Bank of Montreal Credit Card - Find Out How to Apply

If you have an existing credit card debt that you wish to pay off quickly, or if you are looking for relief from high interest rates, then the Bank of Montreal’s Preferred Rate MasterCard is probably the card you are looking for.

This card is among the top 10 low-interest credit cards, which means that you are in for some great savings simply by using the card. Although there aren’t too many rewards associated with the card, there are some perks you would be interested in.

Read on to see how you can apply for the card, and a sneak peek at the kind of charges that accrue from having the card.

Bank of Montreal Credit Card - Find Out How to Apply
Image Source: BMO

Benefits and Features of the BMO Preferred MasterCard

This is a MasterCard, which means that it is accepted all over the world. You can find more than 30 million locations where this card is useful. Among the benefits and features of this credit card are a solid interest rate, purchase protections, and more. 

For the first nine months, the card offers an interest rate of 3.99% on Balance Transfers, with a 1% transfer fee and the $20 annual fee waived for the first year.

They don’t just stop at the balance transfer. Their interest rate is also very low at 12.99% for cash advances and regular purchases. Again, this is quite low, compared to what the other lenders in Canada are offering on average.

You will get purchase protection of up to 90 days, for all purchases you make using the card.

How to Apply for the BMO Credit Card

The application process is pretty simple and straightforward. Simply log on to the BMO website in order to fill out the application form, and receive more information about their Preferred Rate MasterCard. 

You will need to log on to the company website, and click on “Apply”. This will direct you to the BMO Preferred Rate MasterCard application page.

Fill in the form with your personal details, such as your name, your social security number or Tax ID, your email address, and your date of birth. Additionally, they will require your income information, your employer details, and your expenses per month. 

If you are going to do a balance transfer on the card, please provide them with all the details of your current credit cards.

Eligibility Requirements

Most credit card companies require you to meet certain eligibility criteria in order to apply for their product. 

You must be able to fulfill the following criteria when applying for this Preferred MasterCard: ensure that you are a Canadian Citizen, or at least holding a permanent resident status. 

You must have attained the minimum age as per your province of residence, and you should have a good credit rating and have an income of at least $15,000. 

Fees and Charges

Every credit card comes with rates, fees, and other charges. Take a look at some of the ones associated with the Preferred card below.

Note that the following rates and fees are not a comprehensive list, and you should contact the bank for further information.

  • Interest Rate for Purchases - 12.99%
  • Interest Rate for Balance Transfers - 12.99% (3.99% for the first 9 promotional months)
  • Interest Rate for Cash Advances - 12.99%
  • Defaulting Rate - 17.99%
  • Minimum payment amount for those outside of Quebec - $10.00
  • Minimum payment amount for those in Quebec - 5% or $10.00
  • Foreign Currency Conversion Fee - foreign currency transactions to Canadian dollars and to U.S. dollars is equal to the rate charged by the payment network, plus 2.50% for purchases and minus 2.50% for refunds
  • Annual Fee - $20.00
  • Over Limit Fee - $29
  • Cash Advance Fee - $5.00 (outside of Canada)
  • Cash Advance Fee - 1.00% or minimum $5.00 for all cash advances made starting May 3, 2021
  • Promotional Balance Transfer Fee - up to 3.00%

Bank Contact Information

There are various methods you can use to get in touch with BMO if you need to speak with a customer service representative should you need to in your journey of considering this credit card. 

To reach BMO by telephone, you can call 1-844-837-9228. You can call 1-800-263-2263 if you have questions about credit cards, as well. 

The mailing address for Bank of Montreal's headquarters is 100 King St W, Toronto, ON M5X 1A3, Canada. 

Bank of Montreal Credit Card - Find Out How to Apply
Image Source: Fintech Futures


Making the decision to apply for a credit card is not an easy decision, so you must be careful to read the lender’s terms and conditions before signing the dotted line. BMO's Preferred Rate Mastercard is a good option if you are in need of a credit card.

Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.

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