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Image of b m o preferred rate mastercard give yourself a little breathing room with our lowest interest rate.

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Give yourself a little breathing room with our lowest interest rate.

Welcome offer

Lower costs keep more money in your pocket

step one

Our lowest interest rate

A lower interest rate means that if you carry a balance on your credit card, you'll pay less in interest charges than other cards.

step two

Save more with a Performance chequing account

Get the $29 annual fee rebated every year when you also have a BMO Performance chequing account.††

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Looking for a low interest rate and low annual fee? Here’s what you need to know.

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    annual fee8

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    for purchases8

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    for cash advances8

  • Add another cardholder for free.8

  • Enjoy extended warranty and purchase protection.40

  • 24/7 emergency support anywhere in the world.**

Image of b m o preferred rate mastercard
Image of b m o preferred rate mastercard

Check out these other options you can add on:

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BMO PaySmart™ Installment Plans

Live now, pay smarter with a BMO PaySmart plan by turning your credit card purchases into smaller, monthly payments at a low cost.

Learn More

Ready to apply?

Start enjoying a lower interest rate.

We’ll respond in under 60 seconds.

Digital features and security at your fingertips

Give your financial health a boost with online and mobile banking tools. Enjoy more control over your credit card and a better understanding about how you’re using it.

  • Safety and security

    Can’t find your card? No worries, you can lock it, unlock it or report it lost or stolen at any time.

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Frequently Asked Questions

  • If you’re looking to save money on monthly interest payments or annual fees, a low interest option could be the best credit card for you. With a lower interest rate than most other credit cards, you’ll rack up fewer interest charges when you carry a balance; essentially, it’s cheaper to borrow money with this credit card. By paying less interest charges, you can put money towards paying off the balance on the card.

    • If you have an emergency at home or away, you can contact the Mastercard Assistance Centre 24 hours a day: 1-800-247-4623 (within Canada and the U.S.)
    • 1-314-275-6690 (outside North America, call collect)

  • There are a few requirements you need to meet to apply for a credit card with us.

    • Be a Canadian citizen or permanent resident
    • Have not declared bankruptcy in the past seven years
    • Have reached the age of majority in the province in which you live (18 years in Alberta, Manitoba, Ontario, Prince Edward Island, Quebec and Saskatchewan. 19 years in all other provinces)
    • Meet minimum income requirements

  • You’ll need to share a few things to open an account online, including your name, date of birth, contact info, SIN, address, employment status, income source(s), and rent or mortgage amount. The better picture we have of your financial health, the faster we can let you know if your application has been approved.

  • Yes, you can! You’ll be able to set up, manage and review your PaySmart installment plans from your Online Banking account.

    To get started, simply login and follow these steps for recent eligible credit card purchases of $100 C A D or more:

    1. Choose an eligible credit card purchase you’d like to convert into a PaySmart plan.
    2. Go to the Installment Plan tab and click the Create button.
    3. Select the plan that works best for you.

    • Help me choose

      Let us know what you’re looking for in a credit card and we’ll find your best match.

    • Compare your options

      Select the cards you’re interested in and see how their features compare against each other.