In this guide

  • Our verdict
  • Details
    • Product details
    • Eligibility
    • Rewards
    • Fees
  • How to apply
  • Card benefits
  • Rates & fees
  • Your reviews
  • Ask a question
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Teachers Mutual Bank Credit Card

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Teachers Mutual Bank Credit Card
Terms and conditions apply
Balance transfer rate for 6 months with no balance transfer fee
7.9% p.a.
Purchase rate for the first 6 months (reverts to 11.5%)
7.9% p.a.
Annual fee
$0 p.a.
Interest-free on purchases
Up to 55 days

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.

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

In this guide

  • Our verdict
  • Details
    • Product details
    • Eligibility
    • Rewards
    • Fees
  • How to apply
  • Card benefits
  • Rates & fees
  • Your reviews
  • Ask a question

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.
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
Annual fee
$0
Minimum monthly repayment 3% of the closing balance outstanding
Late payment fee $10
Foreign currency conversion fee
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.

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.

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.

Your reviews

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Ask a question

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Amy Finder

Editor

Hi there, looking for more information? Ask us a question.

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Alex

April 22, 2014

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


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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


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