New ING Credit Card Will See The Return of Cashback!

railspider on 05/05/2017 - 23:02

Ever since ING removed the paypass cashback from their Everyday account, OzBargainers have been looking for an alternative. Some were hopeful after ING surveyed customers late last year about their upcoming credit card, but reports were the card would not offer any sort of cashback - disappointing many

It seems ING may have changed their minds. The new CC, to be called the Orange One appears to include a cashback program - with the catch being it requires the possible payment of an annual fee.

As an ING home loan customer, I received this email tonight, hinting at the new card with cashback

We're writing to you about a change that's happening to your Orange Advantage home loan - here's what you need to know.

From 23 June 2017, your annual fee will be changing from $199 to $299.

…

In the coming months, our Orange One credit card will be available. As an Orange Advantage customer, you can opt in to Orange One cashback rewards for free - normally $199/year. Conditions apply.

Is this the cashback program we've been waiting for? Or is that hefty annual fee going to be a deal breaker?

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Comments

  • Cluster on 06/05/2017 - 04:11
    +15

    $299 annual fee to receive a cash back? No deal, for most people. If ING reinstates its previous 2% offer you need to spend $14950 before saving a single dollar, per year. $1245 per month.

    It's a silly trick to lure people in. Inflate the cost of the home loan while also promoting that you're now getting a 'free' credit card. Woohoo!

    • railspider on 06/05/2017 - 10:12
      +2

      Agree that the $199 fee is ridiculous. However the T&Cs aren't public yet - I'm hoping there are relatively easy ways to avoid that annual fee. Perhaps by depositing $1000/month into a linked Everyday account.

      • random12 on 13/05/2017 - 14:03

        lol, you really thought that would happen?

        There is no way to avoid the "cashback" fee.

        How's that for "cashback". Give us $199, and we may give you your $199 back after spending $20,000 or more ( and us getting the interchange fees on that ).

  • Mad Max on 06/05/2017 - 21:12
    +1

    ING is turning bad on all fronts:super accounts, online savings, everyday accounts.
    They got people in with good deals and now they think that they can change things and people will stay. Hopefully people will teach them a lesson…

  • Ven0m on 09/05/2017 - 15:18
    +1

    I got this response when I queried them about it:

    Thank you for your email.

    We are currently testing our new Credit Product, called an Orange One. We don't currently have a launch date at the moment as we want to get it right for our customers first, so just at the moment I can’t provide any further details to you on the cashback rewards.

    • railspider on 09/05/2017 - 15:31

      Awesome, good to know they're testing it. Hopefully they get enough feedback from customers demanding the return of cashback!

  • E5TOQUE on 09/05/2017 - 17:24

    I'd hazard a guess:

    • If you have an ING Home Loan they will give you the credit card for $0 Annual Fee.
    • If you don't have an ING Home Loan you get hit with the $199 yearly fee.

    Maybe…just maybe… if you have an ING Transaction and Savings account there maybe some sweeteners in there for you. But you already get free ATM access anywhere and one of the highest interest rates on savings in the country. Soo….

    • T-man on 09/05/2017 - 21:11

      They've already sent the letter to their home loan customers:

      "In the coming months, our Orange One credit card will be available. As an Orange Advantage customer, you can opt in to Orange One cashback rewards for free - normally $199/year. Conditions apply."

      It's free for the home loan customers, but they will increase the home loan account fee to $299 ($199 current).

  • HuskyActual on 13/05/2017 - 07:39
    +1
    Merged from [Discussion] ING Orange One Credit Card

    Just spotted the banner for the new Orange One Credit card. What are your thoughts on this compared to other cards available.

    Extract from the site

    • No annual fee
    • Variable 14.99% p.a. on purchases and cash advances, and an even lower variable 9.99% p.a. on instalments.
    • Earn 1% cashback on your spend, up to $30 a month when approved for a min. $6,000 credit limit, and opt-in to pay an annual rewards fee of $199 on activation.
    • Automatic Payment from ING account
    • Complimentary international travel insurance when approved for $6,000+ credit limit.
    • Apple Pay. (Android Pay coming soon)

    To be eligible to apply, you must:
    - Be an existing ING DIRECT customer (with us for 3+ months)
    - Have deposited $1,000+/month in the last three months into any personal ING DIRECT account in your name (excl. Living Super)
    - Hold an active Orange Everyday bank account
    - Be aged 18+
    - Be an Australian citizen or permanent resident with an Australian residential address

    • Qroozn on 13/05/2017 - 08:01
      +1

      So for $199/pa you can claim cash rewards up to the max value of $360 ($30x12 months). I wonder if there are exclusions as to what counts towards 1% cash back. Net benefit is about 0.4%

      • HuskyActual on 13/05/2017 - 08:06

        They've made a 4 page t/c booklet just for the cashback here. To save everyone a click here's section 4.

