Ask Pauline a Question

Hi, we spend most of our time trying to help people and we will answer your question within a business day.

By submitting this question you agree to our privacy policy.

N/A
Teachers Mutual Bank Credit Card
Teachers Mutual Bank Credit Card

Teachers Mutual Bank Credit Cards

Teachers Mutual Bank Credit Card

Updated 6 August 2021

Exclusively available to current or retired employees of the Australian education sector (and family members of members), the Teachers Mutual Bank Credit Card is a low cost card that currently offers an intro rate of 7.90% p.a. on purchases, cash advances and balance transfers for 6 months, with a low ongoing rate of 11.50% p.a. and no annual fee.

Purchase Rate (p.a)

7.90% p.a.

for 6 months. Reverts to 11.50% p.a.

Balance Transfer (p.a)

7.90% for 6 months No balance transfer fee.
Reverts to 11.50% p.a.

Annual Fee (p.a)

$0

$0 over 6 months

My transfer amount

Balance transfer from:

My annual fee

My interest rate

Pros and cons

  • 7.90% p.a. introductory rate for the first 6 months
  • Low 11.50% p.a. ongoing interest rate
  • No annual fee
  • Up to 55 days interest free period for purchases when you pay your closing balance in full on or before every statement due date
  • Eligible with Apple Pay, Google Pay & Samsung Pay

  • No 0% offer on balance transfers

Creditcard.com.au review

Editor Review

Teachers Mutual Bank Credit Card

Pauline Hatch
Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt about this card.

The Teachers Mutual Bank Credit Card

Exclusively available to current or retired employees of the Australian education sector (and family members of members), the Teachers Mutual Bank Credit Card is a low cost card designed to help keep costs down. The card is currently offering an intro rate of 7.90% p.a. on purchases, cash advances and balance transfers for six months, with a low ongoing rate and no annual fee.

What we love...

One of the best things about the Teachers Mutual Bank Credit Card is the way it can help cardholders keep costs down. It does this in a number of ways, the first of which we’ll talk about is through it’s introductory offer. As a new cardholder, you can take advantage of 7.90% p.a. on purchases, cash advances and balance transfers for the first six months of having the card.

This could be of benefit in a variety of situations. If you have debt building up on another credit card, you could transfer the balance onto this card to benefit from a much lower rate. By paying less in interest over that introductory period, you could pay down more of what you owe, potentially clearing your debt much faster.

Alternatively, you may have your eye on something you want to buy now, but may not be able to afford straight away. With this offer, you could buy it now – whether it’s a trip away, a new fridge or even a much-needed wardrobe update – and then pay off what you owe over that six month period, at a lower rate of interest.

And after that intro period? Unlike some cards, which offer a low intro rate that shoots up to 21% or 22% p.a. after the intro period ends, the Teachers Mutual Bank Credit Card has a low ongoing rate across purchases and cash advances. This may be of benefit to you if you carry a balance on your card, or if you fail to pay off your transferred balance within the first six months.

Another way the card could help you save on interest is with its interest free feature. As long as you pay off your balance each month by the due date, you could take advantage of up to 55 days interest free on purchases. And even better news? The card charges no annual fee ever, helping to lighten the load in the longer term.

What’s not so great...

As a basic, low cost card, there is not much to complain about on the Teachers Mutual Bank Credit Card. The only thing you may not like is the membership requirements. If you don’t meet the requirements, you will have to look elsewhere.

Why should you choose this card?

Aside from the many benefits we have mentioned already, another reason to choose the Teachers Mutual Bank Credit Card is to be part of Teachers Mutual Bank. Exclusively for the use of those within the education sector, this bank has a strong understanding of what teachers need, and crafts its products and services to suit those needs.

In terms of card features, these are not abundant, but the ones offered are functional. Cardholders can benefit from a 24-hour hotline for lost or stolen cards, with worldwide acceptance through Visa’s network. Other features include Visa payWave and Visa Zero Liability, and compatibility with Apple Pay, Google Pay and Samsung Pay.

Overall Rating

A low cost card offered exclusively to those in the Australian education sector (retired, current and family members of members), the Teachers Mutual Bank Credit Card offers a low ongoing purchase rate with no annual fee, and an intro rate of 7.90% p.a.

