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Teachers Mutual Bank Credit Card

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Get a $0 annual fee and a low purchase rate on this credit card designed for education workers.

The Teachers Mutual Bank Credit Card is a no annual fee Visa credit card that offers an introductory 7.9% interest rate on purchases and balance transfers for the first 6 months you have this card. After that time, all credit card transactions accrue interest at 11.5% p.a.

7.9% p.a.

Balance transfer rate

for 6 months

7.9% p.a.

Purchase rate

for the first 6 months (reverts to 11.5% p.a.)

$0 p.a.

Annual fee

55 days

Interest free period

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Details

Product NameTeachers Mutual Bank Credit Card
Balance transfer rate7.9% p.a. for 6 months
Balance transfer revert rateCash Advance Rate (11.5% p.a.)
Purchase rate7.9% for 6 months, reverts to 11.5% p.a.
Annual fee$0
Interest-free period55 days
Cash advance rate11.5% p.a.
Min credit limit$1,000
Max credit limit$25,000
Card typeVisa
Foreign currency conversion fee2.9%
Minimum income$25,000
Available to temporary residentsNo
Joint applicationYes

Pros

  • 7.9% p.a. for 6 months on purchases and balance transfers
  • $0 annual fee

Cons

  • No rewards program and insurance covers
Annual fee$0
Minimum monthly repayment3% of the closing balance outstanding
Late payment fee$10
Foreign currency conversion fee2.9%
Cash advance fee$4.50
Overseas cash advance fee4%
Overseas ATM withdrawal fee$4.50
Additional cardholder fee$0

Expert review

Amy Bradney-George

Review by


Amy Bradney-George is the acting editor for credit cards and has more than 13 years’ experience writing about personal finance. She has bylines in publications including The Sydney Morning Herald, ABC News and The Equity Magazine. A passionate writer, she’s also acting editor for Finder X and senior writer for Finder Green. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University, and when she’s not writing she spends her time as an actress.

Expert review

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 interest rate of 7.9% for the first 6 months. After that, you’ll pay an interest rate of 11.5% p.a. on any balances you carry on this card – which is competitive with other low rate options.

How to apply

You can apply for the Teachers Mutual Bank Credit Card securely online in under 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 Visa offers a 7.9% p.a. introductory interest rate for the first 6 months the account is open. After that, any remaining balances will attract interest at the card's variable interest rate.
  • $0 annual fee. The Teachers Mutual Bank credit card has no annual fee for life.

Rates & fees

  • 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.

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2 Comments

  1. Default Gravatar
    Alex
    April 23, 2014

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

    • Avatarfinder Customer Care
      Shirley
      April 24, 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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