How to Apply for the BMO Preferred Rate Mastercard

The BMO Preferred Rate Mastercard is designed for Canadians who want to reduce interest costs rather than collect rewards. If the goal is to manage large purchases over time or consolidate higher-interest debt, applying for this card can be a strategic financial move. Below is a complete guide explaining how to apply, who benefits most, how to cancel, and key details to know before proceeding.

Step-by-Step: How to Apply

1. Check the eligibility requirements

Before beginning the application, ensure you meet typical criteria:

• Be a Canadian resident
• Be the age of majority in your province
• Have a stable income
• Maintain a satisfactory credit profile (good credit strongly increases approval chances)

BMO may also verify employment and request additional financial details if needed.

2. Gather necessary documents

Prepare the basic information you will need during the application:

• Full legal name
• Date of birth
• Address and housing status (rent/mortgage)
• Employment information (employer, income, job type)
• Social Insurance Number (optional but may help expedite verification)

Having these ready makes the process faster and reduces the chance of delays.

3. Apply through one of the available channels

Online application

This is the fastest and most common method. You can complete the entire application in a few minutes through the official BMO website.
Steps include filling in personal information, allowing a credit check, and submitting verification details.

In-branch application

Ideal for those who prefer speaking with a BMO advisor. They can:

• Review your financial situation
• Help compare this card with other low-rate options
• Submit the application on your behalf

By phone

Customers can also apply through BMO customer service, though online and in-branch applications are generally simpler.

4. Review the credit decision

Most online applicants receive an instant response. In some cases, BMO may require:

• Additional proof of income
• Identity verification
• Review of credit history before approval

If approved, you will receive the card by mail, typically within 7–10 business days.

5. Activate and set up your account

After receiving the card, activate it through:

• The BMO mobile app
• Online banking
• BMO phone system

Once activated, set up:

• eStatements
• Account alerts
• Automatic payments (highly recommended if you tend to carry balances)

Who Is This Card Recommended For?

The BMO Preferred Rate Mastercard is ideal for people who:

• Regularly carry a balance
• Want lower interest costs rather than rewards
• Need a safe place to consolidate high-interest debt
• Prefer a no-annual-fee card with basic protections
• Want predictable monthly costs for large purchases

It is not ideal for those who:

• Pay their balance in full every month
• Want points, miles, or cashback
• Travel frequently and need travel insurance
• Spend heavily in foreign currency (due to the 2.5% fee)

How to Cancel the Card

If you decide the card no longer fits your needs, you can cancel it at any time through:

1. Phone support

Call BMO’s credit card customer service and request cancellation. They will verify your identity and close the account immediately.

2. In-branch

Visit a BMO branch and ask an advisor to process the cancellation for you.

Before canceling, make sure to:

• Pay off any remaining balance
• Download past statements for your records
• Redirect any recurring payments linked to the card

Canceling may have a small impact on your credit score, depending on your credit utilization and account age.

FAQ

1. Will applying affect my credit score?
Yes. BMO performs a hard credit inquiry, which may cause a small, temporary drop.

2. Does this card offer any rewards?
No — it is strictly a low-interest product.

3. Is there a balance transfer promotion?
Promotions vary. Always check the current offer before applying.

4. Is income verification required?
Often, yes. BMO may request proof of income depending on the application.

5. Can I upgrade to a rewards card later?
Yes. BMO allows product changes if your credit profile supports it.

Conclusion

The BMO Preferred Rate Mastercard is a smart choice for applicants who want to minimize interest costs and manage balances more affordably. While it lacks rewards and travel perks, its competitive interest rate and no annual fee make it a strong financial tool for debt consolidation and ongoing purchases paid over time. If lowering interest is your priority, this card delivers exactly what it promises.

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