For consumers who frequently carry a load, low interest credit cards are far advantageous than cash back or rewards cards. Interest can quickly mount and cancel out any other incentives you may be earning at the typical rate of roughly 19.99% that most credit cards impose on delinquent accounts.
BMO Preferred Rate Mastercard
Our lowest interest rate Enjoy extended warranty and purchase protection.This card will help you retain more of your money in your pocket thanks to its low regular interest rate of 12.99%, and its balance transfer offer can assist you in paying off debt from other, higher-interest cards.
Other card details
One of the greatest low interest credit cards in Canada is the BMO Preferred Rate Mastercard since it waives the $20 annual fee the first year and offers a 0.99% introductory interest rate on balance transfers for a period of nine months.
There is a 2% transfer fee if you decide to transfer your balance. The fee, for instance, is $20 if you decide to transfer $1,000 in balances. The thought of paying a charge in exchange for a reduced interest rate may not appeal to everyone, but you must consider the overall perspective.
The interest rate for balance transfers is 0.99%, which is considerably less than the 19.99% average for credit card interest rates. A small upfront payment is definitely worth it because not switching credit cards will probably result in far higher interest costs.
Even if you are unable to pay off the entire sum in those nine months, the interest rate will only increase to 12.99%, which remains 7% less than the interest rates on most credit cards. That can significantly aid in debt management.
Learn more about BMO Preferred Rate Mastercard Credit Card
There aren’t many extra benefits with this reduced interest credit card, but those that you do receive are excellent. Your goods are protected against theft, damage, and loss for 90 days under purchase protection. Yes, you are protected for almost three months as long as the entire purchase is made using your BMO Preferred Rate Mastercard®*.
Other Benefits of the BMO Preferred Rate Card
- Optional advantages: Roadside help, debt protection, or credit card notifications can be added on for a cost
- With Mastercard SecureCode and a PIN-protected microchip, you can safeguard your purchases
- No-liability insurance. Rest easy knowing that if your account is the victim of fraud, you won’t be responsible for paying
- Simple to qualify Although there is no minimum yearly income criterion
How to apply the card?
Applying for the BMO Preferred Rate Mastercard Credit Card is a straightforward process, designed for ease and convenience. This article guides you through each step, ensuring a smooth application experience.
- Start with Research: Before applying, familiarize yourself with the BMO Preferred Rate Mastercard’s features and benefits. This ensures that the card meets your financial needs and preferences.
- Check Eligibility Criteria: Verify your eligibility for the card. BMO typically requires applicants to have a good credit score and a stable income. Ensuring you meet these criteria is crucial for a successful application.
- Gather Necessary Documents: Prepare essential documents, such as proof of income, identification, and residence. Having these at hand speeds up the process.
- Apply Online: Visit BMO’s website to apply online. This is the most efficient method, offering a user-friendly interface and step-by-step guidance.
- Wait for Approval: After submitting your application, await confirmation from BMO. This process usually takes a few days.
- Receive Your Card: Once approved, your BMO Preferred Rate Mastercard Credit Card will be mailed to you. Activate it following the provided instructions.
Remember, applying for any credit card, including the BMO Preferred Rate Mastercard, involves careful consideration of your financial situation. Always read terms and conditions thoroughly and understand the responsibilities that come with a credit card.
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