- 7.90% p.a. introductory rate for the first 6 months
- Low 11.50% p.a. ongoing interest rate
- No annual fee
- Up to 55 days interest free period for purchases when you pay your closing balance in full on or before every statement due date
- Free additional cardholder
- Eligible with Apple Pay, Google Pay & Samsung Pay
Hi, I’m a personal finance expert who loves to help you out! I’ll answer your question within a business day. Pinky swear.
Teachers Mutual Bank Credit Cards
Teachers Mutual Bank Credit Card
Updated 1 November 2024
Exclusively available to current or retired employees of the Australian education sector (and family members of members), the Teachers Mutual Bank Credit Card is a low cost card that currently offers an intro rate of 7.90% p.a. on purchases, cash advances and balance transfers for 6 months, with a low ongoing rate of 11.50% p.a. and no annual fee.
T&Cs apply.
Purchase Rate (p.a)
7.90% p.a.
for 6 months. Reverts to 11.50% p.a.
Balance Transfer (p.a)
7.90% for 6 months
No balance transfer fee.
Reverts to 11.50% p.a.
Annual Fee (p.a)
$0
Pros and cons
- No 0% offer on balance transfers
Creditcard.com.au review
Editor Review
Teachers Mutual Bank Credit Card
Pauline Hatch
Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.
The Teachers Mutual Bank Credit Card
Exclusively available to current or retired employees of the Australian education sector (and family members of members), the Teachers Mutual Bank Credit Card is a low cost card designed to help keep costs down. The card is currently offering an intro rate of 7.90% p.a. on purchases, cash advances and balance transfers for six months, with a low ongoing rate and no annual fee.
What we love...
One of the best things about the Teachers Mutual Bank Credit Card is the way it can help cardholders keep costs down. It does this in a number of ways, the first of which we’ll talk about is through it’s introductory offer. As a new cardholder, you can take advantage of 7.90% p.a. on purchases, cash advances and balance transfers for the first six months of having the card.
This could be of benefit in a variety of situations. If you have debt building up on another credit card, you could transfer the balance onto this card to benefit from a much lower rate. By paying less in interest over that introductory period, you could pay down more of what you owe, potentially clearing your debt much faster.
Alternatively, you may have your eye on something you want to buy now, but may not be able to afford straight away. With this offer, you could buy it now – whether it’s a trip away, a new fridge or even a much-needed wardrobe update – and then pay off what you owe over that six month period, at a lower rate of interest.
And after that intro period? Unlike some cards, which offer a low intro rate that shoots up to 21% or 22% p.a. after the intro period ends, the Teachers Mutual Bank Credit Card has a low ongoing rate across purchases and cash advances. This may be of benefit to you if you carry a balance on your card, or if you fail to pay off your transferred balance within the first six months.
Another way the card could help you save on interest is with its interest free feature. As long as you pay off your balance each month by the due date, you could take advantage of up to 55 days interest free on purchases. And even better news? The card charges no annual fee ever, helping to lighten the load in the longer term.
What’s not so great...
As a basic, low cost card, there is not much to complain about on the Teachers Mutual Bank Credit Card. The only thing you may not like is the membership requirements. If you don’t meet the requirements, you will have to look elsewhere.
Why should you choose this card?
Aside from the many benefits we have mentioned already, another reason to choose the Teachers Mutual Bank Credit Card is to be part of Teachers Mutual Bank. Exclusively for the use of those within the education sector, this bank has a strong understanding of what teachers need, and crafts its products and services to suit those needs.
In terms of card features, these are not abundant, but the ones offered are functional. Cardholders can benefit from a 24-hour hotline for lost or stolen cards, with worldwide acceptance through Visa’s network. Other features include Visa payWave and Visa Zero Liability, and compatibility with Apple Pay, Google Pay and Samsung Pay.
Overall Rating
A low cost card offered exclusively to those in the Australian education sector (retired, current and family members of members), the Teachers Mutual Bank Credit Card offers a low ongoing purchase rate with no annual fee, and an intro rate of 7.90% p.a.
User reviews
Rates and fees
Interest rates
Purchase rate 11.50% p.a.
Introductory purchase rate 7.90% p.a. for 6 months
Cash advance rate 11.50% p.a.
Interest free period on purchases up to 55 days
Balance transfer
Balance transfer rate 7.90% p.a. for 6 months
Balance transfer revert rate 11.50% p.a.
Balance transfer from personal loan N/A
Balance transfer fee No fee
Balance transfer limit N/A
Brands you can't balance transfer from Teachers Mutual Bank
Credit limits
Minimum credit limit $1,000
Maximum credit limit $25,000
Fees & repayments
Annual fee $0 p.a.
Additional cardholder fee $0 p.a.
Foreign transaction fee 2.90%
Minimum repayment 3%
Cash advance fee $4.50
Late payment fee $10
Additional features
Complimentary insurance
International Travel Insurance No
Flight Inconvenience Insurance No
Transit Accident Insurance No
Smartphone Screen Insurance No
Purchase Protection Insurance No
Extended Warranty Insurance No
Rental Vehicle Excess In Australia Insurance No
Extras
Eligible with Apple Pay, Google Pay & Samsung Pay
Overview
Teachers Mutual Bank Credit Card
Key features
- 7.90% p.a. introductory rate for the first 6 months
- Low 11.50% p.a. ongoing interest rate
- No annual fee
- Free additional cardholder
- Up to 55 days interest free period for purchases when you pay your closing balance in full on or before every statement due date
- Eligible with Apple Pay, Google Pay & Samsung Pay
Minimum criteria to apply for this card
-
Be over 18 years old
-
Good Credit and have not applied for multiple credit cards recently
-
Permanent Resident or Australian Citizen
You have your personal details ready to complete the online application
Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger
Recently Asked Questions
Something you need to know about this card? Ask our credit card expert a question.
Ask a question
Jocelyn Tolley
8 April 2024Pauline
9 April 2024Graeme Crotty
22 April 2021Roland
23 April 2021