Teachers Mutual Bank Credit Card

Teachers Mutual Bank Credit Card

Highlights

  • Get an introductory rate of 7.90% p.a. on balance transfers and purchases (reverts to 11.50% p.a.).
  • No annual fee for life. Credit limits from $1,000 to $25,000.
  • Enjoy up to 55 days interest-free.

Pros and cons

Pros

  • No annual fee for the life of the account.
  • Introductory offers on purchases and cash advances at 7.90% for 6 months.
  • Low ongoing rate for cash advances and purchases.
  • Additional cardholders at no extra cost.

Cons

  • No rewards program.
  • Introductory balance transfers are not interest-free.

Our review

Convenience

Customer service

Rates and fees

Rewards

Trust

The basics

  • Additional cardholders. Share with up to 4 additional cardholders for free. Additional cardholders are the responsibility of the primary cardholder to manage.
  • Digital wallets. Supports Apple Pay, Google Pay, and Samsung Pay.
  • Gambling transactions. Gambling transactions are not prohibited, but will be classed as a cash advance.

Rewards and benefits

  • Complimentary travel insurance. The Teachers Mutual Bank Credit Card does not offer cardholders complimentary international travel insurance coverage.
  • Concierge services. There is no concierge service, which is not surprising for a no-frills card like this.
  • Insurances. This card comes with fraud protection. If you want other insurance, look for higher-level cards.
  • Rewards points. This credit card does not have a rewards program.
  • Sign up bonus. New customers have no sign up bonus.

Rates and fees

  • Annual fee. This card has no annual fee.
  • Balance transfers. There is an introductory 6-month-long balance transfer offer with an interest rate of 7.90% p.a., reverting to 11.50% p.a. after the promotional period ends, and no balance transfer fee for transfers from personal loans. Better interest-free balance transfers are widely on offer.
  • Cash advances. Cash advances using this card will incur an interest rate of 11.50% p.a., and interest will start to be charged immediately. There will be a separate fee charged in addition.
  • Foreign exchange fee. Purchases made in a foreign currency will incur a 2.45% foreign exchange fee. This is around average for cards that are not specifically geared towards travel.
  • Interest-free period. Get up to 55 days of interest-free (except cash advances) when you make your minimum payment or pay off your balance in full by the due date.
  • Purchases. Get 6 months at 7.90% p.a. variable interest on purchases. After the introductory period, purchases will attract interest at 11.50% p.a. Some cards have interest-free purchases as an introductory offer, but this card's ongoing rate is one of the most competitive around.

Nilooka Dissanayake

Reviewed by Nilooka Dissanayake

Writer

User reviews

Convenience

Customer service

Rates and fees

Rewards

Trust

Excellent range of services

Reviewed by Christine

The teachers credit union card offers great rewards. Excellent rates and fees. It is convenient to withdraw cash directly from ATM’s. Reward points allow for purchase of a great range products. The credit card can be used at all major department stores as well as over the Internet to make online purchases.


Positive recommendation with this card

Reviewed by Cat

Fully recommend this card. Supportive and intuitive with regard to customers of all ages. Customer service is excellent. There’s no hesitation in displaying, explaining positives, and negatives of products, rates et al so individually tailored to individual needs. Competitive and inspirational overall and willing to offer advice about suitable options. A large institution, relates without pressure, no egotistical financial focus displayed that you’d maybe get from larger financial institutions.


Excellent customer service

Reviewed by Emma

Applying for this card was a simple process and it was sent quickly in the mail. I’ve had no issues at all with it and the customer service of Teachers Mutual Bank is outstanding. Internet banking is straightforward to use and you can use their cards at any NAB or Bank of Queensland ATM without charges.

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Fine, no frills card

Reviewed by Nick

No problems with this card. We have used this bank for about ten years. No rewards system, but low fees and easy to use, They are a trustworthy bank, and while they have few branches, are easy to contact by phone. They do have some fees but they are minimal. We will stick with them for now, although a good rewards system may outweigh the benefits of fewer fees, depending.


Value for money, great service

Reviewed by Kellie

Good value, great customer service, protected. You have peace of mind when signing up for this card. Teachers Mutual are quick to contact you if they believe a threat of fraud is occurring to your card or account. They offer insurance, travel and many other benefits that complement your credit card.


No fee and no rewards temptation

Reviewed by Anne

This card has no annual fee, which makes it the ideal card for me. I like that there is no rewards program so I am not tempted to use it to get more points. I spend much less money since I switched to this card and am in a much better financial position. I can’t see any reason why I would change to any other card.


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