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ING Orange Everyday: Get 5% Back on Every Contactless Purchase under $100 until 30 June 2013 @ ING Direct

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ING Orange Everyday: Get 5% Back on Every Contactless Purchase under $100 until 30 June 2013 @ ING Direct
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mitochondReon on 03/10/2012 - 17:30 campaigns.ingdirect.com.au (6447 clicks)
Last edited 29/02/2020 - 11:04 by 3 other users

I just received this promotional letter on my mailbox and it seems that it's a good promotional offer from ING.

Things you should know:

The Wave and Save 5% rebate offer is available from 1 October 2012 to 30 June 2013 (“Offer Period”) to all existing Orange Everyday customers (including joint account holders) who request to update to a Visa payWave card and the first 30,000 new ING DIRECT Orange Everyday customers who activate their payWave enabled Visa Debit card during the Offer Period (“Eligible Customers”). The 5% rebate applies on all contactless purchases made by Eligible Customers during the Offer Period on purchase amounts of up to AUD $99.99. The 5% rebate will be made into the Orange Everyday account immediately after transaction settlement.

Call 133464 to get your payWave enabled Visa Debit Card.

Find out more at http://www.ingdirect.com.au/waveandsave

Referral Links

Referral: random (736)

Until 30/06/2025, referrer and referee will each receive $125 for opening new Orange Everyday & Saving Maximiser Accounts.

Referrer: Do not participate in the referral system if you do not have a current $125 referral code.

Referee: To qualify, you are required to deposit a minimum $1,000 from an external source into the new Orange Everyday account, deposit any amount into the a Savings Maximiser Account, and make at least 5 (settled) card transactions within any calendar month with the new Orange Everyday card.

Financial Bank Account Pay Wave Transaction Account

Related Stores

ING
ING

closed Comments

  • WaywardOne on 03/10/2012 - 21:18
    -3

    Compare this account to Bankwest Hero account:

    Hero: 4% interest pa on balances up to $5k. eg. If you had $2,500 in the account you would receive $8.33 interest per month. (NB: Interest is subject to income tax)

    Orange: Spend at least $167/month at Coles or Woolworths to be better off than using Bankwest…

    hmmm I do most of my grocery shopping at ALDI these days…pity they don't use Visa payWave.

    • Cluster on 03/10/2012 - 22:10
      +6

      The alternative: Move money to ING when you anticipate using a contactless machine. Keep maybe a couple of hundred dollars in there and milk 5% on most purchases. Keep your main stash of cash in UBank for the higher interest.

      ING Direct no doubt hopes people will move their main savings to ING as well as getting nice rebates from Visa to use the new system. us OzBargainers however will milk the system for all its worth :-)

      • mrhorseham on 03/10/2012 - 22:13
        +1

        This is what i do with my multiple bank accounts. A few hundred in the linked savings accounts of my everyday cards. Then all my 'stash' in ubank. Best way.

      • moooooooo on 03/10/2012 - 23:29

        Another alternative for those with mortgages: Store all your money in a mortgage offset account (which presumably has a higher interest rate than 3.75%), put everything on your credit card, and pay off the balance in full at the end of each month.

        You'd be effectively earning ~6-7% on the money stored in your mortgage offset account all month, with the possibility of getting frequent flyer points on every transaction (depends on your card) no matter whether you swipe/wave/insert.

        Obviously this doesn't suit everyone.

        • Cluster on 03/10/2012 - 23:56

          I do that already, but I wonder if you're actually saving 6% (after tax) by delaying paying cash for your credit card purchases. If you make regular shopping trips, pay for insurance and rego, roughly the same for fuel every week, aren't you just shifting everything up to 55 days into the future and effectively getting no real net benefit? I use my CC whenever possible but I do sometimes wonder how much it earns in reality.

          For example my registration and insurance are paid on CC in November, with the payable due date at the end of December. Every year. Net benefit? Nothing (I don't get frequent flyer points).

        • cooni on 04/10/2012 - 07:05
          +1

          You're saving 6% per annum for the duration of the interest free period.
          Why don't you get this?
          Instead of money having left your account for your purchase, it's sitting in your offset account reducing interest payable.

