The ClearFin bottom line
📉 Low Interest
This card is designed primarily for access to credit rather than rewards. The $29 annual fee should be weighed against the rewards and benefits you expect to use.
Checked 2026-08-09 · Official issuer catalogueIndependent ClearFin review · BMO
BMO Preferred Rate Mastercard
Start with 0% balance transfer rate for 18 months and first-year annual fee waiver, worth about $29.
Independent comparisonFees includedCanadian card data
- Annual fee
- $29
- Reward type
- Cash back
- Welcome offer
- $29
- Insurance
- 2 coverages
First year free
Current new-cardmember offer
Certificate terms apply
📉 Low Interest
Welcome bonus
0% balance transfer rate for 18 months and first-year annual fee waiverEstimated value: $29
How to earn it
- 0% introductory interest rate on balance transfersComplete eligible balance transfers within the promotional period. Introductory rate applies for 18 months from account opening.
- First-year annual fee waiverOpen a new account and receive a waiver of the $29 annual fee for the first year.
- 2% balance transfer feeA one-time balance transfer fee of 2% applies to transferred balances.
Offer details
Available to new BMO Preferred Rate Mastercard cardholders who meet the offer requirements. Existing cardholders and previous holders of this card may not be eligible. Terms and conditions apply.
How you earn
- 0% introductory interest rate on balance transfers for 18 months
- 13.99% interest rate on purchases
- 15.99% interest rate on cash advances
- Low annual fee of $29
- Save the annual fee every year when paired with an eligible BMO Performance Chequing Account
- No points, cashback, or travel rewards program
- Designed for cardholders focused on minimizing interest costs rather than earning rewards
Costs and requirements
Fees & eligibility
Confirm final approval criteria and current rates directly with the issuer.
Annual fee$29First year free
Purchase interest13.99%
Cash advance interestConfirmCheck current issuer rate
Foreign transaction fee2.5%
Income requirementNot statedIssuer approval criteria apply
Recommended credit score660+ Good to Very Good
Applicants typically have the strongest approval odds with a good to very good credit profile. The card is designed for consumers seeking lower interest costs rather than premium rewards or travel benefits.
300Poor
560Fair
660+Good
725Very Good
760Excellent
ClearFin estimate on Canada's 300–900 scale. This is not an issuer cutoff or approval guarantee; lenders may use different bureau scores and underwriting criteria. This is an estimated approval range based on industry data, cardholder reports, and the card's positioning as an entry-level low-interest credit card. BMO does not publish a minimum credit score requirement, and approval decisions consider additional factors such as income, credit history, existing debt, and payment history.
Reward limits: The BMO Preferred Rate Mastercard does not earn points, cashback, or any rewards currency. As a low-interest credit card, its primary value comes from reduced borrowing costs, a low annual fee, and balance transfer promotions rather than rewards earning. No earning caps or category spending limits apply because the card does not offer a rewards program.
Using your rewards
Redemption options
Redemption values and availability may vary by option and can change.
Redeem earned cash rewards using the issuer's available cash-back or statement-credit options.
Minimum redemption amounts, automatic payout timing, and eligible account credits vary by issuer; confirm the current program terms before applying.
Beyond the points
Benefits that come with the card
Consider these extras by the value they add to purchases and experiences you already use.
Extended Warranty Insurance
Doubles the original manufacturer's warranty period on eligible purchases for up to one additional year when the full purchase price is charged to the card.
Purchase Security Insurance
Eligible purchases made with the card are protected against theft, loss, or accidental damage for 90 days from the purchase date.
24/7 Mastercard Assistance
Access emergency assistance services 24 hours a day, 7 days a week while travelling.
Zero Liability Protection
Protection against unauthorized purchases made with your card when fraud occurs.
Mastercard Identity Check
Additional online shopping security through Mastercard's authentication and fraud prevention service.
BMO Alerts
Receive customizable alerts for purchases, large transactions, international usage, and account activity.
Car Rental Discounts
Save up to 30% on eligible Avis rentals and up to 35% on eligible Budget rentals when booking with the card.
Free Additional Cardholder
Add an authorized user to the account at no additional annual fee.
Show all 12 benefitsShow fewer
Optional Roadside Assistance
Eligible cardholders can purchase optional roadside assistance coverage.
BMO PaySmart Installment Plans
Convert eligible purchases into fixed monthly installment payments through BMO PaySmart.
Credit Score Access
Free access to BMO Credit Coach, allowing cardholders to monitor their credit score with no impact on their credit file.
Digital Card Management
Lock and unlock your card, report it lost or stolen, and manage account settings through BMO Digital Banking.
Protection included
Insurance at a glance
2 coverages listed. Key terms are summarized below; full certificate terms apply.
Purchase security
This coverage is listed in ClearFin's card catalogue. Confirm eligibility, limits, exclusions, and payment requirements in the issuer's current insurance certificate.
Extended warranty
This coverage is listed in ClearFin's card catalogue. Confirm eligibility, limits, exclusions, and payment requirements in the issuer's current insurance certificate.
Coverage is subject to eligibility, exclusions, limits, payment requirements, and claim rules in the insurance certificate.
The verdict
What we like
- Low interest rates
- Excellent balance transfer promotion
- Low annual fee
- First-year annual fee waiver
- Purchase security and extended warranty coverage
- No minimum income requirement
Worth noting
- Annual fee
- No rewards program
- Lacks significant travel benefits
- Limited insurance coverage
- Foreign transaction fees apply
- Few premium cardholder perks
ClearFin analysis
Our detailed review
A practical reading of where the card earns, what the fee buys, and which limits matter.
📉 Low Interest
Low purchase interest rate. Best for occasional balance carriers.
How the rewards work
This card does not currently list a rewards return in ClearFin's catalogue. Its value is primarily tied to credit access and account management rather than points or cash back.
What the annual cost means
The $29 annual fee should be justified primarily by benefits you will actually use.
Who it may suit
It may suit someone prioritizing access to credit or rebuilding history, provided the issuer's approval terms and any security-deposit requirements fit their situation.
What to examine before applying
Compare the purchase interest rate, foreign-transaction fee, approval requirements, reward limits, and insurance certificates. Pay particular attention to merchant-category rules because a store may not receive the reward rate its products appear to suggest.
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Issuer terms apply. ClearFin is not affiliated with this provider. How we make money. Card facts were checked against the issuer's official source. The issuer's current catalogue was checked. Any field not explicitly listed remains marked as unverified rather than estimated.