Victoria Teachers Mutual Bank Visa Platinum Card Review

Looking for a platinum credit card with a low ongoing rate?

The Victoria Teachers Mutual Bank is offering new customers a 0% p.a. interest rate on purchases and balance transfers for 6 months. If you apply online and are approved by 30 November 2017 you can take advantage of this offer. Plus, complimentary international travel insurance and a 24/7 platinum concierge service.

Product NameVictoria Teachers Mutual Bank Visa Platinum Credit Card
Balance transfer rate (p.a.)0% p.a. for 6 months
Maximum Balance Transfer AmountUp to available credit limit
Purchase rate (p.a.)0% p.a. for 6 months (reverts to 9.99% p.a.)
Offer end date30 November 2017
Annual fee$84 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.)19.99% 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.
$6,000
Minimum Monthly Repayment5%
Card TypeVisa
Late Payment Fee$20
Complimentary Travel InsuranceYes
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.
$6,000
Annual Fee$84 p.a.
Minimum Repayment5%
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

  • Introductory offers of 0% p.a. on purchases and balance transfers for 6 months
  • A low ongoing interest rate of 9.99% p.a. on purchases and balance transfers.
  • Up to 55 days interest-free on purchases

Cons

  • A relatively high cash advance rate of 19.99% p.a.
  • No rewards program linked to this card

Victoria Teachers Mutual Bank Visa Platinum Credit Card review

If you want a platinum credit card but don’t want to pay more for a rewards program, the Platinum Visa from the Victoria Teachers Mutual Bank is worth considering. After the 6 month promotional period expires, this card charges a low 9.99% p.a. rate on purchases as well as balance transfers to help you keep your debt manageable. As a platinum cardholder, you get round-the-clock access to a platinum concierge service, and international travel insurance is included. You are also privy to a number of offers through Visa Entertainment.

Benefits of the Victoria Teachers Mutual Bank Visa Platinum Credit Card

  • Promotional balance transfer offer. New customers who apply and are approved by 30 November 2017 can transfer a balance from other cards and pay 0% p.a. interest for 6 months. After the promotional period, interest will revert to the standard purchase rate.
  • Promotional purchase rate offer. New customers can make purchases for 6 months and pay 0% p.a. interest when you apply online and are approved by 30 November 2017.
  • Platinum concierge service. You can turn to a 24/7 global platinum concierge service for assistance in different ways. This service can help you book tickets for events, it can assist you in making travel plans, you can use it to reserve tables at restaurants and much more.
  • Overseas travel insurance. Complimentary international travel insurance can provide cover for overseas medical expenses, emergency dental expenses, flight cancellations, travel delays, missed connections, mugging, accidental death, and various other unforeseen events that can occur when travelling.
  • Platinum entertainment. This service gives you the ability to get front section seats to some of the most popular events and concerts, and you can even get backstage access.

Features of the Victoria Teachers Mutual Bank Visa Platinum Credit Card

  • Annual fee. You have to pay $84 as the card’s annual fee, but you don’t have to pay this fee if you’re a Rewards Package customer.
  • Low ongoing rate. This platinum card charges a low ongoing rate of 9.99% p.a. This rate applies to purchases and balance transfers, but not to cash advances.
  • Standard balance transfers. If you do not take advantage of a promotional offer, you can use this card to transfer balances from existing cards, and transferred balances attract the card’s low purchase rate.
  • Interest-free days. This card lets you to get up to 55 interest-free days on purchases if you pay the account’s closing balance in full each month.
  • Complimentary insurance. When you use this card to book international travel tickets, you receive complimentary insurance that provides you with cover while you travel.
  • Platinum concierge service. This global 24/7 concierge is there to help you with everything from restaurant reservations, to buying gifts, to booking travel.
  • Additional cardholders. You can get an additional card for any nominated individual over 18 years of age.
  • Credit limit. The minimum credit limit for this card is $6,000.
  • Visa payWave. This technology allows you to make contactless payments under $100.
  • Online card security. When used online, Verified by Visa monitors each transaction, keeping your spending more safe and secure.

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

Applying online takes no more than a few minutes, you can download an application, you can apply over the phone, or you can apply by visiting any Victoria Teachers Mutual Bank service centre.

Eligibility criteria

Victoria Teachers Mutual requires that you meet the following minimum criteria to be eligible for this card:

  • You must be at least 18 years old
  • You need to be a resident of Australia

Required documents

The application process requires you to provide different types of information, so make sure you have the following on hand:

  • Personal and identification details such as your name, contact information and driver's licence number
  • You employment status and your net income
  • You'll need to indicate whether you receive any government benefits or pensions, and also indicate your assets, debts and liabilities.

While this platinum card charges a low ongoing rate on purchases, it’s not the only card of its kind. Take some time to compare it with similar offerings before thinking about applying.

Back to top
Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

Credit Cards Comparison

Rates last updated July 21st, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
St.George Vertigo Visa
Receive up to 55 days interest-free on purchases and the ability to make contactless payments with Visa payWave technology.
13.24% p.a. 0% p.a. for 14 months $0 p.a. annual fee for the first year ($55 p.a. thereafter) Go to site More info
Virgin Australia Velocity Flyer Card - Exclusive Offer
Apply by 31 July 2017 to earn bonus Velocity Points for the first three months and a $129 Virgin Australia Gift Voucher each year.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months.
0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

Ask a question
feedback