          The saving is also tax free (as opposed to leaving it in a savings account)

        • foggy10 on 04/10/2012 - 08:50
          +2

          It is the basic time value of money. Delaying payment is always good.

        • Cluster on 04/10/2012 - 10:28

          The calculation is obvious that delaying payment saves interest. My point looks at the issue from a different point of view, one where the user spends roughly the same amount of money on a regular basis. If I buy a $500 item at the start of every month, do I actually save anything by delaying payment by a month versus paying cash? In the long term the answer is no.

        • abc on 04/10/2012 - 12:11

          a basic rule of accounting is that you keep cash in your bank account for as long as possible.

        • moooooooo on 04/10/2012 - 23:35

          @ Cluster - Your observation is correct about the timeshift of expenditure - if you spend $1000 every month through your credit card and pay the full balance in the following month, you're spending $1000 in Jul, Aug, Sep, and so on. In the long run, you're spending $12,000 every year.

          However, the primary benefit of an offset account is not really measured by when you spend your money (immediately, or with a month's delay). Its purpose is providing you a mechanism to get the highest possible return on your money at all times.

      • OZJet on 04/10/2012 - 20:35

        Download they mobile banking app for ING Australia sounds great on paper but it's is close to the worst banking app I have ever used & buggy often & super crapola at least on Android. Compare this to ANZ Go many app & I give that 5 stars the ING one is a 2 & 2.25 on a good day out of 5. They have great products for banking bonus interest rates etc but there mobile banking apps are close to backyard compared to the best mobikle banking apps IMO.

      • T-man on 13/10/2012 - 14:34

        I just noticed that they reduced the interest rate to 5.35% p.a for Savings Maximiser Account

    • [Deactivated] on 04/10/2012 - 10:33

      You don't need to keep $2500 in the account- how many $99 transactions are you going to make at a time?

    • Shwayne on 04/10/2012 - 15:57

      On Ubank you can get 5.71% on balances up to $5k, and 5.01% on all other balances and a bonus 0.70% if you automatically transfer money in. What's your point?

      ING also has a 5.60% p.a account which you could easily transfer money to and from to maximise your earning potential.

  • mauxmee on 03/10/2012 - 21:26

    Just applied. thanks OP

  • Cluster on 03/10/2012 - 22:08

    I just applied for mine. I had an orange coloured Visa Debit card linked to a savings account with ING Direct from last year, where they gave $40 free cash after the first purchase. Now opened an Orange debit card account with a separate card to take advantage of the contactless 5% offer.

    Sweet.

    • delfredo on 03/10/2012 - 22:31
      -3

      Offer is only for existing customers.

      • Cluster on 03/10/2012 - 22:36

        All existing customers who update, and the first 30,000 new Orange Everyday customers. You don't need to be an existing Orange customer to benefit.

  • scheps on 03/10/2012 - 22:20

    Just wondering,

    1. how many shops outside of the shopping centres have contactless?
    2. If it doesnt work, then inserting the card doesnt give you 5% presumably, therefore, i hope the wave has a good strike rate
    3. Are new customers eligible or not eligible? I have this super old savings account for ~ 10 years ago…..

    Thanks :)

    • Cluster on 03/10/2012 - 22:28

      I have used the contacless machines at Dan Murphy's, Coles and Bunnings. My local Woolworths, IKEA and BigW stores still have the old machines, and you can assume small business uses the cheaper machines too.

      • illumination on 03/10/2012 - 22:32

        Well lets hope all these smaller businesses will be upgrading soon!

  • Cryptarcadian on 03/10/2012 - 22:42

    Existing customer (different product), just applied for an Orange Everyday account through online banking… let's hope I count as within the first 30000!

    • epyx on 05/10/2012 - 12:49

      Same here - am an existing Savings Maximiser customer only. Applied through the Internet Banking portal for the Everyday card. Fingers crossed that the 5% rebate applies to us too! This is a sweet deal.

  • INFIDEL on 03/10/2012 - 23:02

    Thanks OP! Easy.
    Just rang & upgraded my old card - got straight though. New card in 2-5 working days.

  • shoppe on 03/10/2012 - 23:16

    Q1 Is this using a visa debit card?
    Q2 Is there a transaction charge for this?

