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Frequently asked questions - Teachers Credit Card
> Who can apply for a Teachers Credit Card?
> What will my credit limit be?
> How long does it take to apply and how fast can I get approval?
> How do I make repayments?
> What does the CANNEX rating mean?
> How much do I have to pay monthly?
> Can I transfer balances from other cards?
> Is there an annual card fee?
> Can I have additional card/s?
> Can I access 24/7 telephone and internet banking services?
> What if my card is lost or stolen?
> If my card is lost, stolen or damaged is there a cost for replacement?
> Will my card card be embedded with a chip to give me greater protection from fraud?
> My Teachers Credit Card will expire at the end of this month. How do I get a new card?
> What is Verified by Visa?
> How do I register for Verified by Visa?
> What is 'Pen or PIN'?
> When and how will I receive my monthly statement?
> Do I receive the up to 55 days interest free on all purchases?
You need to be 18 years of age or over and a Teachers Credit Union member or eligible to become a member.
On approval of your application, you will be automatically provided with a credit limit. The limit is determined by your income and financial commitments and limits range from $1,000 up to $25,000.
Online applications take approximately 10 - 15 minutes and you should receive conditional approval within 24 hours (weekdays). You will then receive a phone call to confirm your details and written confirmation of your employment and income will be requested at that time (if not previously supplied). Once all this has been completed a letter of offer will be sent followed by your Teachers Credit Card within 10 business days. You can also apply for a card at any of our offices or by completing and mailing or faxing the application.
You can choose to pay part or all of any outstanding balance by using any of the following options:
- Transfer from your other Teachers Credit Union accounts via internet or phone banking
- Organise an automatic repayment to have the minimum payment due amount automatically deducted from your Everyday Account
- Organise an electronic deposit by linking your account at another financial institution
- Use BPAY from another financial institution
- Mail a cheque to us
Many of our products have been awarded a star rating by CANNEX, an independent financial services group who provide a product comparison based on the interest rates and features of a product. You will see a CANNEX logo next to these products and the number of stars awarded. Teachers Credit Card has a 5 star rating.
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 a late payment fee and may have your account restricted.
Yes, you can save money by transferring any unpaid balances you have with other credit or store cards to your Teachers Credit Card. Complete the “Balance Transfer” section form on the ‘Application for Teachers Credit Card’ when applying or alternatively organise to transfer balances once you receive your credit card.
No, you won’t be charged an annual card fee.
Yes, you can choose to have additional card/s issued to family or anyone else providing they are over the age of 18 years. You can apply for these on the ‘Application for Teachers Credit Card’. These cards operate as if they were your own cards and you are responsible for their use.
Yes, phone banking is available by calling 13 21 40 or for internet banking go to teacherscreditunion.com.au
If your card is lost, stolen or you believe it may have been compromised, you must advise us immediately. Call us on 13 12 21 8am to 7pm, weekdays or 9am to 3pm, Saturday or after hours call 1800 224 004. If you are overseas you can call the 24 hour Visa Global Customer Assistance Service through the local operator on +1 443 641 2004.
If we send you a replacement card by ordinary mail, 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 or stolen, you can contact Visa Global Customer Assistance to request an emergency card. The cost of this service is $150.00.
From July 2009 all new, renewal and replacement Teachers Credit Cards will be issued with chips in line with the new global standards being introduced for card security.
Your card can continue to be used until the last day of the month stated eg if the expiry date is 11/09 the card will expire on 30th November 2009. A renewal card will be automatically issued in the month your card expires and your PIN will remain the same. If you do not receive your new card by the 21st of the month that your card expires, please call us.
Verified by Visa links a personal password to your Teachers Credit Card. It offers you protection against unauthorised use of your card when shopping online at participating Verified by Visa merchants. At these merchants, Verified by Visa allows you to identify yourself using your Verified by Visa password.
You will need a Verified by Visa member registration number before you can register. Call us on 13 12 21 8am to 7pm, weekdays or 9am to 3pm, Saturday if you haven’t received a registration number, or if you have misplaced it.
Pen or Pin refers to the use of a PIN as an alternative to your signature to authorise credit transactions using your Teachers Credit Card. It gives you a choice between signing or entering a PIN.
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 workings days after the closing date.
Do I receive the up to 55 days interest free on all purchases?
Yes, even if you do not pay off your outstanding balance in the previous month, you are still eligible for the up to 55 days interest free period on every purchase.
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