BMO Harris Bank Platinum Mastercard Review: 15-Month 0% APR on Balance Transfers Explained

If you’re in search of a credit card that offers an attractive balance transfer opportunity, the BMO Harris Bank Platinum Mastercard® might be the solution you’ve been seeking. This card currently comes with an impressive 15-month 0% APR on balance transfers, offering cardholders a chance to consolidate and pay down debt without the burden of high interest rates.

Aside from its balance transfer offer, the BMO Harris Bank Platinum Mastercard® also provides features that can help you manage your credit and spending wisely. With no annual fee and a host of Mastercard®-provided benefits, it can potentially be a valuable addition to your wallet.

In this BMO Harris Bank Platinum Mastercard® review, we will delve into the key features, benefits, and potential drawbacks of this card. This information will help you make an informed decision about whether or not the card aligns with your financial goals and credit needs.

Card Features

The BMO Harris Bank Platinum Mastercard® offers a variety of features to its cardholders, providing convenience and flexibility in managing finances.

One of the key features is the 15-month 0% APR on balance transfers. This introductory offer allows cardholders to consolidate and pay off high-interest debt without incurring additional interest for 15 months. It’s crucial to note that a 3% balance transfer fee applies to each transaction.

Another highlight of this card is the competitive ongoing APR. After the 15-month introductory period, cardholders will be subject to a variable APR between 12.99% and 19.99% (based on creditworthiness).

This card also comes with several no-fee perks such as:

  • No annual fee
  • No foreign transaction fees
  • No penalty APR when payments are missed

Additionally, the BMO Harris Bank Platinum Mastercard® offers cardholders Worldwide Mastercard Benefits which include:

  • Complimentary rental car insurance
  • Concierge services
  • Shopping and travel protections

Lastly, cardholders receive zero liability protection, meaning you won’t be responsible for unauthorized transactions if you promptly report them to BMO Harris Bank.

0% APR on Balance Transfers

The BMO Harris Bank Platinum Mastercard® offers an attractive balance transfer offer to eligible cardholders. With a 0% introductory APR on balance transfers for 15 months, this card provides an opportunity to consolidate and pay off your existing credit card debt without incurring additional interest charges during the promotional period.

Qualifying for this promotional rate is subject to credit approval, and users must transfer their balances within the first 90 days of the account opening to benefit from this offer. Once the 15-month period ends, the ongoing APR will apply to any remaining balance. It is crucial to note that a balance transfer fee of either $5 or 3% of the transfer amount, whichever is greater, will be charged on each balance transfer transaction.

To take full advantage of this interest-free period, make sure to:

  • Transfer balances within the first 90 days of account opening.
  • Pay off the transferred balance during the 15-month promotional period to avoid paying interest.
  • Set up a payment plan to ensure timely payments and avoid late fees.

Keep in mind that while the BMO Harris Bank Platinum Mastercard® offers compelling balance transfer benefits, this card might not be suitable for everyone. Consider your individual financial situation and compare other balance transfer credit card options before making a decision.

Additional Benefits

BMO Harris Bank Platinum Mastercard® offers various additional benefits that make it an attractive choice for users. These perks are designed to enhance your cardholder experience and provide added value.

Some of the noteworthy benefits include:

  • Extended Warranty: Double the manufacturer’s warranty (up to one additional year) on eligible purchases.
  • Price Protection: Get a refund for the difference if you find a lower price on an eligible item within 60 days of purchase.
  • Mastercard ID Theft Protection™: Access to tools and services that monitor your credit and help resolve identity theft incidents.
  • Zero Liability: Protects you from unauthorized purchases made with your card.
  • Mastercard Airport Concierge™: Access to a personal meet-and-greet service at participating airports worldwide.

Along with these, the card also provides various travel and shopping benefits offered by Mastercard®, such as:

  • Travel Accident Insurance: Provides coverage up to a certain amount for covered losses when traveling on a common carrier.
  • Baggage Delay Insurance: Reimbursement for essential items if your baggage is delayed during a trip.
  • Auto Rental Collision Damage Waiver: Coverage for damage or theft of a rental car when you use your card to pay for the rental.
  • Mastercard Global Service™: 24/7 assistance for lost or stolen cards, emergency card replacement, and cash advances.