    • tyank232 on 03/10/2012 - 23:22

      1 yes 2 no

      • shoppe on 03/10/2012 - 23:30

        Okay Thanks tyank232.

        The account doesn't pay any interest! You might be better off keeping your money in a high interest account and paying for everything via credit card, as long as you pay off the card each month?

        • illumination on 03/10/2012 - 23:36

          The most I've seen an everyday transaction account pay for interest is 0.01% per annum. Pretty normal for these types of account not to pay interest.

          And you CAN link it to the ING Savings Maximiser, which is their high interest account.

        • cooni on 04/10/2012 - 07:07
          +1

          So don't put ALL your money in the OE account. Have about 200-300 and top up as necessary.
          5% instantly is a lot more than even home loan interest rate per annum.

  • OzBrogains on 03/10/2012 - 23:28

    I hope Coles Express or Woolies have Visa paypass machines. 8c off/L + 5% off :)

    edit: added /L before some smartarse makes a comment

    • abc on 03/10/2012 - 23:35

      I haven't seen them in either outlets!

    • tyank232 on 03/10/2012 - 23:48

      caltex/safeway sites in victoria def have them!

    • joannatan on 13/10/2012 - 23:39

      went to coles express today, they don't have paypass machine :(

    • KBZ on 14/10/2012 - 11:43

      They do now! All the woolies and caltex in my region have upgraded! :D

  • Magnate on 03/10/2012 - 23:32

    It's been far too long since ING have given me money (and they have given me a lot!). Good stuff guys.

  • SomeGuyOnOzB on 03/10/2012 - 23:46

    Thanks mitochondReon
    (Also ING :) )

  • IVI on 03/10/2012 - 23:50

    One -limiting- factor is:

    Merchants who've yet to get Wave readers.

    My barber has one… Does Coles? Woolies? DSE?

    • Shwayne on 11/10/2012 - 22:17

      Yes Coles and Woolies should have them.

  • ferguscan on 04/10/2012 - 00:05

    Can anyone confirm that the 5% is not taxable?

    • epyx on 06/10/2012 - 10:17

      That's a really good point. I guess it will depend on how they represent it. Are Awards scheme earnings taxable normally?

    • Shwayne on 11/10/2012 - 22:19

      Rebates are generally not taxable as they make up a portion of the money you spent on a product.

      Not so sure if you get the GST component back though. :\

  • shoppe on 04/10/2012 - 00:08

    For those of you who are going to only move the money in from a high interest account before you shop, you need to be careful you don't overdraw your account. If you do ING will charge you interest.

    Is there anyway to check your balance, before you pay with paywave? Will the checkout chick/dude be able to tell you?

    • tanoshiiki on 04/10/2012 - 00:36
      +2

      I have never been charged interest for being in an overdrawn situation with ING OE. They have warned me the few times when I've accidentally done it, but they usually just say make sure the account is back in balance within 3 business days.

  • lala1911 on 04/10/2012 - 01:50

    AWESOME. Great offer, but I can imagine the 30,000 spots filling up quite fast. I'll make a move asap.

  • auna on 04/10/2012 - 02:37

    And the NSW Driver's License bug strikes again. Why don't I ever learn? Added two sources of ID and hit continue and it still needs me to go to the post office to submit the same information!!

    /cries

    • princess peach on 04/10/2012 - 10:45

      I put in my passport details, NSW driver's licence AND Medicare and I still need to post office verify my ID! :(

      • KBZ on 05/10/2012 - 19:31

        Same here!! Passport, License and Medicare!!!

  • unity1 on 04/10/2012 - 02:43

    Yeah I'm sure it asked for 2 forms of ID but it accepted just my Medicare card

    • INFIDEL on 05/10/2012 - 19:55

      Are you an existing ING customer? Might not need as much verification. Accepted mine with just Qld DL - am an existing ING customer (was asked for 2).

  • auna on 04/10/2012 - 02:55

    The ATM rebate for over $200 is pretty neat too.

    I hope I get the card ASAP to be eligible. I reckon I could easily save $200 from this offer which is just awesome. A shame it doesn't last forever :P

  • vl3tbol on 04/10/2012 - 07:49

    question- can you use paywave to cash out? if yes,let say you buy something for $40 and cashout $50 do you, do you get 5% of the $90 back?

