Credit card changes - update

Credit card changes effective 1 December 2012

In response to the new legislation introduced to the National Consumer Credit Protection Act, we are making further changes to your Teachers Credit Card terms and conditions, effective 1st December 2012. Details of this change are outlined in Clause 16 in the link below.

As a result, Teachers Mutual Bank will also change its current method of calculating interest. Details of this change are outlined in Clause 10 in the link below.

Read more about the new clauses. 

Credit card changes effective 1 July 2012

The changes detailed below were effective 1st July 2012 and were in response to the new legislation introduced to the National Consumer Credit Protection Act. 

 

Inviting you to increase your credit limit

If you would like to receive a written invitation from us to increase your credit limit, you will need to register your consent.

You can do this by: 

• Internet banking - under the 'eCommunication and Consent' menu 
• Phone - call us on 13 12 21
• Visit any of our offices 

 You can opt out of this consent, at any time using these methods.

 

Exceeding your credit card limit

From time to time, you may exceed your credit limit. If this happens we will notify you within two business days.

 

Changing your credit card statement layout

To help you make an informed choice about paying off your credit card balance, from July your statement will include a Minimum Repayment Warning table. This warning will advise you of how long it would take to pay off your entire balance if you only make minimum repayments. It also shows how much you would need to pay each month if you wanted to pay off your entire balance in 2 years.

 

Changes to your Fees and charges brochure

We have made two changes to our credit card fees and charges, listed below:

Overlimit fee

This fee will no longer apply on credit cards.

Late payment fee

This fee was previously charged as part of the Arrears administration fee. To enable members to have a clearer understanding of the fees associated with their credit card, a Late payment fee will now be listed in the Fees and charges brochure.

An Arrears administration fee will continue to apply as appropriate.