BMO Harris Bank Platinum Mastercard® Review – 15-Month 0% APR on Balance Transfers

The BMO Harris Bank Platinum Mastercard® is a no-frills credit card with a relatively low ongoing APR and a generous introductory promotion on both purchases and balance transfers.

As a new cardholder, you won’t pay interest on purchases or balance transfers for 15 months from account opening. Qualifying balance transfers must be made during the first 90 days, however.

Let’s be clear: BMO Harris Bank Platinum Mastercard isn’t a flashy travel credit card. Nor does it have a generous sign-up bonus or cash back rewards program. However, if you’re seeking a cost-effective way to pay down the high-interest balances you’ve racked up on another credit card, it should be high on your list of contenders.

What Sets the BMO Harris Bank Platinum Mastercard Apart?

“No-frills” doesn’t mean “totally devoid of benefits.” The BMO Harris Bank Platinum Mastercard has a few key perks, in fact:

• Long 0% APR Promotions. This is really the standout feature and probably the only reason to apply for this card over any other. 15 months is a very good interest-free runway, though not quite top-of-the-pack.
• Decent Value-Added Benefits. This card has Mastercard-backed benefits like extended warranties, purchase protection, and rental car coverage. These aren’t themselves unusual, but they’re welcome given that there’s no rewards program or sign-up bonus to sweeten the deal.
• Mastercard Priceless. The Mastercard Priceless program is one of the few notable perks beyond the intro APR promotions. If you live in a bigger city or regularly travel domestically, this is a great benefit for finding exclusive, discounted deals on curated events and experiences.

Key Features of the BMO Harris Bank Platinum Mastercard

Still interested in this card? Let’s dive into the details, starting with the introductory APR promotion.

Introductory APR Promotion

BMO Harris Bank Platinum Mastercard has a 15-month 0% intro APR promotion on purchases and balance transfers. All purchases made during this introductory window qualify, as do balances transferred within 3 months of account opening.

Following the end dates of the respective introductory promotions, variable regular APR applies, depending on prevailing rates and your creditworthiness.

Important Fees

This card does not have an annual fee. The foreign transaction fee is 3%. Balance transfers and cash advances both cost the greater of $10 or 3% of the transferred or advanced amount, and depending on the size of the late or returned payment, late and returned payment fees range up to $37.

Mastercard Priceless Cities

Mastercard Priceless Cities is exclusively available to holders of select Mastercard products. It’s a curated event and experience benefit that offers “one-of-a-kind experiences, special adventures, shopping and dining benefits, the best shows and sporting events, hotel upgrades, and small perks that make your city adventures more special,” according to BMO Harris Bank.

Additional Card Benefits

This card is a solid lineup of additional cardholder benefits:

• 1-year extended warranties on items with existing warranties less than 1 year
• Purchase protection for items damaged or stolen soon after purchase, subject to certain limits and restrictions
• Complimentary loss and damage insurance for rental cars paid in full with your card
• Emergency roadside assistance

Credit Required

BMO Harris Bank Platinum Mastercard requires good credit. A few minor credit blemishes may not disqualify your application, but major adverse events such as foreclosure or personal bankruptcy probably will.

Advantages of the BMO Harris Bank Platinum Mastercard

These are the most notable advantages of the BMO Harris Bank Platinum Mastercard.

• No Annual Fee. BMO Harris Bank Platinum Mastercard has no annual fee. That’s great news for frugal cardholders. It’s especially welcome given that this card has no rewards program, and thus offers no way to offset recurring charges.
• Solid Intro APR Promotions (15 Months) on Balance Transfers and Purchases. This card’s introductory balance transfer and purchase promotions both last 15 months. That’s nearly though not quite in line with the industry’s leading balance transfer credit cards and 0% APR credit cards more generally.
• Curated Experiences Through Mastercard Priceless Cities. Though they’re not totally free, the events and experiences curated through Mastercard Priceless Cities are exclusive – they’re not available to people without high-end Mastercards. Plus, they do tend to offer better value than discounts and deals available to the general public, so they’re great for raising your lifestyle standards without crippling your budget.
• Nice Lineup of Value-Added Benefits. This card’s value-added benefits include complimentary rental car insurance, price protection for 60 days, and extended warranties on certain purchased products. Many fellow no-annual-fee, no-frills credit cards skimp on the fringe benefits, but not BMO Harris Bank Platinum Mastercard.
• No Penalty APR. BMO Harris Bank Platinum Mastercard doesn’t charge penalty interest. If you occasionally miss credit card payments due to liquidity issues or unforeseen expenses, you don’t have to worry about your interest rate skyrocketing here. Some competing cards charge penalty interest as high as 30% APR, and maintain those rates indefinitely once a single payment has been missed.

Disadvantages of the BMO Harris Bank Platinum Mastercard

Consider these downsides before applying for the BMO Harris Bank Platinum Mastercard.

• No Rewards or Cash Back. BMO Harris Bank Platinum Mastercard does not have a rewards program. That’s a bummer for cardholders seeking a return on their spending, however modest. Certain entry-level cash back cards are better suited to first-time borrowers.
• No Sign-up Bonus. This card has no sign-up bonus, another drawback for new cardholders. Popular alternatives such as BMO Harris Bank Platinum Rewards Mastercard and BMO Harris Bank Cash Back Mastercard offer potentially generous sign-up bonuses if you can clear the early spend thresholds.
• No Break on Balance Transfer Fees. BMO Harris Bank Platinum Mastercard offers no breaks on balance transfer fees. That’s a big drawback relative to Capital One’s slate of balance transfer cards, which waive balance transfer fees at times.
• Has a Foreign Transaction Fee. This card’s 3% foreign transaction fee is a disadvantage for international travelers, especially given that the charge can’t be partially offset by cash back or travel rewards earnings. It’s increasingly common for credit cards to waive foreign transaction fees, so there are plenty of alternatives that won’t charge you an extra 3% every time you try to use plastic in a foreign country.

How the BMO Harris Bank Platinum Mastercard Stacks Up

If you’re still mulling your low-APR credit card options, a head-to-head comparison is in order. Let’s see how BMO Harris Bank Platinum Mastercard compares to a better-known competitor with an even longer 0% APR promotion: the Chase Slate Edge Card

Final Word

The BMO Harris Bank Platinum MasterCard® won’t win any awards for creativity, but that’s okay. It fulfills its primary purpose well: offering new cardholders a clear path to reducing high-interest credit card debt through low-cost, no-interest balance transfers. Its lineup of value-added benefits, especially Mastercard Priceless Cities, is welcome too. And its nonexistent annual fee is sure to please frugal cardholders.

However, beyond these admittedly useful advantages, BMO Harris Bank Platinum Mastercard’s appeal is limited. If you’re looking for a true standout credit card, keep searching.