Teachers Credit Card

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Pros:
  • No Annual Fee
Cons:

    Basic

    Card Level
    Card Level
    Standard
    Interest Free Days
    Interest Free Days
    55
    Maximum credit limit
    Maximum credit limit
    $25,000
    Minimum credit limit
    Minimum credit limit
    $1,000
    Minimum repayment dollars
    Minimum repayment dollars
    $0
    Minimum repayment percent
    Minimum repayment percent
    3
    Number free supplementary
    Number free supplementary
    4
    Annual Fee
    Annual Fee
    Late Payment Fee
    Late Payment Fee
    $10
    Over limit fee
    Over limit fee
    $0
    Duplicate statement fee
    Duplicate statement fee
    $7
    Supplementary card annual fee
    Supplementary card annual fee
    $0
    Apple Pay available
    Apple Pay available
    Google Pay available
    Google Pay available
    Samsung Pay available
    Samsung Pay available
    Card Level
    Card Level
    Standard
    Interest Free Days
    Interest Free Days
    55
    Maximum credit limit
    Maximum credit limit
    $25,000
    Minimum credit limit
    Minimum credit limit
    $1,000
    Minimum repayment dollars
    Minimum repayment dollars
    $0
    Minimum repayment percent
    Minimum repayment percent
    3
    Number free supplementary
    Number free supplementary
    4
    Annual Fee
    Annual Fee
    Late Payment Fee
    Late Payment Fee
    $10
    Over limit fee
    Over limit fee
    $0
    Duplicate statement fee
    Duplicate statement fee
    $7
    Supplementary card annual fee
    Supplementary card annual fee
    $0
    Apple Pay available
    Apple Pay available
    Google Pay available
    Google Pay available
    Samsung Pay available
    Samsung Pay available

    Rates

    Purchase Rate
    Purchase Rate
    7.9%for 6 months then 11.5%
    Cash advance rate
    Cash advance rate
    7.9% for 6 months then 11.5%
    Purchase Rate
    Purchase Rate
    7.9%for 6 months then 11.5%
    Cash advance rate
    Cash advance rate
    7.9% for 6 months then 11.5%

    Balance Transfer

    Balance Transfer Rate
    Balance Transfer Rate
    7.9%for 6 months then 11.5%
    Transfer Limit
    Transfer Limit
    100%of the chosen credit limit
    Balance Transfer Fee
    Balance Transfer Fee
    $0
    Balance Transfer Rate
    Balance Transfer Rate
    7.9%for 6 months then 11.5%
    Transfer Limit
    Transfer Limit
    100%of the chosen credit limit
    Balance Transfer Fee
    Balance Transfer Fee
    $0

    Overseas spending

    Foreign Exchange Fee
    Foreign Exchange Fee
    2.45% on Visa
    Overseas charges
    Overseas charges
    $4
    Estimated ATM Cost
    Estimated ATM Cost
    $11.35for AU $300 withdrawal
    Foreign Exchange Fee
    Foreign Exchange Fee
    2.45% on Visa
    Overseas charges
    Overseas charges
    $4
    Estimated ATM Cost
    Estimated ATM Cost
    $11.35for AU $300 withdrawal

    Rewards

    Program name
    Program name
    Rewards Available
    Rewards Available
    Program name
    Program name
    Rewards Available
    Rewards Available

    Eligibility

    Minimum age
    Minimum age
    18
    Minimum income
    Minimum income
    Eligibility conditions
    Eligibility conditions
    Minimum age
    Minimum age
    18
    Minimum income
    Minimum income
    Eligibility conditions
    Eligibility conditions

    Perks

    • Free Supplementary Cards

    Features

    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.

    Pros
    • Four free additional cardholders
    • No annual fee
    • Very low introductory interest rate
    Cons
    • 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.

    Applying/eligibility

    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.

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