Credit card balance transfer

Most balance transfers are completed within 11 business days.

The daily maximum for balance transfers is $20,000; however, the transfer amount plus the transfer fee can’t exceed the amount of the unused portion of your credit limit.

You can make multiple balance transfers over multiple days; however, the transfer fee will apply to each balance transfer transaction.

You might have different balance types on one card that correspond to different interest rates, for example, purchase balances with a standard interest rate and balance transfers with a promotional interest rate. In this case, here’s what you should know:

• For residents outside of Quebec, if your account has balances with different interest rates, such as purchases with a standard interest rate and balance transfers with a promotional interest rate, any payment that exceeds the minimum payment will be allocated proportionately to those balances according to the terms set out in the BMO Credit Card Cardholder Agreement. For example, if you have a balance of $800 in purchases at the standard interest rate and a $200 balance transfer balance at a promotional interest rate, 80 percent of your payment will be allocated to your purchases balance and 20 percent will be allocated to your balance transfer amount balance.
• For residents of Quebec, if your account has balances with different interest rates, such as purchases with a standard interest rate and balance transfers with a promotional interest rate, any payment that exceeds the minimum payment will apply first with the debt with the highest credit rate, then to other debts in decreasing order of credit rate according to the terms set out in the BMO Credit Card Cardholder Agreement. For example, if you have a balance of $800 in purchases at the standard interest rate and a $200 balance transfer balance at a promotional interest rate, and the standard interest rate is higher than the promotional interest rate, 100 percent of your payment will first be allocated to your $800 purchases balance and once the $800 is paid off, any excessive payments made will be allocated to your $200 balance transfer balance.

The balance transfer fee will be charged to your account on the date the balance transfer is posted. For residents outside of Quebec, the minimum payment on your next statement will include the entire balance transfer fee and must be paid in full by the due date to keep your account in good standing. For Quebec residents, the minimum payment on your next statement will only include a portion of your fee based on your minimum payment percentage disclosed to you in your terms and conditions.

The promotional interest rate only applies to the balances you transfer, not existing purchases and fees on your BMO credit card. If you have a promotional balance transfer, new purchases won’t have an interest-free grace period and will be subject to the standard interest rate.