Teachers Mutual Bank Credit Card – Rates and Fees
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Designed for education workers, this card offers no annual fee and a low purchase rate so you can spend more on yourself.
The Teachers Mutual Bank Credit Card is a no annual fee Visa credit card with a low variable interest rate and an introductory interest rate offer. Transfer your credit card debt, make purchases and cash withdrawals and you’ll only pay 7.9% for the first 6 months you have this card. After that time, all credit card transactions accrue interest at 11.5% p.a. – a low variable rate of interest for a no annual fee credit card.
Details
| Product Name | Teachers Mutual Bank Credit Card |
|---|---|
| Balance transfer rate | 7.9% p.a. for 6 months |
| Balance transfer revert rate The interest rate that will apply to any remaining balance after the balance transfer term ends. | Cash Advance Rate (11.5% p.a.) |
| Purchase rate (p.a.) | 7.9% for 6 months, reverts to 11.50% p.a. |
| Annual fee | $0 p.a. |
| Interest Free Period The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date. | Up to 55 days on purchases |
| Cash advance rate (p.a.) | 11.50% p.a. |
| Min credit limit This is the lowest credit limit you can be granted. It is possible to request a higher credit limit but not a lower one than this figure. | $1,000 |
| Max credit limit This is the maximum credit limit available on this card and you can apply for increases after the account has been opened. This credit limit may not be issued to you immediately upon application. | $25,000 |
| Card Type | Visa |
| Foreign Currency Conversion Fee (VISA) Charged when you make a transaction that is converted by Visa from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 2.9% of transaction value |
| Complimentary Travel Insurance | No |
| Minimum Income | $25,000 |
|---|---|
| Minimum Age | 18 years of age |
| Available To Temporary Residents | No |
| Joint Application | Yes |
| Annual fee | $0 p.a. |
|---|---|
| Minimum Monthly Repayment | 3% |
| Late Payment Fee | $10 |
| Foreign Currency Conversion Fee (VISA) Charged when you make a transaction that is converted by Visa from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 2.9% of transaction value |
| Cash Advance Fee | $4.50 |
| Overseas Cash Advance Fee | $4.50 |
| Overseas ATM Withdrawal Fee | $4.50 |
| Gambling Transactions Allowed | No |
| Additional Cardholder Fee | $0 |
Benefits of the Teachers Mutual Bank Credit Card
- Low introductory rate. The Teachers Mutual Bank Credit Card offers a promotional introductory interest rate for the first 6 months the account is open. Pay just 7.9% p.a. on balance transfers, purchases and cash advances you make with the Visa credit card.
- Low variable rate. When the introductory period finishes, you’ll pay just 11.5% p.a. on any transaction you make using the Teachers Mutual Bank Credit Card. Any unpaid balances from the introductory period will accrue interest at the variable interest rate when the promotion ends after 6 months.
- No annual fee. The Teachers Mutual Bank Credit Card is a no annual fee Visa credit card, it costs nothing to keep.
- 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.
Features of the Teachers Mutual Bank Credit Card
- 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%.
- Low credit limit. The Teachers Mutual Bank Credit Card minimum credit limit is $1,000. This is an accessible product for low income earners. Teachers Mutual Bank can offer a maximum credit limit of $25,000 for the Visa Credit Card.
- Minimum repayments. Each month, you’re required to pay 3% of your outstanding balance. If you don’t make the minimum monthly repayment, Teachers Mutual Bank will charge a $10 late payment fee.
- Additional cards. Teachers Mutual Bank can issue additional Visa credit cards to any person over the age of 18. Additional cards share the same credit limit as the primary card. Each additional card has its own card number so you can identify spending.
- 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.
- Emergency overseas card replacement. A $150 fee applies if you order an emergency replacement card from overseas or if you request a Visa emergency cash assistance.
How to apply for the Teachers Mutual Bank Credit Card
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. You can apply to become a member of Teachers Mutual Bank and the Visa Credit Card if you can 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’re eligible to become a member of Teachers Mutual Bank.
- Residency. You’re an Australian citizen or permanent resident.
- Income. You can service the minimum credit limit of $1,000.
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.
The Teachers Mutual Bank Credit Card gives you both a low introductory and variable rate of interest on your purchases, cash advances and balance transfers. If you’re looking for long-term interest-free or low interest terms, compare both no annual fee and low purchase rate credit cards to find the right option for you.
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