BMO Preferred Rate Mastercard: Low-Interest, Rewards, and Exclusive Offers for Canadians – Learn More

The BMO Preferred Rate Mastercard offers Canadians low-interest rates and various benefits designed to make your financial management more accessible and rewarding. See how to apply and enjoy its perks.

By: José On 09/07/2024 Last updated on 16/09/2024

The BMO Preferred Rate Mastercard is a credit card that combines affordability with numerous benefits, making it a valuable financial tool for Canadians. With its low-interest rates, reward points, exclusive offers, and robust purchase protection, it stands out as a practical choice for both everyday use and significant expenditures.

Whether you are looking to manage your monthly expenses, finance a large purchase, or simply want to take advantage of a card with a lower interest rate, the BMO Preferred Rate Mastercard offers a versatile solution. Its design caters to a wide range of financial needs, ensuring that you can maximize your savings and manage your finances more effectively.

Moreover, the BMO Preferred Rate Mastercard is ideal for those who seek more than just a standard credit card. Its rewards program allows cardholders to earn points on everyday purchases, which can be redeemed for travel, merchandise, or even financial products. Exclusive offers provide additional value, giving access to discounts on travel, dining, and entertainment.

History of BMO

The Bank of Montreal (BMO) was founded in 1817, making it the oldest bank in Canada. Established in Montreal, BMO started as a small local bank, serving the financial needs of the local community.

Over the past two centuries, the bank has expanded its operations significantly, growing from its modest beginnings into a major financial institution with a global presence. This remarkable growth can be attributed to BMO’s unwavering commitment to innovation and customer service.

By continuously adapting to the changing financial landscape and embracing new technologies, BMO has consistently provided cutting-edge financial solutions that meet the evolving needs of its customers.

Today, BMO serves millions of customers across various regions, offering a wide range of services including personal banking, wealth management, and investment banking. The bank’s dedication to customer satisfaction has earned it a strong reputation for reliability and trustworthiness.

BMO’s extensive network of branches and ATMs, along with its comprehensive online and mobile banking platforms, ensure that customers have convenient access to their financial services anytime, anywhere.

Additionally, BMO’s involvement in community initiatives and sustainable practices underscores its commitment to social responsibility and environmental stewardship. As BMO continues to grow and evolve, it remains focused on delivering exceptional value and service to its customers, solidifying its position as a leader in the financial industry.

Benefits of the BMO Preferred Rate Mastercard

The BMO Preferred Rate Mastercard is packed with benefits that cater to various financial needs and lifestyles. Here are some of the key advantages:

Low-Interest Rates: One of the primary attractions of the BMO Preferred Rate Mastercard is its low-interest rate on purchases and cash advances. This feature makes it an ideal option for those looking to minimize interest costs, especially if they occasionally carry a balance.
Rewards Points: Cardholders can earn BMO Rewards points on every purchase. These points can be redeemed for travel, merchandise, gift cards, and even financial products like investments or mortgage payments. The flexibility of the BMO Rewards program ensures that you can make the most of your spending.
Exclusive Offers: BMO Preferred Rate Mastercard holders gain access to exclusive offers and discounts. These can include savings on travel, dining, entertainment, and shopping. By leveraging these deals, you can enjoy premium experiences and save money simultaneously.
Purchase Protection: The card comes with comprehensive purchase protection, including extended warranty coverage and purchase assurance. This means that eligible purchases are protected against theft, loss, and damage for a specific period. The extended warranty doubles the manufacturer’s warranty period, providing added peace of mind.

Loan Options and Installment Program

The BMO Preferred Rate Mastercard offers flexible repayment options to help manage your finances more effectively. Understanding and utilizing these options can lead to significant savings and more control over your financial health.

The card’s features, such as balance transfers and installment plans, are designed to provide cardholders with various ways to handle their financial obligations more efficiently and affordably.

Balance Transfers

One of the most advantageous features of the BMO Preferred Rate Mastercard is its balance transfer option. This allows you to transfer higher-interest balances from other credit cards to your BMO Preferred Rate Mastercard. By doing so, you can benefit from the lower interest rate offered by BMO, which can significantly reduce the amount of interest you pay over time.

This can be a crucial tool for debt management, enabling you to pay off your debt faster and save money that would otherwise go toward higher interest payments. The process is straightforward, and by consolidating your debt onto one card with a lower rate, you simplify your payments and potentially improve your credit score by reducing the amount of revolving credit you utilize.

Installment Plans

BMO provides an installment program that allows you to convert large purchases into manageable monthly payments. This option is particularly beneficial for big-ticket items, such as electronics, furniture, or travel expenses, as it enables you to spread the cost over time without incurring high-interest charges. With the installment plan, you can budget more effectively and avoid the financial strain of having to pay for expensive items all at once.

This program can also help you make planned purchases without disrupting your monthly cash flow, providing a more flexible and affordable way to manage your finances. By breaking down large expenses into smaller, fixed payments, you can better control your spending and ensure that your financial obligations are met without compromising your financial stability.

Eligibility for the BMO Preferred Rate Mastercard

To apply for the BMO Preferred Rate Mastercard, you need to meet certain eligibility criteria:

Basic Requirements

Age: You must be the age of majority in your province or territory.
Canadian Residency: Applicants must be Canadian residents.
Credit Score: A good to excellent credit score is typically required.
Income: A stable income source is necessary to demonstrate your ability to manage credit.

Interest Rates and Fees

The interest rate for purchases is 12.99% and for cash advances is 15.99%. The annual fee for the card is $20, which is competitive given the range of benefits offered.

How to Apply

Applying for the BMO Preferred Rate Mastercard is straightforward and can be done online.

Steps to Apply Online

Visit the Official Website: Go to BMO Preferred Rate Mastercard.
Fill Out the Application Form: Provide your personal information, including your name, address, employment details, and income.
Submit the Form: Once you’ve filled out all the required fields, submit your application.
Wait for Approval: BMO will review your application and notify you of their decision. If approved, your card will be mailed to you.

Additional Tips

Evaluation of Benefits

The BMO Preferred Rate Mastercard is highly beneficial for those who prioritize low-interest rates and rewards flexibility. Its comprehensive purchase protection and exclusive offers add significant value. However, it’s essential to consider the annual fee and ensure that the card aligns with your spending habits and financial goals.

Sustainability and Environmental Impact

BMO is committed to sustainability and has initiatives aimed at reducing its environmental footprint. By using digital banking services and opting for electronic statements, you can contribute to these efforts and reduce paper waste.

Tips for Maximizing Benefits

Pay Your Balance in Full: To avoid interest charges, try to pay your balance in full each month.
Take Advantage of Rewards: Use your card for everyday purchases to accumulate points faster.
Stay Informed About Offers: Regularly check for new exclusive offers and discounts available to cardholders.