s mid-tier and premium travel cards

Rewards & Earn Rates

All purchasesNo rewardscard is built around a low interest rate instead

BMO periodically changes this card’s exact fee, APR, and balance-transfer promotion — an older cached version of BMO’s page showed a lower $20 fee and 12.99% APR, both since increased. Confirm the current fee, APR, and any active balance-transfer promotional rate/term directly on BMO’s official page before applying, since these details change more often than on many other cards.

Who It’s For

Best for

Canadians who occasionally carry a balance and want to minimize interest costs rather than earn rewards
People consolidating higher-interest credit card debt via a balance transfer
Existing BMO Performance Plan chequing customers who can get the annual fee rebated
Users who prioritize a simple, low-fee card over rewards complexity

Not ideal for

Anyone who pays their balance in full each month, since they’d get no rewards value at all
Frequent travelers or international spenders, due to the 2.5% foreign transaction fee and limited travel insurance
People seeking a true no-annual-fee card without conditions attached
Shoppers looking for cash back or points on everyday spending

Not Sure? Three Cards People Compare It With

All everyday spending cards →

TD Low Rate Visa Card

Pick this instead if you prefer TD’s visa network.

Fee $25Rating 4.4 ★

Read review

RBC Visa Classic Low Rate Option

Pick this instead if you want a lower annual fee ($20).

Fee $20Rating 4.4 ★

Read review

CIBC Select Visa Card

Pick this instead if you prefer CIBC’s visa network.

Fee $29Rating 4.0 ★

Read review

4.0MoneyMint rating

BMO Preferred Rate Mastercard

Low-rate card · $29/year

Apply on BMO’s site →Find a better fit

Jen, founder of MoneyMint

Reviewed by Jen. Every figure on this page was checked against BMO’s official card page on September 25, 2026. How we rate cards →

This is general information, not personalized financial advice — consider your own spending habits and consult a professional for decisions specific to your situation. Rates, fees, and offers are set by BMO and can change without notice; always confirm current terms on the issuer’s official page before applying.

Frequently Asked Questions

What is the annual fee for the BMO Preferred Rate Mastercard?

The BMO Preferred Rate Mastercard has an annual fee of $29 (rebated every year with a qualifying BMO Performance Plan chequing account).

What is the rewards rate on the BMO Preferred Rate Mastercard?

The BMO Preferred Rate Mastercard offers: None — this is a low-interest card with no points or cash-back program

Does the BMO Preferred Rate Mastercard have a welcome bonus?

Yes: 0% on balance transfers for 18 statement periods from account opening (3% transfer fee), plus a refund of the first-year $29 annual fee, for new applications from September 15, 2026 (checked September 21, 2026). BMO has changed this card’s terms before (an older cached version showed a $20 fee and 12.99% APR). Confirm current fee, APR, and any live balance-transfer promo directly on BMO’s site before you apply.

What credit score do I need to qualify for the BMO Preferred Rate Mastercard?

Generally, you’ll want a good credit score to be considered for the BMO Preferred Rate Mastercard. Approval also depends on income and overall credit history, not credit score alone.

Does the BMO Preferred Rate Mastercard charge foreign transaction fees?

2.5% (confirmed via BMO’s cardholder disclosure PDF)