        Ineligible transactions Cashback will not be payable for any: (a) Cash transactions (including balance transfers, cash withdrawals from a ATM or over the counter at a bank or cash provider, pseudo cash transactions e.g. gambling, mobile phone top ups and foreign currency and travellers cheques), interest, default charges, insurance premiums and other fees and charges debited to your Account.
        (b) Amounts that are subsequently re-credited to your Account by way of refunds. Any purchases refunded to your Account will be removed from the total of your eligible cashback balance; or (c) Spending which, in any one month, exceeds your Credit Limit; or (d) BPAY transactions

        • T-man on 13/05/2017 - 16:06

          so that means we can use this card to pay ATO and still get 1% cashback?? If yes, I may get this card to pay ATO instalments. They don't mention anything about ATO or government bodies transactions.

    • pantsparty on 13/05/2017 - 08:20
      +1

      I would rather get a credit card with bonus Qantas points. Using them for a business class award flight gets you much more value than a couple of hundred bucks. If you get a card with 75,000 bonus points that is more than enough for one way business class to Asia on Cathay Pacific. That is worth at least $2k.

    • verio on 13/05/2017 - 09:03

      To my knowledge, this the second credit card without annual fee that supports Apple Pay. The first one was from Bank Australia, which I find a better option since it is open to everyone and there is no deposit requirement.

    • verio on 13/05/2017 - 09:05

      Additional cardholder fee: $20/year per cardholder. Not good :(

    • railspider on 13/05/2017 - 12:52
      +2

      Oh god, that is absolutely awful. I don't know who would bother with this card - I don't see a single feature that's better than the competition.

      I have an ING Home Loan, so may get a card for the cashback. But 1% is barely better than collecting points, and the $30 monthly cap makes it almost no worth bothering. 45 days interest fee & a 2.5% international transaction fee is a PITA also.

      • random12 on 13/05/2017 - 13:03

        You realise you will be charged $100 extra on your home loan, whether you take the card or not (unless you move your home loan)?

        • railspider on 13/05/2017 - 13:11

          Yeh the $100 is unavoidable and I don't want to switch mortgage providers, so I may use the card for the included cashback program. Not exactly happy about it

  • random12 on 13/05/2017 - 09:39

    Just saw this on their site as well.

    lol, $199 "cashback fee" to possibly get up to $360 each year. Not even worth it. You have to spend $2000/month ( not including BPay ) to hit the maximum cashback.

    Also wondering how many home loan customers they will piss off. They don't want to pay $100 more to get a "free" credit card that may or may not get them more than $100 in cash back.

    • verio on 13/05/2017 - 09:46

      Are you sure you have to spend $2000/month? My math tells me it is $3000 per month.

      • random12 on 13/05/2017 - 09:50

        Yes, you are right. I should have noticed that mistake.

        In short, a credit inquiry on the credit report, and the pain of meeting $3000/month spend (excluding BPay). It's not worth trying to chase $161

  • random12 on 13/05/2017 - 10:11

    It's got quite different terms from most.

    • Only 45 days interest free. Very low. So you spend for a month and then have two weeks to pay.

    • A $199 fee to get a maximum "cashback" of $360. That's the hint it's not worth it. You need to spend $3000/month for atleast 6 - 7 out of 12 months just to break even.

    • Interest rate of 15℅ - definately not lowest around. Not the highest, but not the lowest.

    • Minimum repayment of 10℅ of balance. Not that it matters to me because I always pay full balance, but it's above the usual 2 - 3 ℅.

    • Cash Advance. Maximum of 10℅ of credit limit, and capped at $500. Again, I don't use this, and I know that cash advances usually signal someone is in trouble (if you need cash out of a credit card, that usually means you are desperate). But ING is being very Risk Averse with the minimum repayment and cash advance limit. No other cards explicitly limit cash advances.

    I actually forwarded the previous thread ( mentioned above in this first post, linked as "disappointing many" ) to the ING Direct Facebook team, and said that the terms were
    crap and they shouldn't have annual fee, and they should they should have cashback ( since they said they took away the 2℅ cashback to go into other "rewards" ).

    Now they come back with this. It has no annual fee, but now you have to pay $200 to maybe get $360 cashback if you meet the spend requirements.

