Teachers Mutual Bank Credit Card

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

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

$0

Teachers Mutual Bank Credit Card Review

Rates and fees information correct as at 23 July 2018.

Review published: 25 October 2017

What's hot:

  • Multiple Mozo Experts Choice winner

  • Low 7.90% purchase rate for the first 6 months

  • Low 11.50% cash advance rate

What's not:

  • $4 cash advance fee

Mozo snapshot:

The Teachers Mutual Bank Visa Credit Card was awarded a 2017 Experts Choice Award for Low Rate Credit Card and No Annual Fee Credit Card, as well as a 2018 Award for 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 is the card for you.

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 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 2.45% 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. 


Who it's 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.

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.

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

Product Type Overall Rating Price Features Service Convenience Trust
9.2

Based on 31
Teachers Mutual Bank credit cards reviews

8.8 7.9 9.2 8.4 9.4

Read Teachers Mutual Bank credit card reviews by the Mozo community

Latest reviews of Teachers Mutual Bank Credit Card

Teachers Mutual Bank

Teachers Mutual Bank Credit Card credit card review

Overall rating   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.

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 (VIC), reviewed over 2 years ago

Teachers Mutual Bank

Teachers Mutual Bank Credit Card credit card review

Overall rating   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.

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 (ACT), reviewed over 2 years ago

Teachers Mutual Bank

Teachers Mutual Bank Credit Card credit card review

Overall rating   10 / 10

Great service.

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

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 (NSW), reviewed almost 3 years ago

Teachers Mutual Bank

Teachers Mutual Bank Credit Card credit card review

Overall rating   8 / 10

Competitive interest rates, excellent assistance

Competitive interest rates, excellent customer assistance. Physical inconvenience as no ATM or branch available locally.

Full review

Competitive interest rates, excellent customer assistance. Physical inconvenience as no ATM or branch available locally.

    Price   8 / 10

    Features   9 / 10

    Customer service   7 / 10

    Convenience   5 / 10

    Trust   7 / 10

Less

Bronwyn (NSW), reviewed about 3 years ago

Teachers Mutual Bank

Teachers Mutual Bank Credit Card credit card review

Overall rating   10 / 10

Great in every respect.

An outstanding example of what a bank should be. Top customer service, excellent lines of communication.

Full review

An outstanding example of what a bank should be. Top customer service, excellent lines of communication.

    Price   8 / 10

    Features   9 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Lee (VIC), reviewed about 3 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

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

  • $4.00

  • 2.45%

  • $7.00

  • $25.00

  • $0.00

Other financial bits

  • none

  • 3.0

Features

  • yes

  • none

  • none

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.

**Saving based on the average difference in fees and charges over 3 years between the most competitive product Mozo can refer a consumer to and the average credit card product input by 6,863 consumers (average balance of $4,262 or balance transfer balance of $5,818, interest rate of 19.6% and annual fee of $36.50) who used the Mozo Credit Card Health Check tool between 1 January 2012 to July 2012.

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