    • King Tightarse on 04/10/2012 - 08:40

      Dont think you can use PayWave to get cash out.
      Doesnt work at Coles supis anyway.

    • OZJet on 04/10/2012 - 20:41

      No cash out when using credit account type eg pay pass/wave etc you have to select savingings for cash out. 5% rebate is purchases only $99.99 or under done via contactless.

    • Shwayne on 11/10/2012 - 22:21

      You can't cash out on credit.

  • foggy10 on 04/10/2012 - 09:04
    +2

    I've done some thinking as I was unsure about time/value of money used. But can someone check the math?

    Scenario 1:
    $10,000 cash savings in the bank account earning 3.75% interest.
    Pay groceries, bills etc.. with credit card, pay balances in full end of each month. 55 day interest free period.
    Make a purchase of say $1000 each month on your credit card.
    This means by keeping your savings intact, you earn $56.50 in interest the first 55 days based on the $10k savings amount, or around $30.82 the first 30 days.

    Scenario 2:
    $10,000 cash savings in the bank account earning 3.75% interest.
    Pay groceries, bills etc.. with ING orange savings paywave visa. Get 5% back on purchases.
    Assuming you make a total of $1000 purchases each month on your card with a frequency of say $100 every 3 days, the total interest you earn in your savings account is actually $29.33 due to decreasing balances (I calculated over a 30 day period in Excel).
    Add to this the 5% bonus of $1000 worth of purchases (assuming all purchases are under $100), this is an additional $50.
    Which means your total net cashflow is an additional $79.33 each 30 day period.

    Looks like this is a pretty good deal. Of course, your benefit decreases if you have an offset mortgage account since the interests are higher.

    • shoppe on 04/10/2012 - 10:17

      Sounds close enough……

      I rethought what I said earlier. I was wondering if you would be better off with a high interest account and using a interest free period credit card. The answer is no.

      It's really pretty simple. If you assume that it takes you a year to earn about 5% on a deposit, you are better off earning the 5% cash back as long as you spent the money deposited into the account within a year. In fact, the sooner you spend the money the better off you will be.

      • lusicul on 04/10/2012 - 13:16

        Don't forget that we pay at least 30% tax on interest earned from savings account. I don't think we'll need to pay any tax on the 5% rebate?!

    • ShortyX on 04/10/2012 - 10:36

      Thanks for the quick maths foggy10.

      Why couldn't this be a ING credit card with 5% cashback so I could keep my offset? That's a rhetorical question by the way. :)

  • cuteduck on 04/10/2012 - 09:56

    Got one.. thanks
    will use it @ Coles Express

  • dak52 on 04/10/2012 - 10:05

    Just signed up but need to go into post office and show ID. What are the odds I will be enrolled before the 30,000 spots fill up :(

    • Shwayne on 11/10/2012 - 22:22
      +1

      Just imagine how many people that process will deter! :P

  • [Deactivated] on 04/10/2012 - 10:38

    If only petrol stations in vic had paywave, because MOST don't!

    • Holysmoke on 04/10/2012 - 21:59

      Woolworths-Caltex?

      • [Deactivated] on 04/10/2012 - 22:02

        they have mastercard paypass so not compatible

        • mrhorseham on 04/10/2012 - 22:08
          +1

          I'm pretty sure that's not true.

        • [Deactivated] on 04/10/2012 - 22:11

          sorry, you are right they have both. I just assumed by reading a comment further down.

    • [Deactivated] on 04/10/2012 - 22:32

      According to visa web site Caltex have them.

  • jm48 on 04/10/2012 - 10:47
    +2

    Just got the card, so easy when you already have an everyday account.
    I got the direct mail offer, but didn't read it.
    So thanks OP for posting, its a great deal.
    By the way use the 1800 number on the link, not the 133464 on the post - every saving counts heehee

  • shoppe on 04/10/2012 - 11:00

    I'm in. I hope petrol stations in qld have paywave.

  • tsunamisurfer on 04/10/2012 - 11:02

    Guys…I'm a little confused.

    Can I use this for EFTPOS to withdraw say $95 from Woolies and get the 5%?

