Credit card balance transfer

BMO Balance transfer terms and conditions

footnote star details ^*By submitting a request for a balance transfer, you’re agreeing to the terms and conditions in this offer. We provide important information about this promotional balance transfer offer here, and don’t forget your Cardholder Agreement also contains important terms about promotional balance transfers:

Balance transfer

• When you make a credit card balance transfer, you’re moving an outstanding balance from a non-BMO credit card to your BMO credit card, (your “Account”). With the promotional interest rate, you could consolidate your debt and save on interest payments or use the balance transfer funds how you see fit.
• The balance transfer promotional rate is available to new customers upon approval of applications submitted on eligible BMO credit cards. For a list of eligible BMO credit cards, go to www.bmo.com/balancetransfer. Balances from other BMO credit card accounts are not eligible to be transferred. The promotional rate will no longer apply to your Account if you transfer to another BMO credit card.
• The balance transfer amount is eligible for a promotional interest rate provided that each balance transfer is posted to your Account in the first 9 (nine) statement periods from the Account open date (“Promotional Period”) and your Account remains in good standing.
• Balance transfers are treated as cash advances and the promotional interest rate applies from the date the transfer amounts are posted to your BMO credit card account and will remain until the end of the Promotional Period.
• Balance transfers cannot be used to make a payment on any other BMO credit card account or any other BMO lending account or for pre-authorized payments.

Promotional interest rate

• This offer may be changed or withdrawn without notice and is only valid for the Account eligible for the offer and is not transferable.
• If you do not make your minimum payment by the payment due date and have not paid it by the date we prepare your next statement two times in any 12-month period, you will lose your promotional interest rate and it will increase to the default rate disclosed on the card carrier or any other terms or notices we provide to you.
• After the Promotional Term, any remaining balance transfer amounts will be charged interest at the standard annual interest rate for cash advances, starting from the first day of the following statement period. The promotional interest rate does not apply to purchases, fees, cash advances and other charges posted to your Account during the Promotional Period. Please refer to your monthly statement for the interest rate(s) applicable to your Account.
• If your Account has balances with different interest rates, such as purchases with a standard interest rate and balance transfers with a promotional interest rate, any payment that exceeds the minimum payment will be allocated proportionately to those balances according to the terms set out in the BMO Credit Card Cardholder Agreement. For example, if you have a balance of $800 in purchases at the standard interest rate and a $200 balance transfer balance at a promotional interest rate, 80% of your payment will be allocated to your purchases balance and 20% will be allocated to your balance transfer amount balance.

Balance Transfer Fee

• Each balance transfer is subject to a fee of up to 5% which will be charged to your Account on the date the balance transfer is posted to your Account. For example, if you have a promotional balance transfer offer with 2% fee, and an amount of $1,000 is transferred to your Account, you will be charged a fee of $20. For residents outside of Quebec, the minimum payment on your next statement will include the entire balance transfer fee and must be paid in full by the due date to keep your account in good standing. For Quebec residents, the minimum payment on your next statement will only include a portion of your fee based on your minimum payment percentage disclosed to you in your terms and conditions.
• You may request a balance transfer for as low as $100, as long as the transfer amount plus the fee does not exceed the unused portion of the credit limit on your Account at the time of processing. Balance transfers are only available for balances in Canadian dollars.

Interest payments

• You will pay interest on purchases unless you pay your full Account balance by the payment due date. For example, if you complete a balance transfer for $5,000 and spend $2,000 in purchases during the same statement period, you must pay the entire balance of $7,000 before the payment due date to avoid paying interest on your purchases. You will be charged interest if you only pay the amount owing for your purchases. There is no interest-free grace period for cash advances or balance transfers.

Rewards

• Balance transfers do not qualify to earn loyalty rewards such as AIR MILES^®† Reward Miles, BMO CashBack^® rewards or BMO Rewards^® points.

Electronic delivery of expiration notices

• By accepting this balance transfer offer, you are providing express consent that we may provide you with notices electronically, that your promotional interest rate is expiring when: (i) you have provided us with your email address; (ii) you are registered for and use BMO Online Banking; or (iii) you have requested to receive your statements electronically.
• If we provide notice to you by email, we will send it to the email address we have on file. If we provide notice by BMO Online Banking, it will be available through the BMO Online Banking Message Centre (Message Centre).
• This consent only applies to this balance transfer offer and does not apply to other offers that we may provide to you from time to time, nor does it change how you have requested to receive other documents from us such as your credit card statement.
• We may provide you with notice by mail if we are unable to provide the electronic delivery or if we otherwise consider it appropriate. If we are required to send a notice by mail, we’ll use the most current mailing address we have on file.