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.
So, look out for why you need to consider this card, and the benefits associated with the card. 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.
Benefits of the BMO Preferred MasterCard
They don’t just stop at the balance transfer. Their interest rate is also very low at 12.99%. This is for cash advances and regular purchase. 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.
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.
Fees and Charges
To start with, you will be given a welcome offer of 3.99% on balance transfers for the first 9 months. A 1% transfer fee, and the bank is willing to waive the $20 annual fee during the first year of using the card.
After the first year, you pay $20 per annum for use he card. Purchases and cash advance rate will be charged at 12.99%. Over limit fees are charged at $29. There is a dishonored payment fee that is $48.
There is also a foreign currency fee that is charged at 2.5% for purchases and another 2.5% for refunds. Finally, there is a cash advancement fee of $5.
How to Apply For the BMO Credit Card
The application process is pretty simple and straightforward. 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.
You must be able to fulfill the following criteria when applying for the card: ensure that you are a Canadian Citizen, or at least holding a permanent residential 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.
Then log on to the BMO company website in order to fill out the application form, and receive more information about their Preferred Rate MasterCard.
BMO Financial Group
100 King Street West, 28th Floor
Toronto, ON M5X 1A1
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.