  • R1ngSt1nger on 13/05/2017 - 10:40

    Not good value for money in my opinion. Would be better spending the $200 on an actual awards credit card.

  • random12 on 13/05/2017 - 13:11
    +1

    It really makes you think.

    Before they had 2℅ cashback, and there was no fee to enter and no capping. I think all you had to do was run $1000/month through the account, easy requirement to meet.

    Now they do 1℅ , have a fee and cap.

    They had the 2℅ cashback on the everyday account for a few years. It did not send them broke (I assume, since they did it so long). If they could do it, why can't every other bank?

    Also, I think we get screwed in Australia. Our reward credit cards suck. There are credit cards in the United States that do 5℅ or 10℅ cashback ( don't know how it's possible, but I want it) , and there are many more credit card choices and cashback programs over there as well. They also have different cashback rates for different categories of spending.

  • T-man on 13/05/2017 - 15:52

    As an ING home loan customer, no thanks it's better to save my credit score for the upcoming credits in July.

    • random12 on 13/05/2017 - 17:20

      You realise:

      1. You are going to be paying an extra $100 whether you take the card or not?

      2. You should be able to get the card without an extra inquiry on your credit report. Ring them up, but they should be doing accesses on your file already, and if you are good enough for a large loan, you are good enough for a small loan.

      • T-man on 13/05/2017 - 17:32

        The reason I don't want the card for now because I am threatening them to discharge my home loan (waiting for a call from their retention team) and if they can reduce the interest rate a little bit to cover the rise in annual fee, then I'll accept that and request for the card.

        Have you got an approval for the card with an inquiry on your credit report?

        • random12 on 13/05/2017 - 17:37

          No, I do not even have an ING home loan.

          But if you have an existing loan with them, they can do an "access" on your credit reports (which are soft inquiries and do not reduce your credit score). If they are happy enough to give you a home loan worth however many thousands, surely they should be good giving you a credit card.

          If you end up staying with ING, ask them if they can just do a soft inquiry (or no inquiry at all).

        • T-man on 13/05/2017 - 17:43

          @random12:

          Yup will do, many of their customers reported that they reduced the interest rate (0.05 to 0.1) when taking to the retention team. Hopefully they call me on Monday, so I can decide to apply this card or not.

        • Ven0m on 17/05/2017 - 15:14

          Do you mind if I ask what your current ING home loan rate is? I assume its for an owner occupied P&I loan?

          Reason I ask is I am also with ING and currently on 3.95%. I called them earlier today and they wouldn't budge on the rate at all.

        • T-man on 17/05/2017 - 16:08

          @mryan64:

          Can you Pm me?

  • demiurge on 18/05/2017 - 18:58
    +2

    What a joke of a card. LOL. ING has turned to crap lately.

  • Hipalastic on 31/05/2017 - 14:06

    ING Yes they have turned to Crap…and so quickly…might be time to move accounts…I don't like what I'm seeing…that new home loan fee increase, the loss of cashback and now this crappy Credit card..Ughh!

    • railspider on 31/05/2017 - 14:45

      They must've gone in to debt from airing all those awful Isla Fisher ads

      • Mad Max on 31/05/2017 - 20:02

        Even those ads are crap!!!

  • undercut on 21/06/2017 - 13:28
    Merged from ING Direct One Credit Card

    Posting deals from ING Direct has been banned, so just wanted to let everyone know about their new credit card called ING Direct One.

    https://www.campaigns.ingdirect.com.au/orange-one/

    Features:

    No annual fee

    Earn 1% cashback on your spend, up to $30 a month. To qualify you'll need to be approved for a minimum $6,000 credit limit. Once you get your new card, opt-in to earn cashback rewards when you activate your account. Rewards fee of $199 a year is payable, and you'll need to keep your account in good order.

    Orange One is for ING DIRECT customers that hold an Orange Everyday and have been with us for 3 months or more, having deposited salary of $1,000 or more per month into their personal account (excluding Super). Applications are subject to our usual lending criteria.

    • Unorthodox on 21/06/2017 - 13:32
      +5

      $161 is the max profit you can get with cashback and annual fee, spending $3000 per month….

      • [Deactivated] on 21/06/2017 - 14:30
        +1

        Definitely not worth the credit check.

    • ESEMCE on 21/06/2017 - 15:17
      +3

      No Annual Fee unless you use the rewards program in which case $199 Annual Fee?
      Just doesn't sound very ING Direct to me!

