Teachers Mutual Bank Credit Card

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.

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Amy Bradney-George

Last Updated Jul 23, 2020

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Details

Product Name	Teachers Mutual Bank Credit Card
Balance transfer rate	7.9% p.a. for 6 months
Balance transfer revert rate	Cash Advance Rate (11.5% p.a.)
Purchase rate	7.9% p.a. for 6 months, reverts to 11.5% p.a.
Annual fee	$0
Interest-free period	Up to 55 days on purchases
Cash advance rate	11.5% p.a.
Min credit limit	$1,000
Max credit limit	$25,000
Card type	Visa
Foreign currency conversion fee	2.9%

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

Pros

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

Cons

No rewards program and insurance covers

Bonus points	N/A

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 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.

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 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.

Low variable rate. Outside of any promotions, this card has a 11.5% p.a. variable interest rate that applies to any transaction you make using the Teachers Mutual Bank credit card.
Up to 55 days interest-free. You can avoid purchase interest charges when you pay your account in full by the statement due date. Interest-free days do not apply to cash advance transactions or if you’re carrying a balance transfer balance.
Mobile payments. Paying becomes more convenient when you link this card to either Apple Pay, Samsung Pay, or Google pay as you can use your eligible device to tap-and-go upon check out.
Visa acceptance. The Teachers Bank Credit Card is a Visa product. It can be used at millions of shops and ATMs worldwide.
Visa payWave. For purchases up to $100, you can make tap and go payments at contactless terminals in seconds. Visa payWave transactions are capped at $100 per transaction up to $200 per day.
Visa Zero Liability Guarantee. The Visa Zero Liability Guarantee protects your account from credit card fraud. If fraudulent purchases have been detected on your account, Visa will give you your money back.

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.

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 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.

Review by

Amy Bradney-George

amy.bradney-george@finder.com

Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.

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.

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.

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2 Comments

Alex
April 23, 2014

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

finder 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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