Teachers Mutual Bank has existed since 1966 with the idea of benefiting education professionals and their families, as well as university students with accessible financial products.
Today, bank members have access to a wide range of solutions like personal and home loans, accounts, insurance, and a Teachers Mutual Bank Credit Card that has even won awards from financial experts.
It offers an excellent introductory deal for new applicants and is designed to maintain great value over time. In this comprehensive review, we’ll explore its strengths and if there are any downsides. At the end, check out our opinion and see if it’s the right choice for you.
What It Offers Best:
- No Annual Fee: You won’t have to worry about extra costs to keep the card, which is great for anyone looking to avoid unnecessary charges.
- 7.90% p.a. Introductory Rate: During the first six months, you can enjoy a reduced interest rate for purchases and balance transfers, helping you save even more during the initial period.
- Up to 55 Days Interest-Free: As long as you pay off qualifying purchases within this period, you can avoid interest altogether. This is handy for managing your spending.
- Custom Credit Limits for Each Customer: With limits ranging from $1,000 to $25,000, the card offers plenty of flexibility to suit different consumer profiles.
- Share With Family Members: You can add additional cardholders without paying extra for it.
- Accepted in Over 200 Countries: The global Visa acceptance makes it easy to use the card both locally and on international trips.
What’s the Credit Limit on the Teachers Mutual Bank Credit Card?
Between $1,000 and $25,000, the limit for each application can vary based on factors like income and credit history. Rest assured, the bank assesses each case individually to determine the best limit according to your spending profile.
Limitations
This credit card is exclusive to teachers, active or retired educational employees and is extended to close family members who qualify to receive an additional card.
Studying graduates from Australian universities can also apply, but it is common for the limit to be lower if they do not present a source of income that justifies the increase.
Furthermore, you must have the right requirements to be a bank member.
Key Fees of Teachers Mutual Bank Credit Card
- Annual Fee: $0 with no minimum spend requirements for exemption.
- Membership fee: $10
- Introductory rate for the first 6 months: 7.90% p.a., and 11.50% p.a. after this period.
- Late Payment Fee: $10
- International Transaction Fee: 2.90% of the transaction amount in AUD.
- Overseas ATM Withdrawals: $4.50
Conclusion
The card doesn’t come with robust features like reward points programs or cashback that you might find with premium cards. However, its main aim is to remain low-cost after the introductory period, and it’s highly efficient at that.
Additionally, it’s a very economical option as it doesn’t require the cardholder to meet any minimum spending requirements to avoid the annual fee.
If you’re not part of the education sector, unfortunately, you won’t be eligible at the moment. But if you are, you can apply online in just a few minutes.
Check out what you need to have on hand to increase your chances of approval!