      Typically my card repayment is only around $2000/month, so I'd benefit only $41/year after the $199 fee.
      Currently I use a Bankwest Zero Platinum which has no rewards, but has fee free overseas transactions and the Insurance benefits of a Platinum card. I think I'm better off staying with that…

    • railspider on 21/06/2017 - 16:38
      +5

      Absolute garbage card, even if you're eligible for a $0 reward fee from being a home loan customer.

      ING is kill

      • mitchellp on 30/06/2017 - 11:17

        Can I ask why it is a garbage card?

        I applied because I am a current homeloan customer and was looking forward to the 1% cashback.

        Is it because there are better cashbacks from other banks?

    • inherentchoice on 22/06/2017 - 14:08
      +1

      Meanwhile Amex Platinum Edge will basically give you 2.1% cashback on purchases at supermarkets, 1.4% at major petrol stations or 0.7% elsewhere. Or using points for travel expenses will give even better returns (i.e. at 3%, 2% and 1% respectively, as one point = $0.01 at Webjet or Hello World). Plus the $195 annual fee is offset by $200 travel credit.

    • demiurge on 25/06/2017 - 16:32
      +1

      Card is a joke.

  • ESEMCE on 22/06/2017 - 10:44

    We have an ING Mortgage and I haven't received this notification by letter or by email.

  • Chochkee on 02/08/2017 - 18:12
    Merged from ING Direct Credit Card, 1% Cashback

    The New ING Direct Credit Card.

    There was a trial approximately a year ago, yet from feedback and constraints this is the final release.

    Cashback (not even close to their 5% cashback I joined with)

    Get up to $30 cashback every month:
    Earn 1% cashback on your spend, up to $30 a month. To qualify you'll need to be approved for a minimum $6,000 credit limit. Once you get your new card, opt-in to earn cashback rewards when you activate your account. Rewards fee of $199 a year is payable, and you'll need to keep your account in good order.
    (Yes, to accumulate the max $30 a month you have to spend $3k)

    But wait, there's more. To be able to receive this cashback you have to give them:
    Cashback rewards fee (opted-in cardholders only) $199/year

    So in order to make your money back you would need to spend the maximum 3k a month for 6.6months, which means you would've needed to spend a whopping 19.8k on your credit card during a one year period. The amount of points and bonuses for spending that much during one year on other credit cards absolutely crushes this. Unless i'm misunderstanding their offer.

    Am I eligible for Orange One?
    Orange One is for ING DIRECT customers that hold an Orange Everyday and have been with us for 3 months or more, having deposited salary of $1,000 or more per month into their personal account (excluding Super). Applications are subject to our usual lending criteria.

    https://www.campaigns.ingdirect.com.au/orange-one/

    • JDogman on 02/08/2017 - 18:15
      +9

      yeah seems pretty crap… why post it as a deal?

      • Chochkee on 02/08/2017 - 18:18
        +1

        I'm trying to figure out if i'm missing something. Or if it's really as bad as it looks. I've been waiting 3 years for this card, and there's no reason to even apply.

        • JDogman on 02/08/2017 - 18:21

          yeah unfortunately not… the US have some pretty good cashback credit cards.

          If they offered 3% with a $199 annual fee then we are talking!

      • Elwes on 02/08/2017 - 18:19
        +3

        Plenty of people around here are curious as to how bad a deal it is.

    • busterau on 02/08/2017 - 18:18
      +2

      Assuming you max out the $3000 per month to get maximum cashback of $30. With the $199 fee, the rate of cashback is actually more like .45% half the measly 1% rate they advertise. Poor product ING.

      • [Deactivated] on 02/08/2017 - 18:21

        You get a better return rate with Qantas cash or the Virgin equivalent and they're both prepaid.

    • [Deactivated] on 02/08/2017 - 18:19
      +2

      Great deal!!! For ING executives….

  • OzyBe on 02/08/2017 - 18:41

    Another miss by ING Direct. (Oh, that should be ING - the money they have been saved will be put towards their rebranding).

  • kipps on 02/08/2017 - 19:54

    $199 annual fee for a capped 1% cashback on the card of $30/month is no real benefit. It is a dud product. Give 1% cash back per month uncapped and then it would be looked at.

  • random12 on 03/08/2017 - 23:04

    The one thing it has going for it is the 10% installment feature (basically an open option for a 10% personal loan on any amount of your balance, if I understand it correctly). That might have value for some.

    But as a reward card, definitely not worth it.

  • squeeb on 06/08/2017 - 12:43

    Spend $36,000 annually to get back $161. Not sure who they expect will take up this offer.

    • OzyBe on 06/08/2017 - 13:06
      +1

      Chumps, that's who. Don't forget though, that $161 = 161,000,000 std loyalty points on a typical rewards card….

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