    Also….Do INGDirect customers (term deposits) automatically qualify?

  • funkay on 04/10/2012 - 11:08

    Just applied over the phone.
    Thankyou VERY much! :)

  • pepsicles on 04/10/2012 - 11:33

    Applied and opened my account online, do i just wait for the card to arrive now and hope I'm one of the first 30 000?

    • abc on 04/10/2012 - 12:17
      +1

      I agree with you regarding the 30000 new customers rule however with your first point its not hard at all to "transfer" your normal shopping to the ING Direct card (until the 5% back period ends).

      A real OzBargainer wouldn't see it this way :)

    • mrdravid on 04/10/2012 - 12:33

      As far as I can tell, there is no maximum cash back for the offer period… it just has to be less than $99.99 per transaction.

    • ShortyX on 04/10/2012 - 12:39
      +3

      To enjoy the whole amount of $99.99 cashback, you need to spend at least 1999.80 and at least 20 paywave > > transctions in months to come. A lot of work to do. If you are existing customers and it's your current > > lifestyle, that's fine.

      It's cashback on purchases under $99.99, not a total cashback of $99.99.

    • SummerMan on 06/10/2012 - 10:39
      -1

      Sorry, I didn't read the T/C carefully. I jumped to the conclusion that there must be a limit somewhere and quickly did the calculation on how to reach that limit.

      I see. It is unlimited cashback. But you can make nearly $5 at a time and ING probably won't let you do this a thousand times in day in a single store. However, ten times a day in various places may be perfectly acceptable. And if it is the case for your life style, you make heap of money. It's probably Visa that's paying you not ING or it's the merchant that contribute to this 5%. Well, these do not matter. The most important thing is you get the money.

  • matt_will_fix_it on 04/10/2012 - 12:55
    +2

    Cool, 5% of maccas until mid next year :)

    • delfredo on 04/10/2012 - 17:30

      Gotta be careful if ordering at drive through. You might want to use the device on your own instead of relying on the staff to use paywave.

  • freemoneyhunter on 04/10/2012 - 14:30
    -2

    Very sloppy service, have to wait along time on phone.

    • Shwayne on 04/10/2012 - 16:29

      Sign up online.

  • auna on 04/10/2012 - 16:15

    Oh my god. I definitely DID do it correctly online and it made me go to the post office anyway. Now I went and did it and it says we will take 2 days (Business) and then a further 3 days to post it.

    Looks like my chances are pretty slim now… This is the first time the ID Verification wasn't instant from doing it at the post office. GRR!!

    • Shwayne on 04/10/2012 - 16:30

      Yeah what on earth, it says provide two identification documents, and both matched but they made me take it to the post office anyway.

      That's just lame.

  • Turd on 04/10/2012 - 16:36
    +1

    Does anyone know a friend with a paywave machine?

    $5000 limit on one card. Means 50 x $100 transactions. = ~$249 free money a day.
    If you had two cards this equals ~$500 free a day.
    Minus credit card fees from the bank. You could come off very well with this.

    So with an outlay of $10,000. You can get $500 a day for ~8 months.

    So maybe you can get $120,000 from this!

    Imagine if you had more cards? You can get n x $120k.

    WOWOWOW OMG!!!!

    • iSamurai on 04/10/2012 - 17:03
      -1

      obviously they'll know… and your mate probably has to pay for the transaction fees associated card payments.

      • Turd on 04/10/2012 - 17:12
        +1

        Yes, but surely you'd be better off. Say 2% fee. It's 10cents from $5. Even if it is 50% you'd be pretty well off.

        lol

        I want someone to do this!

        • mitochondReon on 04/10/2012 - 17:45
          -1

          Hahaha thing is, in order for you to earn $120,000 cash back, you have to spend $2.4 million, that's alot of money.

        • Turd on 05/10/2012 - 11:09

          Not really.

          Just need 10k to start with, and each time you do it get your friend to give back the money.

          All though I dunno how the 'business' will be taxed lol

        • SummerMan on 06/10/2012 - 10:49
          -1

          I really love your idea once I realise that there is no limit on cashback.

          Yes, tax is the catch here. And the worst thing that could happen is the store and the cardholder get their accounts cancelled because they breach the T/C set forth by Visa.

