Credit card

Frequently asked questions - Credit Card 

> How can I decrease my limit or close my credit card?

> Who can apply for a Credit Card?

> What will my credit limit be?

> Can I have an additional card/s?

> How do I make repayments?

> Can I make payments from my credit card account?

> How much do I have to pay monthly?

> When is the introductory interest rate applicable to me?

> When and how will I receive my monthly statement?

> Can I transfer balances from other cards?

> Is there an annual card fee?

> Do I receive up to 55 days interest free on all purchases?

> Can I access Internet Banking services?

> How do I increase my credit limit?

> Will my card be issued with the payWave functionality?

> Will I be able to use my card on Google Pay, Apple Pay or Samsung Pay?

> Will I receive a PIN with my Credit Card?

> Will I need a PIN number for overseas transactions?

> What if my card is lost or stolen?

> If my card is lost or damaged, will there be a card replacement fee?

> When should I receive the replacement card and PIN number?

> My Credit Card will expire at the end of this month. How do I renew my card?

> Will my card be embedded with a chip to give me greater protection from fraud?

> Can I set up recurring transactions?

> What is Visa Secure? 

> How do I decrease the credit limit or terminate a credit card contract when I am a Power of Attorney?

How can I decrease my limit or close my credit card?

You can decrease your limit  or close your card at any time, the easiest way to do this is through Internet Banking, then navigate to your Credit Card accounts page.

If you do not have access to Internet Banking, you can complete our online enquiry.

Who can apply for a Credit Card?

You must be 18 years of age or older to apply for a Credit Card. You must also be a Teachers Mutual Bank member or be eligible to become a member.

What will my credit limit be?

Your credit limit will be determined by your income and financial commitments. Limits range from $1,000 up to $25,000. 

Can I have an additional card/s?

Yes. You can choose to have an additional card/s issued to family or any other persons, providing they are over 18 years of age. The additional card/s operate in the same manner as your primary card and you will be responsible for their usage. Apply for an Additional Credit Card

How do I make repayments?

You can choose to pay part or all of any outstanding balance by using any of the following options: 

• Transfer from your other Teachers Mutual Bank accounts via Internet Banking
• Organise an automatic repayment to have the minimum repayment amount due automatically deducted from your Everyday account
• Use BPAY from another financial institution. Our biller code is 948505.

Can I make payments from my credit card account?

Members can make BPAY and Transfer payments directly from their credit card account.

How much do I have to pay monthly?

You must pay the minimum payment (by the due date), which is found on your monthly statement. This amount is 3% of the closing balance. If you don’t pay the minimum payment by the due date, you may be charged an arrears administration fee and may have your account restricted.

When and how will I receive my monthly statement?

You can choose to receive your statement by mail or elect to download it in internet banking. The statement cycle commences on the 23rd of each month and continues until the 22nd of the following month, upon which a statement will be generated. This is forwarded to you 3 – 4 business days after the closing date.

You can choose to receive your Credit card statement of account in paper form by post, if you make this election a Paper Statement fee specified in the Financial Table in the credit card terms and conditions will be payable.

Or you can elect to download your statement in internet banking. Your statement will be available in internet banking a number of days before it will arrive by post. We recommend that members elect to receive their statements electronically.

When is the introductory interest rate applicable to me?

The introductory interest rate is applicable to new cardholders for 6 months. At the end of the 6 month period, the interest rate reverts to the standard Credit Card ongoing rate. If in those first 6 months you make a balance transfer from another card to the Credit Card, you will also receive the promotional interest rate on the balance up until the 6 months promotional period ends. Members that have previously held a Credit Card in the past are not eligible for the promotional interest rate.

Can I transfer balances from other cards?

Yes. You can save money by transferring any unpaid balances you have with other credit or store cards to your Credit Card. Complete the balance transfer section of the Credit Card application when applying or alternatively organise to transfer your balances over once you receive your credit card.

Is there an annual card fee?

No. You will not be charged an annual card fee.

Do I receive up to 55 days interest free on all purchases?

You may receive up to 55 days interest free period for purchases provided you continue to pay your closing balance in full on or before every statement due date.

Can I access Internet Banking services?

Yes. Internet Banking is available via the the login button above.

How do I increase my credit limit?

To apply to increase your credit limit please complete the Credit Card Limit increase application.

Will my card be issued with the payWave functionality?

Yes. Visa payWave is a new contactless method of payment. It is a simple, secure and quick payment method for transactions up to $100. The technology enables cardholders to ‘tap’ their card on a contactless POS (point of sale) terminal to make transactions up to $100, rather than ‘swiping or dipping’ their card into POS terminals.

Will I be able to use my card on my mobile devices?

Yes. Leave your cards and cash at home, and use your smartphone or smartwatch to make quick, easy payments on the go. To add your card, follow these simple steps: 

Add card to Apple Pay

Add card to Google Pay

Add card to Samsung Pay

Will I receive a PIN with my Credit Card?

Yes. For a new or additional card, the card will be sent to you in the mail after you receive your PIN.

If you are replacing a damaged card or renewing an existing card, the PIN will remain the same.

Will I need a PIN number for overseas transactions?

Yes. Whether you are using a magnetic stripe or chip card, we strongly recommend that you know your PIN before travelling overseas. If you do not know your PIN, please call us on 13 12 21.

What if my card is lost or stolen?

If your card is lost, stolen or you believe it may have been compromised, you must advise us immediately.

Call 13 12 21

Outside Australia, call +61 2 9735 9111.

If the country you are located in is not listed, or if you experience any difficulties with the above toll-free numbers, you can place a collect call through your local operator from overseas, to the 24 hour Visa Global Customer Assistance Service on +1 303 967 1090.

If my card is lost, stolen or damaged, will there be a  card replacement fee?

Yes. A card replacement fee is payable when a card is damaged, captured, lost or the PIN is forgotten.

If you are overseas when your card is lost, stolen or damaged, you can contact Visa Global Customer Assistance to request an emergency card.

When should I receive the replacement card and PIN?

A replacement card and a new PIN (if applicable) will be mailed to you separately within 7 business days.

My Credit Card will expire at the end of this month. How do I renew my card?

You can continue to use your existing card until the last day of the month stated e.g. if the expiry date is 11/14 the card will expire on 30 November 2014.

A renewal card will automatically be issued during the expiry month and your PIN will remain the same. If you do not receive your new card by the 21st of the month in which your card expires, please call us on 13 12 21.

Will my card be embedded with a chip to give me greater protection from fraud?

Yes. All new, renewal and replacement Visa debit cards are issued with chips in line with the global standards for card security.

Can I set up recurring transactions?

Yes. You can set up recurring transactions to other organisations like insurance or car repayments to be charged to your card.

To set up a recurring transaction with other organisations, you must provide them with your 16 digit card number and expiry date, and advise the card type is Visa. As an additional security measure some organisations may require you to provide a CVV number (this is the three digit code located on the back of your card to the right of the signature panel).

What is Visa Secure?

Visa Secure is a free service to ensure you are protected while shopping online with your card at participating merchants. All cards are automatically protected. 

How do I decrease the credit limit or terminate a credit card contract when I am a Power of Attorney?

If you are an authorised legal representative e.g. a power of attorney or a guardian and wish to decrease the credit limit or terminate a credit card contract, you are able to submit your request via our enquiry form. This function is not available in Internet Banking.