Banking

How Do I Get A New Debit Card From BMO Harris

By David Krug David Krug is the CEO & President of Bankovia. He's a lifelong expat who has lived in the Philippines, Mexico, Thailand, and Colombia. When he's not reading about cryptocurrencies, he's researching the latest personal finance software. 5 minute read

The BMO Harris Bank Platinum MasterCard® is a no-frills credit card with a low annual percentage rate and a generous balance transfer promotion that covers 15 months of interest-free debt transfers for new customers.

The promotional APR for purchases is significantly lower for a period of 6 months, but this is still a good deal for those looking to finance relatively substantial items without paying exorbitant interest rates. Those searching for exclusive offers and discounts on locally selected events and experiences can also benefit from this card, as Mastercard’s Priceless Cities program makes these opportunities available to cardholders.

The BMO Harris Bank Platinum Mastercard isn’t the most exciting option for international travel. There is no enticing welcome offer or cash-back rewards system either. However, it should be towards the top of your list if you’re looking for a cheap solution to pay down high-interest credit card balances.

Important Characteristics

APR Promotion at the Start

The balance transfer deal on the BMO Harris Bank Platinum Mastercard lasts for 15 billing cycles at 0% APR. Interest will not be charged on funds moved within the first three months after an account is opened. For an additional six months, cardholders will not incur any interest charges on transactions made with this card.

Regular APR

Balance transfer and purchase interest rates on this card are 13.24%, 15.24%, 18.24%, or 20.24%, respectively, after the conclusion of the introductory periods and are subject to change based on the cardholder’s credit. The APR might change over time depending on market conditions. The annual percentage rate (APR) for cash advances is currently fixed at 25.49% from account opening but may change with market conditions.

Important Charges

There is no yearly charge associated with this card. There is a 3% charge for all transactions made in a currency other than USD. Costs for making a balance transfer or cash advance are the larger of $10 or 3% of the amount being moved or advanced, and fees for late or returned payments can reach $37, depending on the quantity of the payment that was late or returned.

Priceless Cities Mastercard

Only Mastercard cardholders can take advantage of Mastercard Priceless Cities. A tailored event and experience benefit, it provides “unique experiences, exceptional adventures, shopping and eating bonuses, the finest shows and athletic events, hotel upgrades, and tiny incentives that make your city travels more memorable,” as stated by BMO Harris Bank.

Additional Card Advantages

There is a robust set of perks for cardholders to enjoy with this card.

  • Extended warranties of 1 year for products with current warranties of less than 1 year
  • 60-day price protection (reimbursement of the difference) on products for which you find a lower quoted price within 60 days after purchase.
  • Free loss and damage coverage for rental automobiles paid for in full using the card.
  • Assistance for roadside emergencies

Credit Required

The BMO Harris Bank Platinum Mastercard is only available to those with excellent credit. However, severe negative occurrences like foreclosure or personal bankruptcy would likely deny your application even if you have a few small credit blemishes.

Pros

  1. No Yearly Fee The BMO Harris Platinum Mastercard does not have an annual fee.
  2. This is excellent news for thrifty cardholders. Given that this card has no rewards program and hence no ability to offset recurrent costs, this benefit is extremely useful.
  3. Solid Intro APR Promotion for Balance Transfers The initial balance transfer promotion on this card is valid for 15 months. This is on par with the industry’s top balance transfer credit cards, such as Chase Slate, and far exceeds usual balance transfer promos, which typically have a maximum duration of 12 months.
  4. Experiences Curated Through Mastercard Priceless Cities. The activities and experiences created by Mastercard Priceless Cities are not free, but they are exclusive; they are not available to those without premium Mastercards. In addition, they tend to offer greater value than discounts and bargains available to the general public, so they’re perfect for enhancing your lifestyle without breaking the bank.
  5. Excellent Selection of Value-Added Benefits. The value-added features of this card include complimentary rental vehicle insurance, 60-day price protection, and extended warranties on select goods. Many competing no-annual-fee, no-extras credit cards, but not the BMO Harris Bank Platinum Mastercard, scrimp on perks.
  6. There is no penalty APR. The Platinum Mastercard from BMO Harris Bank does not incur penalty interest. If you occasionally miss credit card payments owing to liquidity concerns or unanticipated costs, your interest rate will not rise here. Once a single payment is missed, some competitor credit cards have a penalty interest rate of up to 30% APR, which is maintained forever.

Cons

  1. There are neither bonuses nor rebates. The Platinum Mastercard from BMO Harris Bank does not come with any sort of bonus structure or rewards system. For cardholders hoping to get any sort of return on their spending, even if it’s minimal, that’s a problem. Many people with no credit history benefit more from introductory cash-back credit cards.
  2. There is 0 Sign-up Bonus. A disadvantage for new cards is that there is no welcome offer associated with this card. Alternatives with sign-up bonuses in the range of $100 to $150 may be found with cards like the BMO Harris Bank Platinum Rewards Mastercard and the BMO Harris Bank Premium Rewards Mastercard.
  3. This introductory purchase APR promotion may need some improvement. The 0% initial purchase APR on the BMO Harris Bank Platinum Mastercard is nice to have, but it’s not enough to warrant getting the card on its own. It only lasts for 6 months, which is significantly shorter than many other credit cards’ introductory 0% APR purchase periods. Citi Diamond Preferred, for example, offers an interest-free period that is three and a half times as lengthy as that of BMO Harris Bank Platinum Mastercard.
  4. You won’t get a discount on your balance transfer fees. The Platinum Mastercard from BMO Harris Bank does not give any discounts on balance transfer costs. In contrast to Chase Slate, which does not charge any balance transfer fees for the first 60 days after opening an account, this is a significant downside.
  5. Include a charge for transactions made in a foreign currency. Travelers may be disappointed to learn that this card’s cash back or travel benefits cannot be used to offset the 3% foreign transaction fee. There are several options that won’t charge you an additional 3% every time you use plastic abroad because credit card companies are gradually waiving international transaction fees.

Bottom Line

There’s no need to nominate the BMO Harris Bank Platinum MasterCard® for a creative competition; it’s perfectly serviceable as-is. It does what it set out to do, which was to provide a simple method for new customers to reduce their high-interest credit card debt without incurring any fees or interest.

Mastercard Priceless Cities, in particular, is a nice addition to its suite of supplementary services. As an added bonus, there is no annual fee to worry about, making this card a great choice for anyone looking to save money.

Despite these benefits, however, the BMO Harris Bank Platinum Mastercard doesn’t provide much else to potential cardholders. Keep browsing if you want a truly exceptional credit card.

Curated posts

Someone from Nashville, TN just viewed Best Car Insurance In Alaska