Bank First Credit Cards

Bank First is a provider of credit cards, home loans, personal loans, school loans, superannuation, savings and transaction accounts, term deposits, health insurance, life insurance, home insurance, car insurance, and travel insurance.

Cobank firstmpare Bank First credit cards

If you’re considering a Bank First credit card, check out what’s available below in our comparison table below. This table is based on a monthly spend of $2,000 and is sorted by our star ratings (highest-lowest).

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Types of Bank First credit cards

There are two credit cards available from Bank First at the time of writing:

  • Visa Platinum credit card
  • Visa Classic credit card

Both of these cards receive a 5-star rating in Canstar’s 2017 credit card star ratings.

Types of Victoria Teachers Mutual Bank credit cards

Bank First Visa Platinum credit card

Features

  • Card type: Visa
  • Minimum credit limit: $6,000
  • Interest-free days: Up to 55
  • Rewards program: Visa Platinum Entertainment exclusive offers
  • Concierge: 24/7 Visa Platinum concierge services
  • Insurance: Complimentary overseas travel insurance
  • Contactless: Contactless payments enabled via Visa payWave

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Bank First Visa Classic credit card

Features

  • Card type: Visa
  • Minimum credit limit: $2,000
  • Interest-free days: Up to 55
  • Contactless: Contactless payments enabled via Visa payWave
  • Other benefits: $0 annual fee, no monthly administration fees

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Eligibility to apply for Bank First credit cards

To be eligible for one of Bank First credit cards, you must meet the following criteria:

  • You must live in Australia
  • You must be over 18 years of age

Having a good credit history will usually help with any credit card application.

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How to apply for a Bank First credit card

Assuming you meet the eligibility criteria above, you can apply for a credit card by comparing cards on the Canstar website and applying online for the card of your choice on the Bank First website. You can also apply over the phone by calling 1300 654 822.

When applying online, you don’t have to complete the process all at once. You can save your progress and return at any time with a unique Bank First password.

You will need the usual documentation to apply for a credit card, including:

  1. ID documents
  2. Your employment details
  3. Your annual income
  4. Your usual living expenses
  5. Your living situation and number of dependants in your household
  6. Details about assets you own such as a home, car, other belongings, or savings
  7. Any debts you currently owe on other credit cards, loans, or overdrafts

Read our checklist on applying for a credit card for a more detailed explanation of how the process works.

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Bank First credit card FAQs

You will have to activate the card when it arrives before you are able to use that card. Activate the card using the mobile banking app, online banking, or by calling Bank First on 1300 654 822.

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Yes, as well as providing internet banking on their website, Bank First also has a mobile banking app that is available in both the App Store and Google Play.

Using online or mobile banking, you can manage your Bank First credit card to activate or deactivate your card, view your transaction history, check interest, order replacement cards, and more.

When interest is charged

Interest is charged when you carry a balance on your Bank First credit card. Interest is charged on cash advances from the date of withdrawal and balance transfers from the date of transfer (fees and charges apply).

When interest is not charged

Up to 55 interest-free days apply to Bank First credit cards. Interest-free days apply if you have paid the balance in full for the previous month’s statement and for the current month’s statement. For more information about interest-free days, check out our article on how they work.

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Your credit limit for a Bank First credit card will be determined based on the information you provide in your application, over the minimum credit limit that applies (see above).

You can apply to change your credit limit it at any time by contacting Bank First, and they may approve or reject this application at their discretion, based on their lending criteria. Find out more about how credit limits are determined here.

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You can close your Bank First credit card account at any time by phoning them on 1300 654 822 or by emailing memserv@victeach.com.au

Your card balance will need to be repaid in full even after the card is closed. You will continue to receive monthly statements until your card balance is fully repaid.

If you plan on cancelling your card because of financial difficulty, then it is worth contacting Victoria Teachers’ financial hardship team on 03 9834 8530 to ask about potential solutions.

If you’re cancelling your credit card because you aren’t happy with it, then consider checking out what else is on the market by clicking the button below to compare credit cards using the Canstar website:

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Bank First was founded in 1972 as Victoria Teachers Mutual Bank, initially offering financial products to members of the education sector in Victoria. These days, Bank First now has over 100,000 customers and is worth more than $2 billion.

As a customer-owned banking institution and a member of COBA (the Customer Owned Banking Association), Bank First is primarily interested in serving the needs of its members.

Bank First has a strong history of success with Canstar, having won a host of awards and 5-Star Ratings in the past. In 2017, in addition to the 5-star rated credit cards mentioned here, It also won numerous 5-star rated home loans.

Bank First cares about ethical investment and sustainable banking, and as a result it does not invest in fossil fuels, only invests in high liquidity assets, and adopts other measures.

Staying true to its roots, Bank First also holds a ‘celebrating teachers’ competition, which recognises 15 outstanding teachers from Victoria each year. It also announces the annual ResourceSmart School Awards, which recognise Teacher of the Year winners for both primary and secondary school.

Source: Bank First

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Showing Rewards products in Canstar’s database with links to lenders’ websites. The display is sorted by purchase rate (lowest to highest) for credit cards that offer signup bonuses to consumers for a spend of $5,000 per month.

Table only displays five products. Click here to see more. Be sure to read the full terms and conditions of each deal before signing up.

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Visa Platinum Credit Card

CANSTAR Research
Rating:
Award: Outstanding Value 5-Star Rated Credit Cards

Written by: William Jolly | Last updated: August 4, 2017