BMO Preferred Rate Mastercard: Your Guide to Low-Interest Savings and Rewards

BMO Preferred can help you save on interest and earn rewards with every purchase

The BMO Preferred Rate Mastercard is an excellent credit card choice for individuals looking for a reliable and cost-effective way to manage their finances. With its low-interest rate and no annual fee, this card stands out as a budget-friendly option for those who want to keep their costs down while still enjoying rewards on their everyday purchases. Whether you’re looking to pay off existing debt or make new purchases, the BMO Preferred Rate Mastercard can help you achieve your financial goals.

In this guide, we’ll take a deeper look at the features and benefits of the BMO Preferred Rate Mastercard, the requirements for applying, and the step-by-step process to help you get started. We’ll also answer some of the most frequently asked questions to ensure you’re fully informed before applying.

More Benefits of the BMO Preferred Rate Mastercard

Lower Interest Rate on Cash Advances

In addition to the competitive interest rate on purchases, the BMO Preferred Rate Mastercard also offers a lower rate on cash advances compared to many other credit cards. While cash advances often come with steep interest rates, this card’s more manageable rate can save you money if you need to access cash quickly.

BMO Mobile Banking and Online Management

As a BMO cardholder, you can take full advantage of the bank’s mobile banking and online account management features. This allows you to track your spending, make payments, and manage your account on the go. With easy access to your card details, you can stay on top of your finances and make informed decisions about your spending and payments.

No Foreign Transaction Fees on International Purchases

For frequent travelers, one of the biggest advantages of the BMO Preferred Rate Mastercard is that it does not charge foreign transaction fees on international purchases. Many credit cards charge additional fees for purchases made in foreign currencies, but with this card, you can save money when shopping abroad or making international online purchases. This feature is especially useful for those who travel frequently or buy products from international retailers.

Flexible Payment Options

The BMO Preferred Rate Mastercard offers flexible payment options to help cardholders manage their credit more effectively. Whether you choose to pay off your balance in full or carry a balance over time, the low-interest rate ensures that you aren’t paying an excessive amount in interest. You can also choose to make partial payments each month, which allows you to adjust your payment plan according to your financial situation.

Requirements to Apply for the BMO Preferred Rate Mastercard

Before applying for the BMO Preferred Rate Mastercard, it’s essential to meet the eligibility criteria. Here’s what you need to know about the application requirements.

• Minimum Income Requirement
  To be eligible for the BMO Preferred Rate Mastercard, you typically need a minimum annual income of around $15,000. While this is a relatively low threshold compared to premium credit cards, having a steady income ensures that you’ll be able to handle your monthly payments and manage your credit responsibly.
• Good Credit History
  Applicants for the BMO Preferred Rate Mastercard should have a good credit score, typically around 650 or higher. A solid credit history helps ensure that you’re able to manage credit effectively and make timely payments, which will be taken into account when reviewing your application.
• Canadian Residency
  As the BMO Preferred Rate Mastercard is a Canadian-issued card, you must be a resident of Canada in order to apply. Applicants will need to provide proof of Canadian residency, such as a utility bill or government-issued identification.
• Age Requirement
  To apply for the BMO Preferred Rate Mastercard, you must be at least the age of majority in your province or territory (typically 18 or 19 years old). This ensures that applicants are legally able to enter into a credit agreement.

Frequently Asked Questions (FAQ)

1. What is the interest rate on the BMO Preferred Rate Mastercard?
The BMO Preferred Rate Mastercard offers a competitive interest rate of 12.99% on purchases. This rate is lower than many other credit cards, making it an ideal choice for individuals looking to manage their balance and minimize interest charges.

2. Is there an annual fee for the BMO Preferred Rate Mastercard?
No, there is no annual fee for the BMO Preferred Rate Mastercard. This makes it a cost-effective option for those who want to avoid extra charges while still enjoying a range of benefits and rewards.

3. Can I earn rewards with the BMO Preferred Rate Mastercard?
Yes, you can earn BMO Rewards points with every eligible purchase. These points can be redeemed for travel, merchandise, or even gift cards. While the earning rate may not be as high as some premium cards, it’s a great feature for a card with a low-interest rate and no annual fee.

4. Are there foreign transaction fees with this card?
No, the BMO Preferred Rate Mastercard does not charge foreign transaction fees, making it an excellent choice for international purchases and travel.

Step-by-Step Guide to Apply for the BMO Preferred Rate Mastercard

If you’re ready to apply for the BMO Preferred Rate Mastercard, follow these simple steps to get started:

Step 1: Check Eligibility
Ensure that you meet the basic eligibility criteria, including income, credit score, and residency requirements. This will help increase your chances of approval.

Step 2: Gather Your Documents
Collect the necessary documents, including proof of income (pay stubs, tax returns), proof of Canadian residency, and personal identification. Having these documents ready will speed up the application process.

Step 3: Complete the Application
Go to the official BMO website or visit a local branch to complete your application. Fill out the required fields accurately and double-check for any errors before submitting.

Step 4: Submit Your Application
Once your application is complete, submit it for review. BMO will assess your application and may request additional information if needed.

Step 5: Wait for Approval
The approval process typically takes a few business days. If you are approved, you will receive your new BMO Preferred Rate Mastercard in the mail.

Step 6: Activate Your Card
Once you receive your card, follow the activation instructions included in the package. You can activate it online or by phone.

Step 7: Start Using Your Card
Once activated, you can start using your BMO Preferred Rate Mastercard to make purchases, earn rewards, and take advantage of its low interest rate and other features.

The BMO Preferred Rate Mastercard offers great value for those looking for a low-interest credit card with no annual fee. By following these steps and understanding the benefits, you’ll be able to make the most of this card and enjoy the financial flexibility it offers. Apply today and start saving!

CREDIT CARD

BMO PREFERRED RATE MASTERCARD

NO ANNUAL FEE LOW INTEREST RATE ON PURCHASES

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