for 6 months then 11.50%
Balance Transfer Rate
for 6 months then 11.5%
Max Free Days
- Balance Transfers Available
- No Annual Fee
- Free supplementary cards
Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
Late Payment Fee
Minimum credit limit
Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
for 6 months then 11.50%
Cash advance rate
7.9% for 6 months then 11.5%
Balance Transfer Rate
Balance Transfer Rate
for 6 months then 11.5%
of the approved credit limit
Balance Transfer Fee
Foreign Exchange Fee
2.45% on Visa
Estimated ATM Cost
for AU $300 withdrawal
- FREE SUPPLEMENTARY CARDS
Compare and review credit cards with similar features
Bendigo Bank Low Rate Mastercard
for 12 months then $45
Balance Transfer0% on Balance Transfers for 6 months. $0 annual fee in Year 1 then reverts to $45. Get a $150 Woolworths Supermarket Gift Card when you spend $1k in 60 days.
Teachers Mutual Bank, formerly NSW Teachers Credit Union, was formed in 1966 to provide teachers with a low-cost, convenient and efficient banking products and services. Teachers Mutual Bank was built on the values of quality, integrity and co-operation and to this day, continues to demonstrate these core values in their support of the education community. The credit union manages over $2 billion in deposits and has more than 150,000 members throughout Australia. All profits generated are returned to members in the form of exceptional personal service and a value-for-money approach to fees and interest rates. Teachers Mutual Bank also offers a full range of retail financial products which include car loans, credit cards, home loans, personal loans, savings accounts and even term deposit and investment products.
The Teachers Mutual Bank Teachers credit card has no annual fee, a low late payment fee and a high credit limit. This card delivers very low introductory interest rates on purchases and balance transfers for the first six months. After the introductory offer has expired, card holders will be charged the card’s moderately low standard interest rates. This card has a moderate number of interest-free days.
The Teachers Mutual Bank Teachers credit card does not have an associated rewards scheme, nor does it offer complimentary purchase or travel insurance.
Applicants must be members of the Teachers Mutual Bank to be eligible for the Teachers Mutual Bank Teachers credit card. Applicants can become members when applying for the card.
This card is eligible for Google Pay, Samsung Pay and Apple Pay.
- Four free additional cardholders
- No annual fee
- Very low introductory interest rate
- No rewards scheme
- No complimentary insurance
- No frequent flyer points
Who is it good for?
The Teachers Mutual Bank Teachers credit card is best for budget card holders who want a simple credit card for everyday spending. Card holders are given a discounted interest rate on purchases and balance transfers for six months, which may be beneficial for those looking to transfer their existing debt.
This card may also be a suitable choice for customers who want to minimise the costs associated with credit cards. This card does not charge an annual fee in the first year or in the years to follow. Customers can also have up to four additional card holders (age 16 or older) at no extra fee.
This card does not have a rewards scheme, which means it does not earn points or frequent flyer miles on purchases. As such, this card is not a good fit for customers who want to be rewarded for their spending.
What RateCity says
The Teachers Mutual Bank Teachers credit card may be a sensible choice for existing Teachers Mutual Bank members who want low interest rates and a balance transfer offer. However, there are cards with balance transfer deals that offer 0 per cent interest for a number of months, which may be more beneficial for budget card holders.
Beyond the moderately low standard interest rates, this card offers few advantages. It does not reward card holders for their spending or offer complimentary insurances. Rewards-seeking customers might prefer to consider the rewards scheme that works best for them and find a credit card to suit.
This card also requires customers to be Teachers Mutual Bank members, which may be less convenient for some potential card holders. Those who do not want to become members should consider an alternate banking option.
In order to be eligible for the Teachers Mutual Bank Teachers credit card, you must be at least 18 years old and fulfil all serviceability criteria. Before applying, you should have your ID details and financial information nearby. You’ll need to provide a form of photo ID, such as an Australian driver’s licence or passport, as well as financial information including income, employment and expenses. Applicants can apply online. Non-members can become members before applying.
About Teachers Mutual Bank
Teachers Mutual Bank was established in 1966 as the Teachers Credit Union. Their mission was to give teachers and their families better financial options. Today, Teachers Mutual Bank is one of Australia’s largest mutual banks and has over 193,000 members. Teachers Mutual Bank comprises three brands: UniBank, Firefighters Mutual Bank and Teachers Mutual Bank. Teachers Mutual Bank offers a range of financial products and services, including credit cards, home loans, bank accounts and insurance.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
If you have a bad credit score, you might encounter two main problems. First, the lower your credit score, the more likely you are to be rejected when you apply for a loan or any other credit product. Second, if your application is accepted, the less likely you are to qualify for the lowest interest rates.
The reason Equifax, Experian and Illion use different scores is because they are independent companies with their own different methodologies. As a result, a score of, say, 700 would mean different things at different credit reporting bureaus.
However, the one thing they have in common is that they divide their scores into five tiers. So if you receive a tier-two credit score from one bureau, you will probably receive a tier-two score from the others, as well.
Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.
There are two reasons you should check your credit rating: so you have a better understanding of your financial position, and so you can take action (if necessary) to improve your credit rating.
Lenders use credit ratings or credit scores to assess loan applications. The higher your score, the more likely you are to get approved, and the more likely you are to be charged lower interest rates and lower fees. Conversely, the lower your credit score, the less likely you are to get approved, and the more likely you are to be charged higher interest rates and higher fees.
Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.
A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card.
For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.
Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.
Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.
Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.
There is no one-size-fits-all best rewards credit card. It's best you research what type of rewards program you'd like, as well as the fees, interest rate and conditions associated with those types of cards before making a choice.
Rewards credit cards can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward.
Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.
Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.
Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.
Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.
Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.
If you’re wondering about how to make a credit card online application, here are some steps to follow:
- Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
- Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
- Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
- Review details. Ensure the information you’ve entered is correct.