Victoria Teachers Mutual Bank Visa Platinum Card Review

Information verified correct on September 28th, 2016

Who else wants a platinum credit card that charges a low ongoing rate?

The Victoria Teachers Mutual Bank Visa Platinum Credit Card charges a low purchase rate, and this rate applies on balance transfers as well. Cardholders get complimentary international travel insurance that offers cover in different scenarios, and they can access a 24/7 platinum concierge service. Up to 55 interest-free days on purchases is also available.

Product NameVictoria Teachers Mutual Bank Visa Platinum Credit Card
Purchase rate (p.a.)9.99% p.a.
Annual fee$84 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.)19.99% 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%
Card TypeVisa
Late Payment Fee$20
Complimentary Travel InsuranceYes
Complimentary Travel Insurance Cover0 months
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$84 p.a.
Minimum Repayment5%
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 Platinum Credit Card review

If you want a platinum credit card but don’t want to pay higher interest for a rewards program, this card requires your attention. This card charges a low 9.99% p.a. rate on purchases as well as balance transfers, and if you plan to keep an outstanding balance in your account from one month to the next, this low interest rate can help keep your debt manageable. As a platinum cardholder, you get round-the-clock access to a platinum concierge service, and international travel insurance is free. You are also privy to a number of offers through Visa Platinum Entertainment.

Benefits of the Victoria Teachers Mutual Bank Visa Platinum Credit Card

  • Low rate. This platinum card, unlike most other platinum cards, comes without a rewards program, which allows it to charge a low ongoing rate of 9.99% p.a. This rate applies to purchases and balance transfers, but not to cash advances.
  • Platinum concierge service. You can turn to a 24/7 global platinum concierge service for assistance in different ways. This service can help you book tickets for events, it can assist you in making travel plans, you can use it to reserve tables at restaurants and much more.
  • Overseas travel insurance. Complimentary international travel insurance can provide cover for overseas medical expenses, emergency dental expenses, flight cancellations, travel delays, missed connections, mugging, accidental death, and various other unforeseen events that can occur when travelling.
  • Platinum entertainment. This service gives you the ability to get front section seats to some of the most popular events and concerts, and you can even get backstage access.

Victoria Teachers Mutual Bank Visa Platinum Credit Card features

  • Annual fee. You have to pay $84 as the card’s annual fee, but you don’t have to pay this fee if you’re a Rewards Package customer.
  • Balance transfers. You can use this card to transfer balances from existing cards, and transferred balances attract the card’s low purchase rate, currently 9.99% p.a.
  • Interest-free days. This card lets you to get up to 55 interest-free days on purchases if you pay the account’s closing balance in full each month.
  • Complimentary insurance. When you use this card to book international travel tickets, you receive complimentary insurance that provides you with cover while you travel.
  • Platinum concierge service. This global 24/7 concierge can help you in different realms such as work, entertainment, and travel.
  • Additional cardholders. You can get an additional card for any nominated individual over 18 years of age.
  • Credit limit. The minimum credit limit for this card is $500.
  • Visa payWave. This technology allows you to make contactless payments under $100.
  • Online card security. When used online, Verified by Visa monitors each transaction, keeping your spending more safe and secure.
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How to apply for the Victoria Teachers Mutual Bank Visa Platinum Credit Card

Applying online takes no more than a few minutes, you can download an application, you can apply over the phone, or you can apply by visiting any Victoria Teachers Mutual Bank service centre.

Victoria Teachers Mutual requires that you meet the following minimum criteria to be eligible for this card:

  • You must be at least 18 years old
  • You need to be a resident of Australia

The application process requires you to provide different types of information, so make sure you have the following on hand:

  • Personal and identification details such as your name, contact information and driver’s licence number
  • You employment status and your net income
  • You’ll need to indicate whether you receive any government benefits or pensions, and also indicate your assets, debts and liabilities.

While this platinum card charges a low ongoing rate on purchases, it’s not the only card of its kind. Take some time to compare it with similar offerings before thinking about applying.

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Rates last updated September 28th, 2016
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