          A general clause for any accounts - The Financial service provider may terminate the account…

        • mitochondReon on 06/10/2012 - 22:08
          +2

          The terms specifically state every eligible "purchases" that's on the customers’ side and a corresponding "sales" transaction onto the business owner who have a contactless terminal who happened to be your friend. Those sales transactions will be subjected to income tax and GST. And if your friend cancels the sales transactions and returns the money relating to your purchases, the amount that needs to be reversed on the ledger would be $2.4M in total to earn cash back of $120K, exclusive of any applicable tax/es.

          By simply looking at the company ledger, such amounts of reversals are quite abnormal for a single customer. If I’m the auditor I’ll be very interested looking at the very nature of these reversals or adjustments in the company books.

          Having said that, ING have every right to reverse any cashback you received, as purchases no longer exist. Waste of time if you ask me really.

        • joannatan on 06/10/2012 - 23:03
          +1

          company will get taxed 30%, you only get rebate 5%.
          but there is a way to trick the system
          there are three party in here
          A is customer
          B is the company where the customer purchase the thing
          C is the supplier for B, where C can be a family or friend of A

          B buying item from C with price $X.
          Then B sell to A with $0 price, A come to B shop/office to tap his/card on the terminal just to pay the handling processing fee as formality.
          Therefore, on the B company book will show as loss (buy price X but sell at $0), they don't have to pay the tax. Not sure the payment that B received as handling processing fee can be count as company taxable income or not.

          If A can transfer the money to owner of company B.

          Wow this is very danger plan, I have thinking about this when I saw lot of online company selling their product $0 and charge people with shipping cost that similar with retail price of the item.

        • mitochondReon on 07/10/2012 - 20:00

          Let say Price $X = $99.99, in order for Seller B to recoup the amount paid to Supplier C and to have a break-even result, isn’t it proper to sell to Customer A at its original cost instead of selling it at $0 value?

          Sales (transactions between Customer A) $99.99
          Less: Cost (transactions between Supplier C) ( 99.99)
          Gross Profit Margin $ 0.00

        • joannatan on 07/10/2012 - 22:17

          GST calculation mate. i hope no ato or afp people in here that able to trace me :)

        • mitochondReon on 07/10/2012 - 22:46

          What do you mean GST calculation?
          If supplier C and seller B are both GST registered companies, then the input GST from the purchase from C will be offset from the output GST on sales made with A, it will even out anyway.

        • joannatan on 08/10/2012 - 00:28

          prefer not to discuss this thing any further mate :) case close

      • SummerMan on 06/10/2012 - 10:52

        Wait, for business, generally you can deduct the cost. You pay tax only on the profit.

        But playing with EFTPOS can screw thing up especially for small stores. ATO estimates your cash income using a proportion of EFPOST/cash from a similar business in a similar location. If your EFTPOS sale rises significantly, ATO expects your cash sale to grow too. This will eventually lead to tax audit!

        • Turd on 06/10/2012 - 10:59

          True a bit risky but if your books are in order I dont really see a problem. ALlthough havent read the ING T&C's so unsure what it has lol

          Just ideas for anyone out there ;)

        • SummerMan on 06/10/2012 - 11:10
          -1

          There is a similar possibility that does not requite the merchant to cooperate.

          Late last year, there used to be a giftcard that you can buy with a credit card with no fee. The giftcard can operates as EFTPOST. So, I use it to avoid ALDI then 1% fee for credit card.

          A similar line of thinking is to buy phone top up voucher at BIGW. Stockpile it for your own use, distribute (or resell) it to your mates…

          As long as you do it with a moderate amount and have a justification for it, it's unlikely to fail.

    • Shwayne on 11/10/2012 - 22:25

      The processing fees and the obvious trail on the business front would make this infeasible.

  • watwatwat on 04/10/2012 - 18:24

    So I just called up and am getting my new card sent out. It appears that people with existing Orange Everyday cards are indeed eligible.

    So PayWave is different to PayPass right? ie. my local Woolworths has PayPass (still contactless) but I think it's different to PayWave? Also I definitely don't see PayWave as often as I see merchants accepting Paypass.

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