It’s hard to believe Bank First started out as just a handful of teachers with a couple of hundred of dollars between them. Today, the mutual has more than 100,000 members and almost $2 billion in assets.
Bank First is a mutual which means that its customers own the organisation and profits are reinvested to improve the product benefits, fees and experience for its customers. You don’t have to work in education to get a Bank First credit card or loan. The mutual serves both educators and everyday Australians alike. From fee-free banking packages and term deposits designed for schools to planning and arranging grants for preschools, a large part of what the bank does is aimed at supporting the community. This is what a mutual bank does, they benefit members and serve the community. Read this page for a comparison of credit cards from Bank First.
Bank First Credit Card Offer
Bank First Visa Classic Credit Card
0% for 6 months on purchases $0 annual fee
Offer ends 31 December 2019
Eligibility criteria, terms and conditions, fees and charges apply
Bank First Credit Card Offer
Save with an ongoing $0 annual fee and 0% interest for the first 6 months on purchases.
$0 annual fee
0% p.a. for 6 months on purchases
Interest rate of 12.79% p.a. on purchases, cash advances and balance transfers
What are the types of credit cards from Bank First?
Bank First have two credit cards for you to choose from. The Visa Classic and the Visa Platinum Credit Card both offer competitive purchase rates of interest — an uncommon feature for platinum products.
Low rate credit cards
These cards feature a low purchase rate of interest and interest-free days, but the latter only applies if you don't carry a balance between statement periods. Use a low rate credit card if you plan on making purchases you can’t pay off within a month. You’ll find that most low rate credit cards charge an annual fee. Compare these products by how much they cost to own.
Platinum credit cards
A platinum credit card gives you perks like insurance and access to premium card benefits. Keep in mind these extras come at the cost of an annual fee and increased purchase rate of interest. This is where platinum cards from a mutual are a little different to the rest of the market. Weigh up whether you’re comfortable paying a higher annual fee for more features. If you can’t see yourself using your credit card concierge, for example, then a platinum card from a mutual could trump a platinum credit card from the Big Four Banks or other mainstream lenders.
The benefits of banking with Bank First
Bank First is a mutual which is owned by its customers and reinvests its profits to provide continuing value to its customers through competitive interest rates, fees and products. Find out about some of the perks that come with using their financial products and services: Bank First — A customer-owned institution
Bank First — A customer-owned bank
Mutual Banks are different to most other banks, as these banks are owned by their customers. The Big Four Banks are owned and controlled by shareholders, for instance, and the same goes for most of the better-known financial institutions in Australia. When a mutual bank makes a profit, the money doesn’t go to the shareholders, it goes to you: the customer. Profits are reinvested to the bank and customers benefit from better deals, like a Platinum credit card with a low rate purchase rate of interest.
Bank First credit card account access
Manage your Bank First credit card from home or on the go using the Mobile Banking app or by logging onto Internet Banking. Check your transaction history, transfer money between your accounts or other accounts in Australia, make BPAY payments and much, much more anywhere in the world, any time of the day.
Visa card benefits
Bank First offer a Visa Classic and a Visa Platinum card. The benefits of using a Visa credit card include:
Low ongoing purchase rate. The Visa Classic credit card offers a low purchase rate of 12.79% p.a. and 9.84% p.a. with the Visa Platinum credit card.
Interest-free days. Manage your expenses and purchases with 55 interest free days for the Visa Classic credit card and Visa Platinum credit card.
Visa payWave. Make purchases under $100 by touching your Bank First credit card against a contactless reader.
Visa Zero Liability Policy. Visa gives you a guarantee that you won’t be liable for unauthorised credit card use if you’re the victim of fraud over Visa payment networks (over the counter, contactless and shopping online).
Visa Entertainment. Get access to exclusive offers, like advance ticketing options for concerts and sporting events, just by being a Visa cardholder.
Platinum cardholder benefits. Take advantage of a range of platinum benefits when you apply for the Visa Platinum credit card. Enjoy complimentary overseas travel insurance and Visa Platinum 24/7 Concierge Services.
Manage your account easily at home or on-the-go anywhere in the world with internet banking or using the mobile banking app. Check your transaction history, transfer money between your accounts, make BPAY payments and much more.
How to apply for a Bank First Credit Card
You can apply for a credit card from Bank First online by clicking 'Go to Site'. The application can be completed in fifteen to twenty minutes, but you can save and resume the application at any time.
