Teachers Mutual Bank Credit Card – Rates and Fees

Information verified correct on September 23rd, 2016

Designed for education workers, this card offers no annual fee and a low purchase rate so you can spend more on yourself.

The Teachers Mutual Bank Credit Card is a no annual fee Visa credit card with a low ongoing interest rate and an introductory interest rate offer. Transfer your credit card debt, make purchases and cash withdrawals and you’ll only pay 7.9% p.a. for the first 6 months you have this card. After that time, all credit card transactions accrue interest at 11.5% p.a. – a low ongoing rate of interest for a no annual fee credit card.

Product NameTeachers Mutual Bank Credit Card
Purchase rate (p.a.)7.9% p.a. for 6 months (reverts to 11.50% p.a.)
Annual fee$0 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)11.50% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$1,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$25,000
Minimum Monthly Repayment3%
Minimum Income$25,000
Card TypeVisa
Late Payment Fee$10
Foreign Currency Conversion Fee (VISA)2.45% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationYes
Minimum Income$25,000
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$1,000
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$25,000
Annual Fee$0 p.a.
Minimum Repayment3%
Late Payment Fee$10
Over Limit Fee$10
Cash Advance Fee$4
Overseas Cash Advance Fee$4
Overseas Emergency Replacement$0
Overseas ATM Balance check$0
Overseas ATM Withdrawal Fee$4
Foreign Currency Conversion Fee (VISA)2.45% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
BPAYYes
ChequeYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Teachers Mutual Bank Credit Card review

The Teachers Mutual Bank is an institution specifically created for people in the education sector, with membership available if you’re studying teaching, working in education or have a history of working in the industry. The Teachers Mutual Bank Credit Card is both a no annual fee and a low rate Visa credit card. It offers an introductory interest rate of 7.9% p.a. For the first 6 months, and an ongoing rate of 11.5% p.a. (variable) for purchases, balance transfers and cash advances. There are only a handful of credit cards that currently combine no annual fee and low purchase rate features, as no annual fee credit cards tend to have high purchase rates and most low rate cards have annual fees.

Although this is a no annual fee credit card, you’ll have to pay a refundable $10 membership fee when you become a member of the mutual banking institution.

Benefits of the Teachers Mutual Bank Credit Card

  • Low introductory rate. The Teachers Mutual Bank Credit Card offers a promotional introductory interest rate for the first 6 months the account is open. Pay just 7.9% p.a. on balance transfers, purchases and cash advances you make with the Visa credit card.
  • Low ongoing rate. When the introductory period finishes, you’ll pay just 11.5% p.a. on any transaction you make using the Teachers Mutual Bank Credit Card. Any unpaid balances from the introductory period will accrue interest at the variable interest rate when the promotion ends after 6 months.
  • No annual fee. The Teachers Mutual Bank Credit Card is a no annual fee Visa credit card, it costs nothing to keep.
  • Up to 55 days interest-free. You can avoid purchase interest charges when you pay your account in full by the statement due date. Interest-free days do not apply to cash advance transactions or if you’re carrying a balance transfer balance.

Features of the Teachers Mutual Bank Credit Card

  • Cash advance fee. If you use this card for ATM withdrawals, you’ll be charged a cash advance fee of $4.
  • Overseas ATM withdrawal fee. As well as the cash advance, you’ll also be charged an overseas ATM withdrawal fee of $4.
  • Currency conversion fee. If you use your card for transactions in a foreign currency, you’ll be charged a currency conversion fee of 1.49%.
  • Low credit limit. The Teachers Mutual Bank Credit Card minimum credit limit is $1,000. This is an accessible product for low income earners. Teachers Mutual Bank can offer a maximum credit limit of $25,000 for the Visa Credit Card.
  • Minimum repayments. Each month, you’re required to pay 3% of your outstanding balance. If you don’t make the minimum monthly repayment, Teachers Mutual Bank will charge a $10 late payment fee.
  • Additional cards. Teachers Mutual Bank can issue additional Visa credit cards to any person over the age of 18. Additional cards share the same credit limit as the primary card. Each additional card has it’s own card number so you can identify spending.
  • Visa acceptance. The Teachers Bank Credit Card is a Visa product. It can be used at millions of shops and ATMs worldwide.
  • Visa payWave. For purchases up to $100, you can make tap and go payments at contactless terminals in seconds. Visa payWave transactions are capped at $100 per transaction up to $200 per day.
  • Visa Zero Liability Guarantee. The Visa Zero Liability Guarantee protects your account from credit card fraud. If fraudulent purchases have been detected on your account, Visa will give you your money back.
  • Emergency overseas card replacement. A $150 fee applies if you order an emergency replacement card from overseas or if you request a Visa emergency cash assistance.

How to apply for the Teachers Mutual Bank Credit Card

You can apply for the Teachers Mutual Bank Credit Card securely online in under 15 minutes. When you apply for this credit card, you also become a member of Teachers Mutual Bank. You’re required to pay a refundable $10 membership fee when you join. You can apply to become a member of Teachers Mutual Bank and the Visa Credit Card if you can answer yes to one of the following:

  • You work in the education sector.
  • You work in early childhood education or child care and you’re a qualified teacher.
  • You’re currently studying a teaching degree at university and you’re a member of an education union.
  • A family member is a Teachers Mutual Bank member.
  • You’re a member of UniHealth Insurance or Teachers Health Fund.
  • You are retired but worked in the Australian education sector.

Eligibility requirements

  • Membership. You’re eligible to become a member of Teachers Mutual Bank.
  • Residency. You’re an Australian citizen or permanent resident.
  • Income. You can service the minimum credit limit of $1,000.

Required documents

  • Identification. You will need to provide details of  one of the following forms of identification to begin your online application: passport, driver’s licence or proof of age card.  You can also use a combination of documents such as your birth certificate and utility notice if you don’t have a primary form of identification. If you can’t verify your identity online, a Teachers Mutual Bank customer service agent will contact you within two business days to help you through the process.
  • Financial information. You will be asked to provide details of your income, your employer’s contact information, any assets, monthly expenses and any liabilities. You may also be required to provide copies of recent payslips, bank statements or, if you’re self employed, tax returns.

The Teachers Mutual Bank Credit Card gives you both a low introductory and ongoing rate of interest on your purchases, cash advances and balance transfers. If you’re looking for long term interest-free or low interest terms, compare both no annual fee and low purchase rate credit cards to find the right option for you.

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2 Responses to Teachers Mutual Bank Credit Card – Rates and Fees

  1. Default Gravatar
    Alex | April 23, 2014

    I have forgotten my pin for my debit card. What should I do?

    • Staff
      Shirley | April 24, 2014

      Hi Alex,

      Thanks for your question.

      Please contact Teachers Mutual Bank directly so they can fix this for you.

      Cheers,
      Shirley

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