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BMO Preferred Rate Mastercard

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Card details
Network provider
Mastercard
Provider
BMO Bank of Montreal
Card type
Low Interest
Credit needed
Good
Fees and interest
Annual fee
$20
Purchase interest rate
12.99%
Cash advance rate
12.99%
Balance transfer rate
3.99%
12.99% after 9 months
Credit score required
Excellent (750-900) Good (650-749) Fair (575-649) Bad (300-574)
Features
  • Extended Warranty
  • Purchase Protection

The BMO Preferred Rate Mastercard is an excellent credit card to consider if you’ve bruised your credit score and are looking to repair it.

With this card, you get BMO’s preferred interest rate of 12.99%. Credit card lenders typically only allow clients who are in good standing credit-wise to access their preferred rate. But BMO Preferred Rate Mastercard holders get this benefit by paying a relatively low fee of $20.

Plus, you only need a fair credit score to qualify (in the 575-649 range). However, if you’ve declared bankruptcy within the last seven years, your application will be denied.

New cardholders can transfer an existing balance onto the BMO Preferred Rate Mastercard and only pay 3.99% on the balance for the first nine months. There's a one-time fee of 1% for transfers. 

There are a number of extras you can add on to your account for an annual fee, like travel insurance, protection against identity theft, and special services that provide round-the-clock monitoring of your (ever-improving, we hope) credit score.

Fees to be aware of include the $29 over-limit fee and a $48 fee for dishonoured payments returned by your financial institution.

Why get the BMO Preferred Rate Mastercard?

Worry-free travelFor an additional $129 a year, holders of the BMO Preferred Rate Mastercard who are also under 65 can apply for comprehensive travel insurance. Included in the package is BMO’s 31 Day Medical Protection, which provides up to $2-million in coverage for eligible expenses for trips up to 31 days in length. Also provided is BMO’s Travel Protection with Trip Cancellation insurance, which delivers coverage if you encounter an emergency, flight delay or baggage problem on your trip.

Additional insurance -  With BMO Travel Protection, for $35 a year, BMO Preferred Rate Mastercard holders can access collision damage waiver insurance for car rentals and unexpected return home and trip assistance. Also included in the program is a benefit that delivers up to $500,000 in common carrier accidental death and dismemberment insurance.

Products to help you rebuild your credit score - One of the unique add-ons offered to holders of the BMO Preferred Rate Mastercard is BMO’s CreditDefence product. For $18.99 a month, BMO and D+H, a global financial technology firm, will deliver a full report of your credit history, as well as your updated credit score. You’ll also receive activity alerts courtesy of CreditDefence, which will alert you any time your credit bureau file is impacted in a significant way. This service monitors your credit file 24/7.

Protect your balance - If you’re ever in a position where you can’t pay your bills, you may be able to draw on BMO’s Credit Card Balance Protection service. By signing up, you can get up to $15,000 in coverage for just 94 cents for every $100 of your total average daily balance. The example used by BMO breaks it down this way: if your total average daily balance was $1,000, you would pay just $9.40 for the month.