In this guide

  • Our verdict
  • Details
    • Product details
    • Eligibility
    • Rewards
    • Fees
  • How to apply
  • Card benefits
  • Rates & fees
  • Your reviews
  • Ask a question
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Teachers Mutual Bank Credit Card

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Teachers Mutual Bank Credit Card
Terms and conditions apply
Balance transfer rate for 6 months with no balance transfer fee
7.9% p.a.
Purchase rate for the first 6 months (reverts to 11.5%)
7.9% p.a.
Annual fee
$0 p.a.
Interest-free on purchases
Up to 55 days

Our verdict

A simple Visa credit card with a $0 annual fee and a low interest rate, designed for people working in the education sector.

If you’re a teacher or work in the Australian education sector, the Teachers Mutual Bank Credit Card offers you simple, low-cost access to credit. As well as no annual fee, this card has an introductory 7.9% interest rate for the first 6 months. After that, you’ll pay an interest rate of 11.5% p.a. for any balances you carry on this card – which is competitive with other low rate options.

Pros

  • 7.9% p.a. for 6 months on purchases and balance transfers
  • Low variable interest rate of 11.5% p.a. after the introductory period
  • $0 annual fee

Cons

  • 2.9% international transaction fee
  • No rewards program or complimentary insurance

In this guide

  • Our verdict
  • Details
    • Product details
    • Eligibility
    • Rewards
    • Fees
  • How to apply
  • Card benefits
  • Rates & fees
  • Your reviews
  • Ask a question

The Teachers Mutual Bank Credit Card has low-cost, simple features and can be added to Apple Pay, Google Pay and Samsung Pay for mobile payments. It offers Visa Zero Liability for fraudulent transactions and 24-hour support. Teachers Mutual Bank was also highly commended in the Green Bank of the Year category for the 2023 Finder Green Awards – and was the 2022 winner.

Details

Product details

Product Name Teachers Mutual Bank Credit Card
Balance transfer rate p.a. 7.9% for 6 months, then 11.5%
Purchase rate p.a.
Purchase rate p.a.
7.9% for 6 months, then 11.5%
Interest-free period
Up to 55 days on purchases
Cash advance rate p.a. 11.5%
Min credit limit $1,000
Max credit limit $25,000
Card type Visa

Eligibility

Available to temporary residents No
Minimum income $25,000
Joint application No

Rewards

Bonus points N/A

Fees

Annual fee
Annual fee
$0
Minimum monthly repayment 3% of the closing balance outstanding
Late payment fee $10
Foreign currency conversion fee
Foreign currency conversion fee
2.9%
Cash advance fee $4.50
Overseas cash advance fee 4%
Overseas ATM withdrawal fee $4.50
Additional cardholder fee $0

How to apply

You can apply for the Teachers Mutual Bank Credit Card online in around 15 minutes. When you apply for this credit card, you also become a member of Teachers Mutual Bank. You're required to pay a refundable $10 membership fee when you join and need to be able to answer "yes" to one of the following:

  • You work in the education sector.
  • You work in early childhood education or child care and you're a qualified teacher.
  • You're currently studying a teaching degree at university and you're a member of an education union.
  • A family member is a Teachers Mutual Bank member.
  • You're a member of UniHealth Insurance or Teachers Health Fund.
  • You are retired but worked in the Australian education sector.

Eligibility requirements

  • Membership. You must be an eligible to become a member of Teachers Mutual Bank.
  • Residency. You're an Australian citizen or permanent resident.

Card benefits

  • Low introductory rate. The Teachers Mutual Bank Credit Card offers an introductory 7.9% p.a. interest rate for the first 6 months from when the account is open. After that, any remaining balances will attract interest at the card's 11.5% p.a. variable interest rate.
  • No annual fee. This card has an ongoing $0 annual fee. In comparison, some other low rate credit cards have annual fees around $30 to $100 or more.

Rates & fees

  • Interest rate. Outside of any promotions, the Teachers Mutual Bank Credit Card has a 11.5% p.a. variable interest rate.
  • Cash advance fee. If you use this card for ATM withdrawals, you’ll be charged a cash advance fee of $4.50.
  • Overseas ATM withdrawal fee. As well as the cash advance, you’ll also be charged an overseas ATM withdrawal fee of $4.50.

Your reviews

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Amy Finder

Editor

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Avatar

Julie

October 11, 2024

Could you please tell me if this card is for everyone or only teachers?

Thankyou


Avatar

Angus Kidman Finder

October 13, 2024

Hi Julie, Teachers Mutual Bank requires members to be ” current or retired employees in the Australian education sector” or family members of someone who is already a member. So you’d need to fit that criteria to apply for the card.


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kim

April 17, 2024

I am a SLSO Student Liaison Support Officer at DET NSW am I able to apply for a credit card?


Avatar

Sarah Megginson Finder

June 27, 2024

Hi Kim,


Generally their Ts&Cs say their accounts are available to early educators and teachers. To check whether your role qualifies, it’s best to contact Teachers Mutual Bank directly; you can reach them on 13 12 21.


Best of luck!


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Alex

April 22, 2014

I have forgotten my pin for my debit card. What should I do?


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Shirley Liu Finder

April 23, 2014

Hi Alex,


Thanks for your question.


Please contact Teachers Mutual Bank directly so they can fix this for you.


Cheers,

Shirley


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