BMO Balance Transfer: 0% for 18 Months
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The BMO® Preferred Rate Mastercard®* drops your interest to zero for 18 months on a transferred balance. The transfer fee is 3% of the amount, and the $29 annual fee is waived the first year. On a $10,000 balance, the net saving comes to roughly $1,705.
The BMO Preferred Rate Mastercard stops the interest on a balance you carry elsewhere at 23.99%. You move the balance, you stop paying interest for a year and a half, then you pay down the principal. Two details decide whether the move is actually worth it.
The BMO balance transfer in brief
The welcome offer combines five elements. Each one has a direct effect on what you pay.
- 0% on balance transfers for 18 months: no interest on the transferred amount for a year and a half.
- 3% transfer fee: charged once on the amount you move.
- $29 annual fee waived the first year: the card then costs $29 per year.
- 13.99% on purchases: the lowest purchase rate in the BMO lineup.
- 15.99% on balance transfers and cash advances: the rate that applies once the promotional period ends.
- Annual feeNo annual fee the first year
- $0 $29
- Our valuationMilesopedia first-year estimate First-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $29
- Welcome offer$29 annual fee rebated
- First Year Annual Fee Rebate
Apply Now
on BMO's website
The math on a $10,000 balance
Take a $10,000 balance left on an ordinary card at 23.99%, the standard carry rate outside Quebec. In both scenarios below, you clear it in 18 months.
| Scenario | Monthly payment | Total paid | Cost of credit |
|---|---|---|---|
| Balance kept at 23.99% | $666.97 | $12,005.50 | $2,005.50 |
| Transferred to BMO at 0% | $572.22 | $10,300.00 | $300.00 |
The gap reaches $1,705 over 18 months. Moreover, the monthly payment drops by $94.75, because every dollar you send now pays down principal instead of interest.
This math assumes you repay the full amount during the promotional window. Everything hinges on that.
Which rate applies after 18 months?
The 18 months at 0% leave room to clear a large balance without a dollar of interest. Whatever is still outstanding when that period ends reverts to the card’s balance transfer rate of 15.99%.
Clearing $10,000 within the window, including the $300 fee, takes $572.22 per month. Send $200 per month instead and you will have repaid $3,600 after 18 months. The remaining $6,700 then starts accruing interest again.
So before you transfer, divide your balance by 18. If the result exceeds what your budget allows, the transfer postpones the problem rather than solving it.
Who this card suits
It works if
- You carry a sizeable balance: the larger the amount, the more the avoided interest outweighs the fee.
- You can repay within 18 months: the move then pays off in full.
- You want a low purchase rate: 13.99% remains the lowest in the BMO lineup.
- Your credit file is decent: no minimum annual income required.
It works less well if
- You clear your card every month: the rate does not affect you, and a rewards card pays more.
- Your balance exceeds what you can repay: the 15.99% rate will resume on the rest.
- You want points or cash back: this card offers neither.
- You plan to keep spending on it: new purchases add to the balance and complicate repayment.
Should you transfer now?
If you carry a balance and you can clear it in 18 months, yes. The 3% fee weighs far less in the decision than your actual capacity to repay.
Still, compare the other offers before deciding. The promotional length, the fee and the go-to rate vary widely from one card to the next. Our page on the best balance transfer credit cards lines them up side by side, and our full selection sits on the best credit cards page.
- Annual feeNo annual fee the first year
- $0 $29
- Our valuationMilesopedia first-year estimate First-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $29
- Welcome offer$29 annual fee rebated
- First Year Annual Fee Rebate
Apply Now
on BMO's website
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BMO balance transfer – Frequently asked questions
Here are questions frequently asked in the milesopedia community about balance transfers at BMO.
How much does a balance transfer cost on this card?
The transfer fee is 3% of the amount you move, charged once. On $10,000, that comes to $300, which is added to the balance you repay. Apart from the $29 annual fee, waived the first year, it is the only cost of the move across the 18 months at 0%.
Does the 0% rate cover purchases too?
No. The 0% promotional rate applies to balance transfers only. Purchases charged to the card carry a rate of 13.99%, the lowest purchase rate in the BMO lineup. Cash advances are charged at 15.99%.
What happens to the balance after 18 months?
Whatever remains unpaid reverts to the card’s balance transfer rate of 15.99%. Repaying $10,000 plus the $300 fee within the promotional window requires $572.22 per month. Below that pace, part of the balance starts accruing interest again.
Is a minimum income required for this card?
No, BMO sets no minimum annual income on the BMO® Preferred Rate Mastercard®*. The credit score it targets sits between 660 and 724. It is one of the few low-rate cards available without an income threshold.
What is the annual fee on this card?
The annual fee is $29, waived the first year as part of the welcome offer. You therefore pay $29 per year starting in the second year. You can add another cardholder at no extra cost.
Does this card earn points or cash back?
No, it carries no rewards program. Its value lies in the interest rate, not in earning. If you clear your card every month, a rewards card serves you better: our page on the best balance transfer credit cards covers the alternatives.
What is the longest balance transfer window at BMO?
The 18 months at 0% on this card are the longest transfer promotion BMO offers. The other cards in the lineup cap out at 12 months. Several also apply a 0.99% rate instead of 0%.
Can you transfer the balance to your chequing account?
As of September 2026, BMO does not offer that option in the card’s welcome offer. A BMO balance transfer moves debt carried on a credit card or retail store card from another issuer, and the online form asks for the account the balance is coming from. Balances from other BMO credit cards are excluded. Moving money from the card into your chequing account is a cash advance instead: it is charged at 15.99% from the transaction date, with no interest-free grace period and a fee of 1% (minimum $5). BMO’s fee schedule also provides for promotional Mastercard cheques, but only when BMO offers them to the cardholder. If in doubt, confirm with BMO before moving any money.
When should you make the transfer?
As soon as possible after the account opens. Under BMO’s terms, the 0% rate applies to transfers posted during the first 18 statement periods after account opening, roughly 18 months, and it ends when that same period ends. A transfer made in the sixth month therefore gets about 12 months at 0%, not 18. Most transfers are completed within 11 business days. Finally, BMO caps transfers at $20,000 per day, and the amount plus the fee cannot exceed the unused portion of your credit limit.