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The field of intro APR cards is fairly saturated, so it's hard to stand out. The BMO Platinum Credit Card has a solid intro offer, but it's not on par with some of our favorite cards. That said, it could be a worthwhile pick for folks who want an intro offer on new purchases that doesn't come from one of the typical five or six banks normally suggested. Here's a look at all the pros and cons in our detailed BMO Platinum Credit Card review.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 3.50 out of 5 stars.
3.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Credit Score:
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Credit Score
Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Good (670-850)
Intro APR
0% introductory APR on purchases for 15 months from account opening date, or on balance transfers for 15 months from date of first transfer when transfers are completed within 90 days from date of account opening.
Purchases: 0%, 15 months
Balance Transfers: 0%, 15 months
Regular APR
18.24% - 26.24% (Variable)
Rewards
N/A
Annual Fee
$0
Welcome Offer
N/A
This is a solid intro APR option, but it doesn't quite stack up to our top picks. It lacks rewards, and the intro APR period could be longer. Overall, a solid 0% APR option, but nothing special.
Intro 0% APR offer
No annual fee
Cellphone protection
High balance transfer fee
No rewards or bonus
Foreign transaction fees
Take advantage of a competitive rate
Use Tap & Go® contactless payment to conveniently check out quickly, safely and securely
Credit card comparison
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Best for cash back on rotating categories
Discover will match all the cash back you’ve earned at the end of your first year.
1% - 5% Cashback
Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Best for cash rewards on everyday spending
$200 cash rewards
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
2% cash rewards
Earn unlimited 2% cash rewards on purchases.
Intro:
0% intro APR for 12 months from account opening on purchases and qualifying balance transfers
Purchases: 0% intro APR, 12 months from account opening
Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Best for unlimited rewards on purchases
25,000 points
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
1.5 points per dollar
Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.
Intro:
0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.
Purchases: 0% Intro APR for 15 billing cycles for purchases
Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
This credit card is a good fit for: BMO fans looking to save on interest for new purchases.
Top perks
While missing some flashier features, this card has a few perks worth noting.
Intro 0% APR on new purchases and balance transfers
Without a doubt, the selling point on this card is the intro APR offer. You get 15 months (from account opening) of 0% intro APR on new purchases and balance transfers. When the intro period ends, the standard APR will apply. You need to make any balance transfers within 90 days for them to be eligible for the intro rate.
No annual card fee
The whole idea behind an intro APR card is to save money, so it's a good thing this card has no annual fee. You won't need to pay a fee every year just to keep your account open.
Cellphone protection up to $400
Unfortunately, cellphones are both expensive and fragile -- a terrible combination. But they're also pretty much required these days. You can get a little extra cellphone peace of mind if you use your BMO Platinum Credit Card to pay your monthly bill. You'll be automatically eligible for cellphone insurance. Coverage is up to $400 per claim (and $600 per 12-month period), and there's a $50 deductible on each claim.
What could be improved
Consider these negatives before applying for this card.
No purchase rewards or welcome bonus
If you aren't looking for a 0% intro APR, then there isn't much in this card to offer because it has no purchase rewards of any kind. Zip, zilch, none. This also means there's no welcome bonus of points or cash back, either. You can find a variety of great rewards credit cards that also have intro APR offers, so this lack could be a deal breaker for a lot of potential cardholders.
High balance transfer fee
The long intro 0% APR on balance transfers is nice, but there's a catch to watch out for: the balance transfer fee. You'll pay either $10 or 4% of the amount of each balance transfer, whichever is greater, on each transfer. While some cards do charge more -- 5% isn't uncommon -- it's also higher than many of the best balance transfer cards, which charge just 3%.
Foreign transaction fees
If you're thinking of using that 0% intro APR offer while abroad, think again. This card has a foreign transaction fee of 3% of each transaction in U.S. dollars. This means you'll pay an extra 3% of the purchase every time a transaction is in a foreign currency or goes through a foreign bank. That extra fee can add a lot of cost onto a trip abroad. Instead, look for a card with no foreign transaction fees if you're an international traveler.
Suggested credit score
BMO doesn't post its specific credit requirement, but typical intro APR cards are intended for folks with good credit, or credit scores around 670 and higher. The bank will look at your complete credit history, income, and other qualifications while considering your application, however, so you may be approved with a lower credit score.
The BMO Platinum Credit Card is right for you if:
If you want a simple intro 0% APR offer on purchases and want to give a less common bank a try, this card could do the trick. The high balance transfer fee makes it less appealing for transfers, however. And the lack of purchase rewards means this card doesn't compete with many of our top picks, which offer both rewards and intro APR deals.
Our credit card methodology
At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.
FAQs
When applying for the BMO credit card, try to have at least good credit, or a credit score around 670 and higher. However, your entire credit history will be considered when you apply.
Yes and no. BMO Bank is the U.S. subsidiary of a larger financial corporation called Bank of Montreal. So, while Bank of Montreal technically owns BMO Bank, BMO Bank operates in the U.S. and is headquartered in Chicago.
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Wells Fargo is an advertising partner of Motley Fool Money. JPMorgan Chase is an advertising partner of Motley Fool Money. Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends JPMorgan Chase and Target. The Motley Fool has a disclosure policy.
The Motley Fool owns shares of and recommends Mastercard and Visa.
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