Highlights

  • The purchase APR is 13.99%, below most of BMO’s standard credit cards.
  • The first-year primary annual fee is rebated, and additional cards are free.
  • Eligible balance transfers on a new account can get a 0% rate for the first 18 statement cycles.
BMO Preferred Rate Mastercard

Issuer: Bank of Montreal
Network: Mastercard
Card type: Credit card
Annual fee: $29 for the primary card; additional cards are free
Foreign transaction fee: Foreign-currency purchases convert at the Mastercard rate on the posting date plus 2.5%; refunds convert at that rate minus 2.5%

This card does not earn points, miles, or cash back. It is positioned as a low-rate credit card.

Welcome offer

【September 5, 2026 update】 First-year $29 annual fee waived, plus a 0% balance-transfer rate for 18 statement cycles.

  • New accounts approved on or after June 2, 2026 receive the first-year $29 primary annual fee as a statement charge and a matching rebate.
  • Eligible balance transfers posted in the first 18 statement cycles from the account-opening date get a 0% annual rate, with a 2% fee on each transfer. Canadian-dollar balances only; you cannot transfer from another BMO credit card. After the promotional period, any remaining balance uses the standard cash-advance rate.

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Application requirement: Canadian citizen or permanent resident; no bankruptcy filing in the past seven years; age of majority in your province; and BMO’s minimum income requirement (the bank website does not publish a dollar amount).

Everyday spending

This card has no ongoing spend rewards. The standard purchase APR is 13.99%, and the standard cash-advance and balance-transfer APR is 15.99%.

Benefits and insurance

  • Performance Plan annual-fee rebate (BMO Performance Plan)

Primary cardholders with an eligible BMO Performance chequing account can get the annual fee rebated, subject to BMO’s minimum annual-spend requirement. The website does not publish that amount.

  • Instalment plans (BMO PaySmart Installment Plans)

Eligible recent purchases over $100 can be converted into a PaySmart instalment plan in online banking. Available plans and fees follow BMO’s current page.

Shopping insurance

Official insurance certificate 🔗

  • Purchase Protection

Eligible personal items or gifts paid in full with this card can be repaired, replaced, or reimbursed for theft or damage worldwide within 90 days of the purchase date. This benefit shares a $60,000 lifetime maximum per account with extended warranty. Business goods, used, refurbished, listed motor vehicles, consumables, and unaccepted mail-order or online purchases are among the exclusions. Notify the insurer immediately; written notice is due within 30 days and proof within 90 days.

  • Extended Warranty

The original manufacturer warranty must be valid in Canada and paid in full with this card. Coverage can add up to one extra year. Items with an original warranty longer than five years must be registered within one year of purchase. Settlement is the lower of repair or replacement cost and follows the original warranty terms. It shares the $60,000 lifetime maximum with purchase protection.