With BMO as the cardboard issuer, the Most well-liked Charge Mastercard can be very best for many who desire conserving all their accounts with a single supplier, or who like their card to be affiliated with one of many huge banks.
featured
BMO Most well-liked Charge Mastercard
- Annual payment: $29
- Rate of interest: 13.99% on purchases
- Welcome supply: You may earn a 0.99% introductory rate of interest on Steadiness Transfers for 9 months with a 2% switch payment.
- Annual revenue requirement: $15,000 (private or family)
4 issues to know in regards to the BMO Most well-liked Charge Mastercard
1. It has a low rate of interest
Why is that this card widespread? It’s basic math. Most playing cards cost round 19.99% in curiosity. With a daily fee of 12.99%, the BMO Most well-liked Charge is mechanically saving you 7% yearly in curiosity on unpaid balances in comparison with the common bank card. Relying on how a lot debt you carry, this might add as much as tons of of {dollars} yearly. Even higher, this fee applies throughout the board to stability transfers and money advances as nicely.
2. You may switch balances from higher-interest playing cards
With the low rate of interest as its marquee characteristic, this card is aimed in direction of folks attempting to scale back their bank card funds. That’s why the 0.99% introductory fee on balance transfers for a full 9 months is such a bonus. New cardholders can switch debt from greater curiosity playing cards and be charged 0.99% for 9 months (a 2% switch payment applies so, for instance, when you switch $5,000 from one other card, you’ll have a $50 switch payment added to your stability). When the stability switch supply interval is over, any remaining debt will incur curiosity at 12.99%, a fee that’s nonetheless far decrease than most playing cards.
3. It provides few frills
It’s commonplace for low curiosity playing cards to be slightly lean in terms of perks. That stated, the BMO Most well-liked Charge Mastercard does include buy safety and prolonged guarantee, each of which will help add some peace of thoughts if you’re making day-to-day purchases.
4. The massive financial institution benefit
As a BMO card, the Most well-liked Charge Mastercard is an efficient selection when you’re seeking to preserve issues easy by sustaining all of your accounts and bank card with a single supplier.
Are there any drawbacks to the BMO Most well-liked Charge Mastercard?
Whereas the BMO Most well-liked Charge provides a really aggressive low rate of interest, stronger options may be discovered exterior of the Massive 5 banks. When wanting on the competitors on this class, it’s clever to check the common rates of interest, annual charges and stability switch provides. Some playing cards, just like the MBNA True Line Mastercard, could also be a greater choice for you.
Do you have to apply for the BMO Most well-liked Charge Mastercard
If you happen to’re on the lookout for a low curiosity card from a longtime financial institution, the BMO Most well-liked Charge Mastercard is an efficient choice. If you happen to’re trying to find absolutely the lowest charges, stability switch provides and annual charges, nevertheless, you may discover one thing that fits you higher. Take a look at our evaluation of Canada’s best low interest credit cards to assist in your resolution.
featured
RBC Money Again Most well-liked World Elite Mastercard
- Annual payment: $99
- Earn fee: 1.5% again on all of your purchases
- Welcome bonus: You may earn limitless money again, no restrict to what you may get again
- Annual revenue requirement: Private revenue of $80,000 or family revenue of $150,000
Morre about credit cards:
What does the * imply?
Affiliate (monetized) hyperlinks can typically end in a cost to MoneySense (owned by Ratehub Inc.), which helps our web site keep free to our customers. If a hyperlink has an asterisk (*) or is labelled as “Featured,” it’s an affiliate hyperlink. If a hyperlink is labelled as “Sponsored,” it’s a paid placement, which can or might not have an affiliate hyperlink. Our editorial content material won’t ever be influenced by these hyperlinks. We’re dedicated to taking a look at all accessible merchandise available in the market. The place a product ranks in our article, and whether or not or not it’s included within the first place, isn’t pushed by compensation. For extra particulars, learn our
MoneySense Monetization policy.
