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Our verdict

A simple Visa credit card with a $0 annual fee and a low interest rate, designed for people working in the education sector.

If you’re a teacher or work in the Australian education sector, the Teachers Mutual Bank Credit Card offers you simple, low-cost access to credit. As well as no annual fee, this card has an introductory 7.9% interest rate for the first 6 months. After that, you’ll pay an interest rate of 11.5% p.a. for any balances you carry on this card – which is competitive with other low rate options.

If you pay off your total account balance by the due date on each statement, you can also get up to 55 days interest-free on purchases. Apart from that, you get access to worldwide acceptance through the Visa network, Teachers Mutual Bank online and mobile banking, fraud monitoring and the option of mobile payments through Apple Pay, Google Pay and Samsung Pay.

Pros

7.9% p.a. for 6 months on purchases and balance transfers
Low variable interest rate of 11.5% p.a. after the introductory period
$0 annual fee

Cons

2.9% international transaction fee
No rewards program or complimentary insurance

The Teachers Mutual Bank Credit Card has low-cost, simple features and can be added to Apple Pay, Google Pay and Samsung Pay for mobile payments. It offers Visa Zero Liability for fraudulent transactions and 24-hour support. Teachers Mutual Bank was also highly commended in the Green Bank of the Year category for the 2023 Finder Green Awards – and was the 2022 winner.

Details

Product details

Product Name	Teachers Mutual Bank Credit Card
Balance transfer rate p.a.	7.9% for 6 months, then 11.5%
Purchase rate p.a.	7.9% for 6 months, then 11.5%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	11.5%
Min credit limit	$1,000
Max credit limit	$25,000
Card type	Visa

Eligibility

Available to temporary residents	No
Minimum income	$25,000
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	$0
Minimum monthly repayment	3% of the closing balance outstanding
Late payment fee	$10
Foreign currency conversion fee	2.9%
Cash advance fee	$4.50
Overseas cash advance fee	4%
Overseas ATM withdrawal fee	$4.50
Additional cardholder fee	$0

How to apply

You can apply for the Teachers Mutual Bank Credit Card online in around 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 and need to be able to 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 must be an eligible to become a member of Teachers Mutual Bank.
Residency. You're an Australian citizen or permanent resident.

Age. You must be at least 18 years old.

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.

Card benefits

Low introductory rate. The Teachers Mutual Bank Credit Card offers an introductory 7.9% p.a. interest rate for the first 6 months from when the account is open. After that, any remaining balances will attract interest at the card's 11.5% p.a. variable interest rate.
No annual fee. This card has an ongoing $0 annual fee. In comparison, some other low rate credit cards have annual fees around $30 to $100 or more.

Up to 55 days interest-free. You can avoid interest charges on purchases and balance transfers when you pay the total closing balance listed on your statement by the due date. Interest-free days do not apply to cash advance transactions.
Mobile payments. You can add the Teachers Mutual Bank Credit Card to your digital wallet with Apple Pay, Google pay and Samsung Pay to make payments straight from your mobile phone or device.
Visa acceptance. The Teachers Mutual Bank Credit Card can be used in over 200 countries and regions around the world, wherever Visa cards are accepted.
Security. This card offers 24-hour security support and the ability to put a block on the account through the Teachers Mutual Bank mobile app. Visa's Zero Liability Guarantee also helps protect you against fraudulent charges. And when you shop online, you get an extra layer of protection with Visa Secure.

Rates & fees

Interest rate. Outside of any promotions, the Teachers Mutual Bank Credit Card has a 11.5% p.a. variable interest rate.
Cash advance fee. If you use this card for ATM withdrawals, you’ll be charged a cash advance fee of $4.50.
Overseas ATM withdrawal fee. As well as the cash advance, you’ll also be charged an overseas ATM withdrawal fee of $4.50.

Currency conversion fee. If you use your card for transactions in a foreign currency, you’ll be charged a currency conversion fee of 2.9%.
Minimum and maximum credit limits. The Teachers Mutual Bank Credit Card has a minimum credit limit of $1,000 and a maximum credit limit of $25,000. Note that your actual credit limit is subject to lending criteria and approval.
Additional cards. If you want to share your account with your partner, you can request an additional cardholder with a $0 annual fee. Note that you will be responsible for maintaining the account.

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Amy Finder

Editor

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kim

April 17, 2024

I am a SLSO Student Liaison Support Officer at DET NSW am I able to apply for a credit card?

Sarah Megginson Finder

June 27, 2024

Hi Kim,

Generally their Ts&Cs say their accounts are available to early educators and teachers. To check whether your role qualifies, it’s best to contact Teachers Mutual Bank directly; you can reach them on 13 12 21.

Best of luck!

Alex

April 22, 2014

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

Shirley Liu Finder

April 23, 2014

Hi Alex,

Thanks for your question.

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

Cheers,

Shirley

Teachers Mutual Bank Credit Card

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