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Enjoy our biggest savings and our lowest interest rate.

BMO® Preferred Rate

BMO® Preferred Rate Mastercard®*

Welcome offer: Get a 3.99% introductory interest rate on Balance Transfers for 9 months, 1% fee applies to balance amounts transferred5.

  • Low $20 annual fee1
  • Our lowest interest rate of 12.99% on purchases and cash advances1
  • Free extended warranty and purchase protection3
  • Zero Dollar Liability: protects you from unauthorized use of your credit card4
  • 12.99% for Purchases1
  • 12.99% for Cash Advances1

  1. Ongoing interest rates, interest-free grace period, annual fees and all other applicable fees are subject to change. Cash advances include Balance Transfers, cash-like transactions and Mastercard cheques. Visit your branch; call the Customer Contact Centre at 1-800-263-2263, or visit for current rates and fees.
  2. The Low Interest Rate Option may be subject to additional credit granting criteria. Not all applicants may qualify. If you do not qualify, you'll be provided the standard ongoing interest rate.
  3. Insurance benefits provided by Allianz Global Risks US Insurance Company (Canadian Branch).
  4. If your card is used without your authorization, you will not be liable if: you did not knowingly contribute to the unauthorized use; you used reasonable care to keep your card safe from loss, theft or misuse; you kept your PIN confidential and separate from your card; you notify us by telephone within 24 hours if you learn of the loss, theft or misuse of your card, or if you know or suspect that someone else knows your PIN; there has not been more than one unauthorized use of your card in the last 12 months, and your account is in good standing. If you don't meet these criteria, you will be liable for all charges incurred in connection with the unauthorized use.
  5. a) Subject to these Terms and Conditions, each balance transfer amount is eligible for a promotional interest rate of 3.99% provided that each balance transfer is posted to your BMO Preferred Rate Mastercard account (the "Account") in the first 9 (nine) statement periods from the Account open date (“Promotional Period”) , and your Account remains in good standing. Offer is available to new customers only upon Account approval for applications submitted on or after January 15, 2018. Balances from other BMO credit card accounts are not eligible to be transferred. The promotional rate will no longer apply to your Account if you transfer into a card other than the BMO Preferred Rate Mastercard. Balance transfers apply to Canadian dollar amounts only.
    b) Balance transfers are treated as cash advances and the promotional interest rate applies from the date the transactions are posted to your Account until the last day of the Promotional Period. After the Promotional Period expires, any remaining balance transfer amounts will be charged interest at the standard annual interest rate for cash advances. The promotional interest rate of 3.99% does not apply to purchases, fees, cash advances and other charges posted to your Account during the Promotional Period. Standard interest rates will continue to apply to those transactions. Please refer to your monthly statement for the interest rate applicable to your Account.
    c) Each balance transfer is subject to a fee of 1% which will be charged to your account on the date the balance transfer is posted to your Account. For example, if an amount of $1,000 is transferred to your Account, you will be charged a fee of $10. You may request a balance transfer for as low as $100, as long as the transfer amount plus the fee, does not exceed the unused portion of the credit limit on your Account.
    d) 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 section 14 of the BMO Mastercard Cardholder Agreement. For example, if you have an $800 purchases balance at the standard interest rate and a $200 balance transfer balance at a promotional interest rate, 80 per cent of your payment will be allocated to your purchases balance and 20 percent will be allocated to your balance transfer balance. This offer may be withdrawn or changed without notice.
    e) You will pay interest on purchases unless you pay your full Account balance by the payment due date. For example, if you complete a balance transfer for $5,000 and spend $2,000 in purchases during the same statement period, you must pay the entire balance of $7,000 before the payment due date to avoid paying interest on your purchases. You will be charged interest if you only pay the amount owing for your purchases. There is no interest-free grace period for cash advances or balance transfers.
    f) To transfer balances from non-BMO credit card accounts, register for Online Banking or log in at and do the following; select your Mastercard account, then select Set up Balance Transfer or Pre-authorized payment, then select Credit Card Balance Transfer and follow the instructions to complete the transfer.

® Registered trade-marks of Bank of Montreal.

™*/®* Trade-marks/registered trade-marks of Mastercard International Incorporated.