The 2023 Mozo Experts Choice Credit Card Award-winning Visa Credit Card from Teachers Mutual Bank hits the ground running with no annual fees, a low introductory purchase rate of 7.90% p.a. for the first 6 months and a low cash advance rate of 11.50% p.a. 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.
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% p.a. expires after the first 6 months, you won’t need to stress as the purchase rate will then jump to 11.50% p.a. - 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% p.a. balance transfer rate for 6 months, before it reverts to a rate of 11.50% p.a.
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.
This offering from Teachers Mutual Bank could be 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're looking to use the Visa Credit Card to clear debt, keep in mind that there is no 0% p.a. 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.
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 |
$0.00 |
|
none |
|
none |
|
none |
|
$10.00 |
|
4.5 |
|
2.90% |
|
$7.00 |
|
$25.00 |
|
$0.00 |
none |
|
3.0 |
|
yes |
|
none |
Apple Pay, Google Wallet, Samsung Pay
Amazing bank! I’ve been a member for nearly 20 years and have never had a problem.
Read full reviewAmazing bank! I’ve been a member for nearly 20 years and have never had a problem.
Very caring with their communications.
Read full reviewVery caring with their communications.
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 reviewFlexible, 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.
My preferred bank for 30 years, always returning profit to members as a not for profit members bank.
Read full reviewMy preferred bank for 30 years, always returning profit to members as a not for profit members bank.
They provide a high quality of customer service and a broad range of products at very competitive rates.
Read full reviewThey provide a high quality of customer service and a broad range of products at very competitive rates.
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