For those seeking a good credit card from a reputable and reliable institution that can offer benefits like reduced rates and exclusive perks, the BMO Preferred Rate Mastercard is the right credit card for you.

Therefore, in this article, we will provide comprehensive information about the key benefits of this card and also show you how to apply for it in a very straightforward manner. 


Follow along to learn how to get your BMO Preferred Rate Mastercard. 

Explore the benefits of the BMO Preferred Rate Mastercard 

The BMO Preferred Rate Mastercard is a credit card with a low interest rate and a low annual fee. 


It’s a good option for those who need a card for low-interest purchases or balance transfers. Here are the main benefits it will bring to you: 

Financial Benefits

The BMO Preferred Rate Mastercard offers a low interest rate for purchases and balance transfers. 

The interest rate for purchases is 13.99% per year, and the interest rate for balance transfers is 0.99% per year for the first 9 months, with a 2% transfer fee.

These interest rates are lower than most other credit cards on the market. This can help you save money on interest if you need to make purchases or transfer balances with the card.

Furthermore, the BMO Preferred Rate Mastercard has no annual fee, which can also help you save money.


The BMO Preferred Rate Mastercard offers a range of security features to protect your data and account. These features include:

  • Theft and Loss Protection: If your card is stolen or lost, you can immediately block the card through the BMO app or by calling the customer service number.
  • Fraud Protection: BMO uses an advanced fraud system to help protect your account from fraud.
  • Purchase Insurance: You are covered against theft, loss, and damage to goods purchased with your card.


The BMO Preferred Rate Mastercard goes beyond just being a credit card, offering a range of additional features aimed at making your life more convenient and secure. 

Among these add-ons, access to LoungeKey stands out, providing the opportunity to enjoy over 1,000 VIP lounges at airports around the world, enhancing the quality of travel experiences.

Additionally, the card offers comprehensive travel insurance coverage, protecting against unforeseen events such as flight cancellations, delays, and luggage loss. 

This additional peace of mind during journeys is complemented by travel accident insurance, covering medical and hospital expenses in case of accidents during travel.

By choosing the BMO Preferred Rate Mastercard, you not only get an efficient means of payment but also access to a range of benefits aimed at facilitating and protecting your travel experiences. 

Installment Plans

The BMO Preferred Rate Mastercard makes managing your purchases easier by offering a variety of installment plans. 

These options include the Automatic Payment Plan, allowing you to automatically split your purchases over up to 24 months. 

Additionally, the Flex Payment Plan provides the freedom to choose the desired number of months to divide your purchases, offering flexibility in the payment process.

These installment plans are designed to provide customized options, adapting to your financial needs and allowing you to adjust the term according to your preference. 

With the BMO Preferred Rate Mastercard, paying for your purchases becomes more convenient, providing more efficient financial management aligned with your individual circumstances.

Extra Benefits

The BMO Preferred Rate Mastercard offers a series of extra benefits that can be useful in your daily life. These benefits include:

  • Cashback: You earn 1% cashback on all purchases made with the card.
  • Purchase Protection: You are covered against theft, loss, and damage to goods purchased with your card.
  • Travel Protection: You are covered against flight cancellation, flight delay, and luggage loss.

Digital Features 

The BMO Preferred Rate Mastercard offers a variety of digital features to help you manage your account and your purchases. These features include:

  • BMO App: The BMO app allows you to view your statement, check your balance, make payments, and more.
  • BMO Website: The BMO website offers a variety of resources to help you manage your account and your purchases.

Who is eligible for the card? 

To be eligible for the credit card, you must be a Canadian citizen or permanent resident, and have not declared bankruptcy in the last seven years.

 Have reached the legal age of majority in your province of residence and meet the minimum income requirements.

The legal age of majority works as follows: 18 years old in Alberta, Manitoba, Ontario, Prince Edward Island, Quebec, and Saskatchewan. 19 years old in all other provinces.

With these requirements, you can have your BMO Preferred Rate Mastercard. 

How do I apply for my BMO Preferred Rate Mastercard 

Getting your BMO Preferred Rate Mastercard is very simple. First, you must meet the minimum requirements for the card. Then, you must register with the bank and wait for a credit check.

Here’s a step-by-step guide to making your request: 

  • Access the BMO Preferred Rate Mastercard website.
  • Read the information and choose the “Apply Now” button. 
  • Log in with your bank login and password. If you don’t have one, you’ll need to create one to access the system. 
  • Fill out the form with all your personal information. 
  • Check and confirm your document number. 
  • Make sure the information is correct and submit it to the bank.

When BMO conducts the credit check, you will receive a notification through the registered channels whether you have been accepted or not. 

And if accepted, you will receive the BMO Preferred Mastercard at your home!

Liked what you saw? Visit the website and request your BMO Preferred Mastercard now.

And if you want to check out other cards for your profile, we have several available on our page. Browse and discover the best one for you!

Useful information

This content was produced in January 2024. In case of updates or changes to services and conditions, please contact the responsible bank.

Contact methods:

Call BMO 1-877-225-5266