ING Cashback Ending Today. RIP

kiribatian on 30/09/2016 - 10:24

So it's a pretty sad day with the end of the longstanding cashback offer. I fondly remember when it was 5%.
I even got suspended from banking with ING for a while because I broke up large transactions into multiples of < $100.

My credit cards will get more of a workout now as before I valued the cashback over points. However I will still use the Orange Everyday as my primary debit card. I really like the app and no ATM fees is pretty sweet. However their Savings Maximiser rate isn't as good as it once was.

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Comments

  • CyberMurning on 30/09/2016 - 10:32
    +21

    "I even got suspended from banking with ING for a while because I broke up large transactions into multiples of < $100."
    thanks for contributing to the reason why ING removes its cashback benefit.

    • kiribatian on 30/09/2016 - 11:57
      +2

      It was actually due to the Reserve Bank introducing a cap on bank interchange fees. That's why ANZ/CBA/Citibank/Westpac have all devalued their rewards points this year.

      • Diji1 on 30/09/2016 - 14:21

        Can you explain how that works? Why did interchange fee caps devalue reward programs?

        • kiribatian on 30/09/2016 - 18:56
          +1

          This a pretty good summary —> PointHacks

          Basically- "These new laws will dramatically reduce the amount of money banks get to fund rewards programs."

    • MrMcHairyHead on 30/09/2016 - 13:37
      +1

      If they didn't want people to use the offer they shouldn't have made the offer. OP did nothing wrong.

      • CyberMurning on 30/09/2016 - 14:41
        +1

        probably similar case like opal in sydney, people use it 8x during monday and tuesday and get free for the rest of the week, because the feature is there.

    • user27 on 03/10/2016 - 16:31
      +2

      Now the ING card is well and truly in the back of the wallet, contemplating leaving it at home completely

    • CyberMurning on 30/09/2016 - 12:19
      +2

      cool comment, bro.

      • Diji1 on 30/09/2016 - 14:21
        +2

        Boobies.

  • Colombian on 30/09/2016 - 10:39
    +1

    Moving to ME Bank, ING rates an no cashback make it unattractive.

    • MrMcHairyHead on 30/09/2016 - 13:39
      +4

      What's actually better about ME Bank though? I have a ME Bank card, but it just sits there.

      • Donaldhump on 02/10/2016 - 11:16

        use it once a week, and get bonus interest n your savings accounts

    • bluesky on 02/10/2016 - 16:01

      Just a heads-up. Not sure when you became an ME customer, but that bonus deal is not automatic for old ME customers. You have to register for the deal.

  • flipsahoy on 30/09/2016 - 10:59

    Yep! Drained the last of my account today to my new account. I guess I'll keep the ING account open for a while to see if they bring it back but not holding my breath!

    • Cluster on 30/09/2016 - 12:07
      +2

      Fee free cash withdrawal at any ATM is still a nice bonus. But I won't be using my card for any purchases from tomorrow.

      • Colombian on 30/09/2016 - 12:10

        You can also have that with ME Bank.

      • CyberMurning on 30/09/2016 - 12:20

        agree i like this free ATM feature

      • Mad Max on 30/09/2016 - 12:33

        Yes free atm, but only if you keep depositing $1000 every month.
        They even sent 2 reminders since I did not do the deposit in September.
        Not worth it for me. Will just close the account and wait for the next ING promotion for new accounts.

        • retiredfeline on 30/09/2016 - 12:36

          Yup, they were getting desperate when they saw that I had not reached $1000 by the 21st. I get my cash from Woolies checkouts so I don't need fee free ATMs.

    • Diji1 on 30/09/2016 - 14:24

      Can still be used as a budgeting tool by moving "spending" or "emergency" or whatever money to it as it will sit there doing nothing.

      Well it will actually slowly lose value but as a short term tool it has uses.

  • inherentchoice on 30/09/2016 - 12:31
    +9

    The ING Direct CEO has confirmed that a credit card is in the pipeline, possibly a credit card with cashback. Apparently they are already trialing it with their staff.

    • Mad Max on 30/09/2016 - 12:35

      "a credit card with cashback is in the pipeline"
      Good news…will definitely close the account so I can be "new" again!

    • fruit on 30/09/2016 - 13:15

      Credit Card… ew

    • bluesky on 30/09/2016 - 20:22
      +2

      But it may have a fee. Just from what I read from others in OzB that have done surveys on this.

      • abc on 30/09/2016 - 22:03
        +4

        It will have a fee. This negates any potential cashback.

        • inherentchoice on 01/10/2016 - 02:40
          +1

          Heaps of credit cards have fees but there's plenty of times where the benefits are greater than the fee. Also there's often promotions where the first year fee is waived, and you can just cancel the card within a year.

  • spersephone on 30/09/2016 - 13:20
    -7

    I actually find the cashback annoying, because when I'm reconciling my accounts I have to add in all these little $0.38, $1.02, $0.87 transactions to balance!

    I would have preferred if they were all added up and given at the end of the month like interest.

    However, I can certainly live without this perk, I like the account because it's fee free, I can use any ATM and I like the app.

    • abc on 30/09/2016 - 22:04

      Citibank and ME Bank did this with cashbacks. Isn't as transparent though. You are much better having the cashback credited straight away.

  • MrMcHairyHead on 30/09/2016 - 13:40

    Any suggestions of banks with a better deal? At least I still get free ATMs.

  • CheapskateQueen on 30/09/2016 - 19:14

    Drained what little i had in there too.