Member. Be a current Member of Bank First.
Identification. As well as providing basic personal information like your name, date of birth and your residential address, input your driver's licence number and its expiry date, your mobile phone number and your occupation.
Income. Provide employment details, including occupation, employer’s contact information (employer name and payroll contact).
Income (if self employed). Provide current payslips or at least 2 years tax returns and assessments, other forms of income (e.g. rentals or government pensions).
Assets. Details of any assets you own like savings, motor vehicles, personal items, investments like shares, superannuation or property and insured contents value.
Liabilities. Details about any liabilities: mortgages, rent, personal/ car loans, credit cards.
What happens next?
You should receive an email from Bank First about the status of your credit card application minutes after submitting the online form. You can check on the status of your credit card application by visiting the Bank First website.
Frequently asked questions
We’ve answered some of the most frequently asked questions about Bank First credit cards below. You can also ask us a question using the form at the bottom of the page.
A balance transfer can be a great way to save money on interest repayments. When you transfer your existing credit card debt to a Bank First credit card, you’re given a special interest rate for a limited period of time.
You can apply for a balance transfer when you apply for a Bank First credit card online. Simply complete the balance transfer request section of the online application. If you’re approved for the credit card, the balance transfer will be processed automatically once you activate the account.
There are some things you need to know about balance transfers to a Bank First credit card.
You can include multiple accounts in a balance transfer to a Bank First credit card.
You can transfer from any Australian issued non-Bank First credit card, store card or charge card account.
You can use up to your available credit limit on your VBank First credit card towards a balance transfer.
It’s your responsibility to close the account you’re transferring the balance from, if you wish to do so.
Any remaining balance transfer balance will accrue interest at the variable purchase rate of interest.
There are a number of ways you can pay your Bank First Credit Card.
Salary credit. Give the bank’s BSB number and your member number (account number) and your salary will be automatically paid to your credit card when you get paid.
Electronic funds transfer. Transfer money from another bank’s internet banking facility by entering the Bank First BSB number and your account number.
In person. You can deposit cash into your credit card from any Commonwealth Bank ATM. You can also pay your account using cash or EFTPOS at any Commonwealth Bank branch. You can also pay your credit card in person at one of the Bank First Service Centres.
At Australia Post. Pay your credit card at any Australia Post retail outlet using Bank@Post. There are over 3,000 Australia Post retail outlets where you can pay your Bank First Credit Card. You can make an unlimited number of deposits at Australia Post for free.
By cheque. If you prefer to mail a cheque, you can send a cheque to: Teachers Mutual Bank Hawthorn East Service Centre, 117 Camberwell Road, Hawthorn East, VIC, 3123. P.O. Box 338, Camberwell VIC 3124.
The complimentary international travel insurance offered with the Visa Platinum Credit Card is provided by CGU Insurance Limited. Once you meet the eligibility requirements for the policy, the cover is automatically applied to your journey.
Make note of the following eligibility requirements if you plan on using the travel insurance on your next overseas trip.
Additional cardholders are not covered under the complimentary international travel insurance policy.
The primary cardholder’s spouse and dependent children are also covered under the policy for the sections of the trip where they are travelling with the primary cardholder.
You must be a permanent Australian resident and plan on returning to Australia at the end of your journey.
You’re in good shape and have no prior medical conditions which may interrupt your journey.
You have booked a return international travel ticket that departs and returns to Australia. The journey may be up to four months in duration.
You must be under the age of 70 when you depart Australia.
The Bank First credit card online banking services can be a great way to conveniently manage your credit card. It allows you to review your recent transactions, view online statements and make payments to other accounts.
It’s easy to register for internet banking. All you need to do to register is call Bank First. If you would like to register in person, you can visit a Bank First Service Centre with photo identification and the process can be completed on the spot.
If you lose your Bank First credit card, or it’s stolen, call the bank right away. They will place a block on your account, which will prevent further transactions and ensure you’re not liable for any unauthorised use on your account.
Visa Global Assistance can make arrangements for an emergency cash advance if you’re stuck without money in a foreign country, they can even make arrangements for a replacement card for you to use while you wait for a replacement credit card from Bank First. If you have a Visa Classic Credit Card, an overseas emergency card replacement fee of $150 applies. This fee is waived for Visa Platinum Credit Cards.
* The credit card offers compared on this page are chosen from a range of credit
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