Just spoke to ING regarding their 'Refer a friend' campaign (http://campaigns.ingdirect.com.au/refer-a-friend?cid=ccm:rdl...) and just wanted to share the information I received.
a) It is vital to use a code that hasn't been used by more than 5 people and/or being super quick to open and activate the card. The consultant on the phone said that ONLY the first 5 people will receive the bonus and as there is no reliable way of knowing the number of times the code has been used, it might pay off to activate quickly. Or ING might just pay off everyone eventually, I'm not sure how they will act, but this is what they told me.
b) This is the important bit.
Those people who use the code and activate their cards between now and 31st December and the people providing the unique codes, will have their bonuses in by 8th January, 2013.
So if you are a new customer and haven't received your bonus, I'm guessing that means 5 people activated before you. Might be worthwhile to call them up after that date to check why the bonus hasn't been credited and they might make a goodwill deposit, who knows ?
To those people providing the codes, if you receive less than $250, that means you still have a code or a few codes left (simple math to find out, 1 code = $50). If you have codes left, you can still give it out, since new customers need to open and activate by 31st January. Both parties will receive their bonus by 8th February.
Yup, I think that's about it. If someone else feels like cross checking that with ING, that would be nice :)