Thumbnail icon for Teachers Mutual Bank

Teachers Mutual Bank Credit Card

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: 21 October 2019.

binocular icon
What's hot
  • Multiple 2019 Mozo Experts Choice Awards
  • 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 2019 Mozo Experts Choice Credit Card Award for Best No Annual Fee Credit Card, as well as a 2019 award for best Low Rate Travel 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.

snapshot
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 3 August 2020 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 customer rating
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

  • Overall 10/10
    Good bank.

    Amazing bank! I’ve been a member for nearly 20 years and have never had a problem.

    Read full review

    Amazing bank! I’ve been a member for nearly 20 years and have never had a problem.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Val, New South Wales reviewed 3 days ago
  • Overall 9/10
    Responsible banking

    Very caring with their communications.

    Read full review

    Very caring with their communications.

    Price
    9/10
    Features
    9/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    10/10
    Less
    Scott, Tasmania reviewed about 1 month ago
  • Overall 10/10
    Friendly, helpful and very knowledgeable.

    Flexible, competitive rates, low charges. Customer service and loans officers are professional and are genuinely interested in helping you get the best product for your personal needs.

    Read full review

    Flexible, competitive rates, low charges. Customer service and loans officers are professional and are genuinely interested in helping you get the best product for your personal needs.

    Price
    10/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Cloe, Victoria reviewed over 4 years ago
  • Overall 10/10
    Profits return to members, great service

    My preferred bank for 30 years, always returning profit to members as a not for profit members bank.

    Read full review

    My preferred bank for 30 years, always returning profit to members as a not for profit members bank.

    Price
    10/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Vkhall, Australian Capital Territory reviewed almost 5 years ago
  • Overall 10/10
    Great service.

    They provide a high quality of customer service and a broad range of products at very competitive rates.

    Read full review

    They provide a high quality of customer service and a broad range of products at very competitive rates.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Susan, New South Wales reviewed almost 5 years ago
Teachers Mutual Bank

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.

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