BMO Preferred Rate Mastercard Review Canada 2026
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The BMO Preferred Rate Mastercard is built for people who occasionally carry a balance and want low interest on purchases. At 9/year on the Mastercard network, here is everything you need to know before applying.
BMO Credit Cards at a Glance
Why the BMO Preferred Rate Mastercard Stands Out
✓ What makes it worth it:
- 3.99% balance transfer for 9 months
- 13.99% ongoing rate on purchases AND transfers
- Useful as a daily card if you carry balances
- Lower ongoing rate than Scotiabank Value (12.99% vs 13.99% is close)
✗ What to consider:
- 9 annual fee
- No rewards at all
- MBNA offers 0% for 12 months (better for transfers)
- Only makes sense if you carry balances
Verdict: Who Should Get This Card?
A niche card for people who sometimes carry a balance on purchases. The 13.99% purchase rate saves money vs 19.99% standard cards. But if your goal is purely balance transfer, MBNA True Line (0% for 12 months, no fee) is strictly better. For more options, see our see balance transfer options guide.
Ready to apply? Go directly to BMO:
APPLY ON BMO →✓ Official BMO website | ✓ Secure application | ✓ Takes 5-10 minutes
What credit score do I need for the BMO Preferred Rate Mastercard? ▼
Standard BMO cards typically require a score of 650+. If your score is below that, consider a secured card first to build history.
Is the 9/year annual fee worth it? ▼
Calculate your expected annual rewards based on the earn rates above. If they exceed 9/year, the card pays for itself. Most cardholders who spend $2,000+/month break even easily.
Can I get the BMO Preferred Rate Mastercard as a newcomer to Canada? ▼
BMO has dedicated newcomer programs. If you have been in Canada less than 5 years, check their newcomer page for cards with relaxed eligibility.
This review is for informational purposes only and does not constitute financial advice. Credit card terms and conditions change. Verify current details directly on the BMO website before applying.
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