Victoria Teachers Mutual Bank Visa Credit Card

Information verified correct on September 24th, 2016

A Victoria Teachers Mutual Bank Visa Credit Card will assist in transferring the outstanding balance from any previous credit card you had to your new credit card.

When choosing a credit card make sure it will suit your personal needs. Choose one that has very low interest rates if you do not intent to settle it every month as this will save you money.

Product NameVictoria Teachers Mutual Bank Visa Classic Credit Card
Purchase rate (p.a.)12.94% 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.)12.94% 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.
$500
Minimum Monthly Repayment5% or $20, whichever is greater
Card TypeVisa
Late Payment Fee$20
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
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.
$500
Annual Fee$0 p.a.
Minimum Repayment5% or $20, whichever is greater
Late Payment Fee$20
Over Limit Fee$12
Cash Advance Fee$2.50
Overseas Cash Advance Fee$2.50
Overseas Emergency Replacement$150
Overseas ATM Balance check$0
Overseas ATM Withdrawal Fee$2.50
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Victoria Teachers Mutual Bank Visa Credit Card Features and Benefits

  • Interest rates are very competitive and minimum.
  • Nil yearly fees.
  • Interest free charges for up to 55 days.
  • Zero monthly administration fees
  • Access is available 24hours seven days a week.
  • Fast approvals.
  • Simple repayment options available.

Global Acceptance

The Victoria Teachers Mutual Bank Visa Credit Card is accepted in many areas in Australia and over 24 million places around the world as well as:

  • Where a Visa logo is shown.
  • All EFTPOS workstations (just press ‘credit’)
  • To buy by phone or Internet and to pay statements.
  • To pay statements over the Internet by using BPAY or BPAY View.
  • At ATM’s showing the Visa sign

Transfer Existing Balance

Should you accept this offer, you would save a considerable amount on finance charges. It only requires you to complete the attached “Balance Transfer Request’ section on the application form and benefits include:

  • Saves you money with the low interest rates we offer.
  • With being exempt from both annual and monthly fees, your debt would be cleared sooner.
  • Having one account to settle each month, would help you work with a budget more efficiently.
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Safe Keeping

When owning a Victoria Teachers Mutual Bank Visa Credit Card, it is imperative that it be kept in a safe place all the time to guard against theft or used fraudulently. Follow these simple tips to make sure your statements are displaying the correct transactions:

  • Fraudsters often ‘test’ a card so it is wise to check every statement and all the transactions, especially post an overseas trip.
  • Treat your Victoria Teachers Mutual Bank Visa Credit Card as you would money, ensuring it is safe at all times.
  • Should your Victoria Teachers Mutual Bank be misplaced or stolen, contact Mutual Bank or Visa immediately by calling Mutual Bank at 0398348560 (business hours) or Visa 1800125440 (If abroad visit www.visa.com to obtain the appropriate hotline number).
  • Should you notice anything on your statement that you are unsure of, please contact Mutual Bank immediately.
  • No bank will request personal information such as your Personal Identification Number (PIN) or any other personal details, therefore never answer emails or telephone calls prompting for this information.

Credit Card Management

You will experience the full benefits once you have your own Victoria Teachers Mutual Bank Visa Credit Card, as you will be making the final decision about how much you can afford to spend and what the monthly repayments will be. You will be choosing a credit card that could be ideal for all you needs and way of living. Here are some easy ways to ensure you have made the right choice:

  • Before you use your card when buying, make sure you are able to afford the repayments as well.
  • With no monthly fees, low interest rates and by avoiding exceeding limits and arrear fees, you will save you money.

Approval

A friendly consultant from the loans department will contact you within 48 hours of your online credit card application being completed. If the Victoria Teachers Mutual Bank Visa Credit Card is approved, it will be issued in 7 working days. It should be noted that the Victoria Teachers Union does not replace your existing Visa debit card nor the automated teller machine (ATM) Card. Approval could take up to 4 working days in school holidays.

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Key information

Loan Repayment Insurance
Although not compulsory, Loan Repayment Insurance can provide peace of mind in trying times and should therefore really be considered.

What is Loan Repayment Insurance?
This insurance will cover all current loan repayments should something unfortunate occur, and you are unable to make the required payments to the Victoria Teachers Union Visa Credit Card.

The policy is underwritten by Swann Insurance (Aust) Pty Ltd and will cover you in the unforeseen events of injury due to an accident, inability to work due to illness, retrenched or suffer from any of the listed traumas. Cover is 24 hours a day, globally and will still be made even if you are receiving other remuneration such as sick cover, Work cover or Government unemployment benefits.

Insurance arrangements
Once your Victoria Teachers Mutual Bank is approved, a Lending Consultant will be in contact with you and assist you with any Loan Repayment Insurance queries including the application form.

Insurer

The general insurer for these products is Swann Insurance (Aust) Pty Ltd, with the life cover by National Mutual Life Association of Australasia. Swann will be administers for the Life and CashAssit on behalf of NMLA but Swann’s duties for these policies is purely administrative in managing the claims.

Covered Trauma’s

These are covered under CashAssist cover and include:

  • Cancer,
  • Heart Attack,
  • Stroke and
  • Coronary artery surgery

More detail on this section under Product Disclosure Statement.

Victoria Teachers Mutual Bank also offers excellent rates on the following loans:

  • Investment Property Loans
  • Car Loans
  • Personal Loans.
  • Lines of credit
  • Study Loans.
  • Home Loans
  • Share Loans.
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4 Responses to Victoria Teachers Mutual Bank Visa Credit Card

  1. Default Gravatar
    Denise | January 27, 2015

    Hi there,

    Do you earn rewards points on this credit card?

    • Staff
      Jonathan | January 28, 2015

      Hi Denise,

      Thanks for your inquiry,

      Unfortunately there is no rewards program compatible with the Victoria Teachers Visa Credit Card at the moment. For a list of rewards cards please refer to this page.

      I hope this helps!

      Cheers,

      Jonathan

  2. Default Gravatar
    lucy | January 15, 2015

    what is $500.00 limit

    does it mean you can spend $500.00 at one purchase

    • Staff
      Jonathan | January 15, 2015

      Hi Lucy,

      Thanks for your question!

      The $500 amount 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. For more information about credit limits please see this page.

      I hope this has helped!

      Cheers,

      Jonathan

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