So I received an email earlier tonight from ING informing me that there will be a new ING Credit Card. I was really excited because ING have been really good on Ozbargain with their 5%, then 2% consistent cashback up until September 2016. After months/years of speculation, they're finally doing the Credit Card. Apparently I'm one of the "select few" to have received the email.
If it was actually a good deal, I would've posted it as a deal, but..
Key features:
- $69 annual fee waived in the first year for applicants approved before 15 January 2017
Yep. That's it.. if you can even call that a significant feature. Pretty hard to sell that when you have cards like the ANZ Frequent Flyer Black which also have the first year waived plus a huge points bonus, plus a huge multitude of other features.
The other things are really not Ozbargain relevant.
- Up to 45 days interest free (standard really, in fact other cards have longer)
- 12.99% p.a. variable interest rate on purchases and cash advances (relatively low, but who on Ozbargain pays interest? Please tell me none of you do..)
- 9.99% p.a. variable for purchases on installments - this is an interesting unique feature, but again 9.99%? Are any of you interested? I hope not.
- Free ATM withdrawals in Australia (just like their Orange Everyday) - but why would you even do that when you get charged a cash advance, i.e. 12.99% p.a. pretty much immediately?
The following are all not included:
- Rewards points (plenty of other cards)
- Waiver on international purchases/forex rates (28 Degrees, Bankwest Platinum Cards, ANZ Travel Adventures)
- Free Travel Insurance (many medium level cards and higher)
- Lounge access (AMEX cards and some premium Mastercard/Visas)
- Free Domestic Flight/Travel Credit (AMEX cards, ANZ Travel Adventures)
- Access to AMEX Statement Credits deals (AMEX cards)
- Free wine when paying with the card at Dining partners (Citibank)
- Price Protection (Coles Mastercard)
- Status with another loyalty program (Macquarie Platinum)
- Free ATM withdrawals overseas (ANZ Travel Adventures)
- Concierge
- Low% Purchase Rate period/Balance Transfer
- Car Rental Excess Insurance
It's called the "Orange One".
If you want to stretch it, I suppose the following are good:
- ING Direct has an awesome app/internet banking. Really user friendly and intuitive as mentioned several times here
- The installments benefit is actually unique and interesting. Good if you're desperate, but if you're desperate you probably can get a personal loan from Ratesetter as quickly/easily as getting an application for a Credit Card approved, and for probably a better rate too.
- It's a Visa card. Better acceptance than AMEX.
Sorry this has kind of come out like a bit of a rant, but I'm just quite disappointed after all the build up and anticipation for what I was hoping would be a decent Visa/Mastercard. I think we're pretty spoilt with good AMEX cards in Australia now, and it looks like the wait for a good consistent Visa/Mastercard goes on..
TLDR: ING Direct have announced a new credit card, due to be announced soon which is pretty rubbish. I assume it will be of no interest to the majority of Ozbargainers as there is nothing about this card that is better than the cards offered by any of their competitors.
Thanks for passing on the info. We may have had our expectations too high on this offering. That said, it does seem quite consistent to some of the surveys they sent out to selected customers earlier.
Citibank have recently implemented something that sounds similar to the instalments with their credit cards called the Fixed Payments Option with currently a $100 cashback offer for existing Citibank credit cardholders if they use this. However, even with the cashback deal, this offer is irrelevant to most OzBargainers, as the interest associated with the Fixed Payment Option more than negates the cashback.