Compare cards from a bank where education is the focus, both for their members and in their products and services
Compare credit cards from Teachers Mutual Bank
Did you know that Teachers Mutual Bank also offers private health insurance? Find out more and compare their policies to see if they are right for you.
Types of credit cards that Teachers Mutual Bank offers
Teachers Mutual Bank offers its members a Visa credit card that charges a low ongoing rate, and as of now this is its only credit card offering.
Low rate credit cards
If you intend keeping outstanding balances in your credit card account from one month to the next, getting a low rate credit card might interest you. The Teachers Credit Card comes with a low introductory rate for the first 6 months, which you can use for balance transfers as well. If you use this card in the right manner, you can get as many as 55 interest-free days on purchases. What also helps is that this card charges the same interest rate for purchases and cash advances.
Benefits of banking with Teachers Mutual Bank
Teachers Mutual Bank members are its shareholders and can look forward to a wide array of advantages when they take on a product from the mutual. Getting a Teachers Mutual Bank credit card comes with a number of benefits, which include the following:
Access funds anywhere, anytime
The Teachers Credit Card comes with the convenience offered to you by Visa. If you're looking to use your card for cash advances, any ATM displaying a Visa logo can help you get the funds you need. The same goes for purchases and for online shopping.
You don’t have to pay any application fee to apply for the Teachers Credit Card, and you also won't be charged an annual fee. This helps keep your upfront and ongoing costs minimal.
Visa payWave, Verified by Visa and Visa Zero Liability are just some of the services you'll enjoy when you use your Teachers Mutual Bank Visa card. Just wave and go when at stores where Visa payWave technology is enabled, as long as your transaction is under $100. The Verified by Visa services gives extra protection when you use your card to shop online, which helps support the convenient shopping options offered to you by the card. Finally, Visa Zero Liability means that if you take necessary precautions against credit card fraud you won't be held responsible for fraudulent and unauthorised charges on your card.
Help manage your debts
You can use the Teachers Credit Card to consolidate your debts from other credit and store cards, and this can help you in two ways. You can reduce the number of cards you have to keep track of, and you can save in the form of interest.
Applying for a Teachers Mutual Bank credit card
You can apply for a Teachers Mutual Bank credit card by visiting any Teachers Mutual Bank regional office in NSW, ACT, or WA. You can also initiate the process by calling them directly. You can also apply for this card online. You can apply only if you have to meet the following eligibility criteria:
- You’re over 18 years of age
- You don’t have bad credit history
- You earn a minimum of $25,000 p.a.
- Personal. Start by providing your complete name, home address, email address, phone number, date of birth, marital status, and number of dependants.
- Employment. This section requires your employment status, employer’s name, and employer’s contact details. If you’re self-employed or retired you’ll have to provide your accountant’s name and contact details.
- Financial. This section requires information about your income, expenses, assets, and liabilities. Income comprises wages and income from all other sources. Assets can be real estate, motor vehicles, savings and investments. When calculating expenses, take into how much you spend towards rent, mortgage payments, utilities, school fees, transportation, food, and the like. Liabilities include all existing loans, credit cards, store cards, overdrafts and lines of credit.
What happens after applying?
You can complete the online application in around 15 minutes, and if you submit your application on a weekday you can receive conditional approval within 24 hours. During this time, a Teachers Mutual Bank representative might contact you for additional information. Employment and income verification is part of the process, which can entail Teachers Mutual Bank making a phone call to your place of employment.Back to top
Frequently asked questions
Given below are answers to certain questions about Teachers Mutual Bank credit cards that appear quite frequently. To leave behind a question that doesn't appear below, you can use the form at the end of this page.
Can anyone apply for a Teachers Mutual Bank credit card?
This card is only for Teachers Mutual Bank members. If you’re not an existing member you have to be eligible to be a member.
How can I make repayments towards my Teachers Credit Card account?
You can opt for automatic deduction of your outstanding balance or minimum payment due from your Everyday account. You can transfer funds from other Teachers accounts using phone and online banking, you can make electronic deposits, you can pay via BPAY, and you can mail cheques issued by other financial institutions.
What are the minimum and maximum credit limits?
The minimum credit limit of the Mutual Credit Card is $1,000, and its maximum limit is $25,000.
Can I ask for an increase in my card’s credit limit?
You can request an increase in your card’s credit limit online or over the phone, but you have to meet certain criteria to qualify.
When I can apply for transferring balances, and is there a limit?
You can apply for a balance transfer by completing the relevant section during the application process, or you can provide the required details upon receiving your card. Transferred balances cannot exceed your card’s credit limit.
Can I add an additional cardholder?
Yes, you can add an additional cardholder linked to your primary Teachers Credit Card account, as long as the individual in question is over 18 years of age. You can apply for an additional card online, over the phone, or by visiting a Teachers Mutual Bank regional office.
How often do I get a credit card statement and what else should I know about it?
You get a statement for your Teachers Credit Card each month, and you can choose to receive it by regular mail or via internet banking. This provides details of all transactions, fees, charges, and payments during the given period, and also indicates the next due date.
What if I lose my Teachers Credit Card?
To report a lost or stolen card you should call Teachers Mutual Bank immediately. Replacement of lost, damaged and captured cards will attract a fee.