These additional benefits add to the overall appeal of the BMO Harris Bank Platinum Mastercard®, making it a valuable credit card option for balance transfers and everyday use. Note that terms and conditions apply, and some of these benefits may come with specific eligibility requirements.

Fees and Interest Rates

The BMO Harris Bank Platinum Mastercard® offers competitive interest rates and fees. Understanding these rates and fees is crucial for potential cardholders.

0% Introductory APR: The card features a 15-month 0% APR on balance transfers, which can help cardholders save on interest charges when moving high-interest balances to this card. Keep in mind that this offer only applies to transfers made within the first 90 days of account opening.

Regular APR: After the promotional period, the card has a variable APR ranging from 14.99% to 24.99%, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.

Balance Transfer Fee: There is a fee for transferring balances, which is either $5 or 4% of the amount of each transfer, whichever is greater.

Annual Fee: Good news for cardholders – the BMO Harris Bank Platinum Mastercard® does not have an annual fee.

Foreign Transaction Fee: The card charges a 2.8% fee for each transaction made in a foreign currency.

Penalty Fees: The card has various penalty fees, such as up to $40 for late payments, up to $40 for returned payments, and a $29 fee for over-the-credit-limit usage. It’s essential to make payments on time and manage your credit limit to avoid these fees.

Pros and Cons

As with any credit card, there are pros and cons to using the BMO Harris Bank Platinum Mastercard®. We have outlined some of these below:

Pros Cons
  • 15-month 0% APR on balance transfers
  • No annual fee
  • Low ongoing APR after introductory period
  • Free FICO® credit score access
  • Mastercard® perks, such as identity theft protection
  • No rewards or cashback program
  • Balance transfer fee applies
  • Foreign transaction fee
  • Not widely accepted outside the US

When considering the BMO Harris Bank Platinum Mastercard®, it’s important to weigh these pros and cons based on your personal financial goals and spending habits. If you need a card to help pay down debt with a 0% APR period on balance transfers, this could be a good choice. On the other hand, if you’re looking for a rewards card, you may want to explore other options.

How to Apply

Applying for the BMO Harris Bank Platinum Mastercard® is a straightforward process. To start your application, you will need to visit the BMO Harris Bank website and navigate to the Platinum Mastercard® product page.

Before you apply, make sure you meet the eligibility criteria, which typically include:

  • Being at least 18 years old
  • A valid Social Security Number
  • A good to excellent credit score

During the application process, you will be asked to provide personal information such as your name, date of birth, contact details, and Social Security Number. Additionally, you will need to disclose your employment status, total annual income, and housing information. This information is used to evaluate your creditworthiness and to determine the terms of your credit card.

If your application is approved, you will receive a credit card agreement outlining the terms and conditions, including the interest rates, fees, and credit limit. It is essential to review this document carefully before accepting the offer.

Keep in mind that applying for a credit card may result in a hard inquiry on your credit report, which can temporarily lower your credit score. Be sure your credit profile is in good standing before submitting an application.


The BMO Harris Bank Platinum Mastercard® offers a competitive 15-month 0% APR on balance transfers, making it an attractive option for those looking to consolidate and pay off high-interest debt. With no annual fee and additional benefits like purchase protection and extended warranty, this card provides value beyond just the introductory offer.

However, it’s important to consider the balance transfer fee of 3% before making your decision. While the 15-month 0% APR period can provide substantial savings on interest, it’s crucial to compare this to other balance transfer cards with similar or even longer promotional periods and potentially lower fees.

Additionally, this card lacks a rewards program or cash back incentives which might be found on other cards in the market. If you’re not solely focused on balance transfers and hope to earn rewards on your spending, it may be better to explore other options.

In summary, the BMO Harris Bank Platinum Mastercard® is a solid option for those seeking to transfer and pay off balances efficiently. However, its appeal may be limited for those who desire cash back or reward earning opportunities.

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