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Victoria Teachers Mutual Bank Visa Credit Card

Enjoy a low ongoing interest rate, a $0 p.a. annual fee and up to 55 days interest-free on purchases with the Victoria Teachers Mutual Bank Visa Classic.

This credit card is designed to help you save money on credit card rates and fees, with a competitive standard interest rate of 12.94% p.a. (variable) for purchases, cash advances and balance transfers. You can also enjoy an introductory 0% interest on purchases and balance transfers for up to 6 months when you apply for the Victoria Teachers Mutual Bank Visa Classic Card by 30 November 2017. After this time, the standard interest rate applies to any remaining balance on the card.

Product NameVictoria Teachers Mutual Bank Visa Classic Credit Card
Balance transfer rate (p.a.)0% p.a. for 6 months
Purchase rate (p.a.)0% p.a. for 6 months (reverts to 12.94% p.a.)
Offer end date30 November 2017
Annual fee$0 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)12.94% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$2,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$10,000
Minimum Monthly Repayment5% or $20, whichever is greater
Card TypeVisa
Late Payment Fee$20
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$2,000
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$10,000
Annual Fee$0 p.a.
Minimum Repayment5% or $20, whichever is greater
Late Payment Fee$20
Over Limit Fee$12
Cash Advance Fee$2.50
Overseas Cash Advance Fee$2.50
Overseas Emergency Replacement$150
Overseas ATM Balance check$0
Overseas ATM Withdrawal Fee$2.50
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • 0% p.a. on purchases and balance transfers for 6 months
  • $0 annual fee for the life of the card
  • Low ongoing interest rate of 12.94% p.a. on purchases and balance transfers

Cons

  • This card does not offer a rewards program or any premium perks.

Review of the Victoria Teachers Mutual Bank Visa Credit Card

This low-cost credit card offers both introductory and ongoing features that can help you save money on credit card debts and fees, starting with an introductory 0% interest rate for 6 on purchases or balance transfers. This offer is available exclusively to new customers when you apply by 30 November 2017.

While this is not the longest 0% interest rate offer on the market, the Victoria Teachers Mutual Bank Visa Classic is one of the few cards that also offers a low standard variable interest rate for all balances, at 12.94% p.a. This means you'll only have to deal with one interest rate when you use this card for purchases, balance transfers or cash advances, which can make it easier to manage your account and keep interest charges to a minimum.

Benefits and features of the Victoria Teachers Mutual Bank Visa Credit Card

Here are some of the highlights of what you can get with the Victoria Teachers Mutual Bank Visa Classic:

  • Introductory 0% interest rate for 6. Apply for this card by 30 November 2017 as a new customer and you can enjoy 0% p.a for 6 months on purchases and balance transfers. Offers will end on 30 November 2017. After the introductory period, the standard interest rate of 12.94% p.a. will apply to any remaining debt on your card.
  • No annual fee. The Victoria Teachers Mutual Bank Visa Classic can help you save on account costs with a a $0 p.a. annual fee and no monthly account fees.
  • Up to 55 days interest-free on purchases. If you pay your account in full by the due date on each statement, you can enjoy an interest-free period of up to 55 days for new purchases. Please note interest-free days do not apply for for cash advances and balance transfers.
  • Visa benefits. This card can be used all around the world, anywhere Visa is accepted. You can also tap-and-go at the checkout for payments under $100 and enjoy exclusive ticket and lifestyle offers through Visa Entertainment.

Rates and fees for the Victoria Teachers Mutual Bank Visa Classic

Make sure you compare these costs to decide if this card is right for you:

  • Interest rate. The Victoria Teachers Mutual Bank Visa Credit Card has an ongoing variable interest rate of 12.94% p.a. This rate applies to standard purchases, cash advances and balance transfer debts you can on the card.
  • Minimum credit limit. This card offers credit limits from $2,000. Note that your individual credit limit is based on lending criteria and subject to approval.
  • Minimum repayment. If you have debt on your card, you must pay at least 5%, by the due date on your statement. Please note that you must make at least the minimum payment even if an introductory 0% p.a. interest rate applies to your balance.
  • Currency conversion fee. If you use this card to make purchases overseas or online with an international retailer, you'll pay a fee worth $2 of the total transaction cost.

How to apply for the Victoria Teachers Mutual Bank Visa Credit Card

You can apply for the Victoria Teachers Mutual Bank Visa Credit Card online in a few minutes. A friendly consultant from the loans department will contact you within 48 hours of your online credit card application being completed. Before getting started, make sure you meet the eligibility requirements and have all the details and documents you'll need for the application.

Eligibility criteria

  • Are you at least 18 years old? You must be at least 18 years of age to apply for a credit card in Australia.
  • Do you live in Australia? You must be a current resident of Australia. You may also need to provide details of your citizenship or residency status to complete your application.

Documents and details you'll need for the application

  • Personal information. This includes your full name, residential address, phone number, email address and driver's licence number.
  • Employment details. This includes your salary, current job title and your employer's contact information. You may also need to supply recent payslips or ATO statements that show your income.
  • Other financial details. You'll need to provide details of any other income, investments or savings accounts. You'll also need to share information about any existing debts or credit accounts such as loans and cards.
  • Balance transfer information. The application includes a "Balance Transfer Request" section that you'll need to fill out if you want to enjoy the introductory balance transfer offer. This means you'll need to provide details of the account you want to transfer debt from.

If the Victoria Teachers Mutual Bank Visa Credit Card is approved, it will be issued in 7 working days. It should be noted that the Victoria Teachers Union does not replace your existing Visa debit card nor the automated teller machine (ATM) Card. Approval could also take up to 4 working days in school holidays.

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4 Responses

  1. Default Gravatar
    DeniseJanuary 27, 2015

    Hi there,

    Do you earn rewards points on this credit card?

    • Staff
      JonathanJanuary 28, 2015Staff

      Hi Denise,

      Thanks for your inquiry,

      Unfortunately there is no rewards program compatible with the Victoria Teachers Visa Credit Card at the moment. For a list of rewards cards please refer to this page.

      I hope this helps!

      Cheers,

      Jonathan

  2. Default Gravatar
    lucyJanuary 15, 2015

    what is $500.00 limit

    does it mean you can spend $500.00 at one purchase

    • Staff
      JonathanJanuary 15, 2015Staff

      Hi Lucy,

      Thanks for your question!

      The $500 amount is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. For more information about credit limits please see this page.

      I hope this has helped!

      Cheers,

      Jonathan

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