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.
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.