The BMO Preferred Rate Mastercard^®* is built for one job, which is paying down interest charges and consolidating balances.

It carries a 13.99% purchase APR, among the lowest standard rates on any Canadian credit card, and a long 0% introductory balance transfer offer.

If you’re carrying a balance on a high-APR rewards card, this is the card that mathematically pays for itself.

Bonuses & Fees

This card’s headline offer is two-part:

0% introductory interest rate on balance transfers for 18 months, with a 2% transfer fee*
$29 annual fee waived in the first year*

If you transfer $5,000 from a card charging 21.99% APR, you’d save roughly $1,200 in interest over the 18-month window, less the $100 transfer fee.

That’s a net savings of about $1,100, assuming you pay the balance off within the promotional period.

After year one, the $29 annual fee is among the lowest on any non-rewards Canadian card, so the long-term carrying cost is minimal even if you don’t transfer again.

Earning Rewards

This card doesn’t earn rewards. It’s purpose-built for low interest and balance transfers, and is best paired with a separate rewards card for everyday spending.

The trade-off is straightforward. You give up rewards to lock in a 13.99% APR, well below the typical 19.99–23.99% on rewards cards, which is the right call when you’re carrying a balance.

Perks & Benefits

As a low-interest card, the perks are limited but practical:

Three months of Instacart+ membership plus a $5 monthly Instacart credit on orders of $35 or more*
Free supplementary cards*
Zero Dollar Liability protection from unauthorized use*
Acceptance at over 30 million Mastercard locations worldwide*