Purchase rate
7.90% p.a. for 6 months then 11.50% p.a.
Balance transfer rate
7.90% p.a. for 6 months and then 11.50% p.a.
Annual fees
$0
Interest free days on purchases
55

Mozo editorial review Teachers Mutual Bank Credit Card

Last updated: 15 October 2020.

binocular icon
What's hot
  • 2020 Mozo Experts Choice Award winner
  • 7.90% purchase rate for the first 6 months
  • 55 interest free days
What's not
  • $4 cash advance fee
Mozo snapshot

The Teachers Mutual Bank Visa Credit Card was awarded a 2020 Mozo Experts Choice Credit Card Award for Best No Annual Fee Credit Card - all thanks to it having no annual fee, a low introductory purchase rate of 7.90% for the first 6 months and a low cash advance rate of 11.50%. 

If you’re someone who isn’t too fussed with having a credit card with a million features, but want convenient, cost-effective spending, this could certainly be the card for you.

key icon
Key features

If you like to keep to a strict budget and need a low rate credit card option, the Teachers Mutual Bank Visa may be your answer. While the introductory purchase rate of 7.90% expires after the first 6 months, you won’t need to stress as the purchase rate will then jump to 11.50% - a rate that still won’t blow the bank. 

You’ll also have access to a low cash advance rate of 11.50%, but bear in mind, this could hit your bank account in the long run if you frequently like to withdraw cash, as there is a $4.50 cash advance fee, and no interest free days on cash advances. If it’s mountains of debt that’s got you worried, there is a 7.90% balance transfer rate for 6 months, before it reverts to a rate of 11.50%. 

For those who can’t resist a little online shopping or jetting off on a new adventure, keep an eye out for the 2.90% foreign exchange fee. And although there is no minimum repayment amount, there is a minimum repayment percentage of 3% and a small $10 late payment fee. 


snapshot
Who is it good for

This offering from Teachers Mutual Bank is a great choice for spenders who want a low rate card for the convenience, but aren't interested in rewards or added extras. Thanks to the super low rate, it might also be a good choice for anyone who tends to carry a balance on their credit card.

question icon
Any catches

If you are looking to use the Visa Credit Card to clear debt, keep in mind that there is no 0% interest period, as there is with many other BT offers. Instead, you'll have a relatively short period of 6 months at a lowered interest rate, so it may not be the best choice for busting debt.

Details

Rates and fees information correct as at 26 February 2021 Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • 11.50% p.a.

  • 7.90% p.a. for 6 months

  • 7.90% p.a. for 6 months and then 11.50% p.a.

  • no

  • 11.50% p.a.

  • 55

Fees
  • $0.00

  • none

  • none

  • none

  • $10.00

  • 4.5

  • 2.90%

  • $7.00

  • $25.00

  • $0.00

Features
  • none

  • 3.0

  • yes

  • none

Payment options

Apple Pay, Google Pay, Samsung Pay

Customer Reviews

How are Teachers Mutual Bank credit cards rated by the Mozo community?

Overall
8.8/10
Price
8.5/10
Features
7.0/10
Customer service
8.9/10
Convenience
8.2/10
Trust
9.2/10

Latest reviews of Teachers Mutual Bank Credit Card

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About Teachers Mutual Bank

Teachers Mutual Bank (formerly Teachers Credit Union) offers its members a competitive range of personal banking and insurance products. They "Put you first" by offering a range of Home Loans, Credit Cards and day to day bank and savings accounts. Teachers Mutual Bank is focussed on the education community and their families so to join the Teachers Mutual Bank bank you must be a teacher, lecturer or instructor at a school, TAFE or university or a student studying education.

See Teachers Mutual Bank credit cards

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