User reviews

Teachers Mutual Bank Credit Card ( based on 2 Creditcard.com.au user reviews )

75% rating based on 2 reviews

Rates
Fees
Rewards
Customer Service
Value

Rates and fees

Interest rates



Purchase rate 11.50% p.a.

Introductory purchase rate 7.90% p.a. for 6 months

Cash advance rate 11.50% p.a.

Interest free period on purchases up to 55 days

Balance transfer

Balance transfer rate 7.90% p.a. for 6 months

Balance transfer revert rate 11.50% p.a.

Balance transfer from personal loan N/A

Balance transfer fee No fee

Balance transfer limit N/A

Banks you can't balance transfer from Teachers Mutual Bank

Credit limits

Minimum credit limit $1,000

Maximum credit limit $25,000

Fees & repayments

Annual fee $0 p.a.

Additional cardholder fee N/A

Foreign transaction fee 2.90%

Minimum repayment 3%

Cash advance fee $4.50

Late payment fee $10

Additional features

Complimentary insurance

International Travel Insurance No

Flight Inconvenience Insurance No

Transit Accident Insurance No

Smartphone Screen Insurance No

Purchase Protection Insurance No

Extended Warranty Insurance No

Rental Vehicle Excess In Australia Insurance No

Extras

Eligible with Apple Pay, Google Pay & Samsung Pay

Overview

Teachers Mutual Bank Credit Card

Key features

  • 7.90% p.a. introductory rate for the first 6 months
  • Low 11.50% p.a. ongoing interest rate
  • No annual fee
  • Up to 55 days interest free period for purchases when you pay your closing balance in full on or before every statement due date
  • Eligible with Apple Pay, Google Pay & Samsung Pay

Minimum criteria to apply for this card

  • Be over 18 years old

  • Good Credit and have not applied for multiple credit cards recently

  • Permanent Resident or Australian Citizen

  • You have your personal details ready to complete the online application

Pauline

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger

Recently Asked Questions

Something you need to know about this card? Ask a our credit card expert a question.

Showing one question (showing the latest 10 Q&As)

Graeme Crotty

Graeme Crotty

22 April 2021
I am 63 retired with an Income Stream Account from Australian Superannuation receiving 3% as per covid allowances of about $14,500 per annum but have excess of $500,00.00 in this account. Looking for no annual account as my Westpac Ignite A/c of no annual fee [previously Virgin Mastercard no fee but transferred to Westpac which stated no change ever] is being moved to a 'Low Fee Platinum Mastercard of a $90 per annum fee. I have no debts, excellent Credit Rating etc, very frugal spender,can i apply to this company as my annual income is low? Westpac has even stated my card will be stopped on 17-05-2021 if i don't transfer but end date on card is 10-2021. Love to find a better way! Thank you.
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    23 April 2021
    Hi Graeme, to get this credit card you need to be a member of Teachers Mutual Bank. To become a member you must be a current or retired employee in the Australian education sector or a family member of a member (i.e. shareholders) of the bank. If you're a member, the bank will have all of your personal information and may be more likely to work with you even with a lower income amount. If you are not eligible to be a member of Teachers Mutual Bank, there are plenty of other $0 annual fee cards on the market. Just because you're retired doesn't mean you can't get a card, either. Each bank has their own documentation requirements. For reference, when applying for a Citi card, you need to provide one of the following: A letter from Centrelink showing applicant’s name and the Permanent Government Pension amount, or Three most recent bank statements showing applicant’s regular Centrelink payments, or The annual superannuation statement which includes an indexed pension amount, or One most recent Self-managed Superannuation Tax Return less than 15 months old I hope that helps.

Featured Credit Cards

Citi Clear Credit Card

114 reviews
$0 saved over 36 months

St.George Vertigo Credit Card

19 reviews
$0 saved over 32 months

HSBC Platinum Credit Card – 0% Balance Transfer Offer

7 reviews
$0 saved over 36 months
Help us improve

By submitting this feedback you agree to our privacy policy.

My credit card is not listed

By submitting this form you agree to our privacy policy.