    Will keep it in case i can get anyone to do the 75 still. Although I'm out of friends :,)

  • emibel19 on 30/09/2016 - 19:39
    +3

    I'm staying with ING as I don't see anything sufficiently better to make it worth the trouble of moving my direct debit authorizations.

  • mchoodie on 30/09/2016 - 21:21

    Have a question re the app. I've got the orange everyday and savings maximiser account.

    Is it possible to transfer from the SM to OE via the app? I can go from OE to SM, but not the other way. A little pop up appear saying switching between accounts is not a available here. Do they block this option to make it harder to switch funds between accounts?

    I can transfer to my non-ING account, however. Do I need to link my SM to my OE? Seems a bit odd.

    • bluesky on 30/09/2016 - 21:25
      +2

      Strange, I do it all the time from SM to OE. There is a blue "PAY" button after you select the SM account. Tapping on this brings up the message
      "Select a payment option"
      Transfer funds

      Tap on Transfer funds, and the transfer fund screen is displayed, and you can populate the details e.g. To account, amount etc.

    • spersephone on 05/10/2016 - 10:44

      Is the Savings Maximiser linked to that Orange Everyday account? It can only transfer immediately to the account it's linked to.

  • mchoodie on 30/09/2016 - 21:26
    +1

    Thanks blue sky.

    I will have to give them a call and speak to em I guess.

  • iNeedMoreMoney on 01/10/2016 - 09:28
    +1

    RIP. Card destroyed…

  • kiitos on 01/10/2016 - 22:01
    +2

    Last weekend I did two shops - one at Aldi for $98 and the other at Coles for $99.85 as a last hurrah. My final ING purchase was takeaway last night.

    Oh well, at least now I don't have to keep a running total of my Aldi shop to ensure I'm under $100…it's quite liberating now (but this liberty isn't worth $2 a shop!)

    • plain_biscuit on 04/10/2016 - 23:59

      Did you get your cashback? Like you I spent on few items on 30/9, but ING or the merchant didn't charge until 2/10. No cashback for me?

      • bluesky on 05/10/2016 - 00:27

        Yes, did not think of it at the time. ING based it on the date of processing, not of purchase, which was delayed to the 2/10. So no cashback for the transactions I made on the 30/09.

      • kiitos on 05/10/2016 - 23:22

        Curses! You're right! The takeaway wasn't applied to the account until Saturday, so no cashback for me either. In fact, a paywave I did on the previous Saturday wasn't charged until the 28th, so that nearly missed out too!

  • Donaldhump on 02/10/2016 - 11:18

    is there a reason people dont prebuy woolworths gift cards instead?

    any good term deposits around?

    • bluesky on 02/10/2016 - 15:44

      any good term deposits around?

      Depends on your definition of good. If good is fairly short-term yet at a fairly high-rate, I think these are fairly good:

      Ubank 3 months for 2.81%
      ING 7 months 2.8%
      NAB 8 months 2.9%

      On the other hand, if you don't mind funds locked up for longer,
      then quite a few of the big banks and ING will have rates 3% or above.

      Hope this helps.

    • tessel on 02/10/2016 - 21:26

      First, tying money up in gift cards means you can't spend it on other things. Second, some may not like shopping at Woolies. I am sure others could point out a few more, but the first one is what turns me off gift cards. However, it all depends on the individual and how good they think the 5.?% discount is when weighing up the pros and cons.

      • Donaldhump on 02/10/2016 - 21:38
        +1

        i wouldn't call dropping $95 on a $100 gift card tying it up, you have to eat so if you are going to Woolworths anyway, it makes no sense not to.

        • tessel on 02/10/2016 - 22:35

          That's it though. You may think it is worth it but others don't. Unfortunately it's just one of those things.

      • Baysew on 03/10/2016 - 11:24
        +1

        First, tying money up in gift cards means you can't spend it on other things

        Gift card is purchased on credit card just as new cycle starts. This gives me around 2 months to actually pay for it.

        Second, some may not like shopping at Woolies

        Well for Wish Gift Card, it can also be used at BigW, BWS, Caltex, Thomas Dux, Dan Murphy's and Cellarmasters.

        5% discount is way better than 0%.

  • railspider on 03/10/2016 - 12:56

    Very sad to farewell my ING Paypass card; as an alternative I've decided to try the ANZ Travel Rewards (unless someone has a better suggestion?)

    It's my first time using a points-earning CC, and the free return flight offsets the annual fee, at least for my circumstances. The account comes with a VISA & AmEx, so hopefully that makes the shop small promotions available to me as well.

    Certainly not as good as 2% cashback (I think points roughly approximate to 0.5% value), but it will have to do until something better comes along - and I trust OzBargain will be the first place I hear about it!

  • Colombian on 03/10/2016 - 14:16

    ATM I'm using my wife's HSBC Platinum credit card for payments as it is the only one with points we have while we evaluate the best option.

  • bluesky on 03/10/2016 - 17:36

    In case this is helpful to those contemplating options, and in same boat as me, so might find this suitable: My substitute card is the free Amex Essential which returns 0.741% - details here.

    Besides it is good for all the Amex cashback offers, Shop Small cashbacks, smartphone screen insurance, and has a $75 signup bonus (via referral).

    • kiribatian on 04/10/2016 - 13:34

      So you use the Amex points for gift cards etc?

      • bluesky on 04/10/2016 - 14:00

        No, I do the cashback instead. So once I get to 1000pts or above (after $1000 spend), I offset the card balance with the points (1000pts=$7.41). I like this flexibility, less hassles than getting giftcard, and spending that.

        For someone who does not spend enough to justify those annual-fee high-earning or good flight redemption cards, I find this adequate.

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