ING Direct's New Cash Back Debit Card Promotion
May 17, 2007 - 6:54 PM by Ken Tumin
Note, it sounded like you would be using this as a credit card, but it still seems to be a debit card even without the PIN. Here's how ING explains it.
Looks like ING Direct is taking a page from Emigrant Direct credit card which offers 1.4% cash back. With so many credit cards offering 1% to 5% cash back, even Emigrant Direct's cash back credit card wasn't that great. So I don't expect this new promotion from ING to create much excitement. Perhaps if it were 5%, it would have been interesting.
For more info on the Electric Orange Checking Account, please see this post.
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Anonymous - #1, Thursday, May 17, 2007 - 7:11 PM
Quote: "I don't expect this new promotion from ING to create much excitement. Perhaps if it were 5%, it would have been interesting."
I'm used to ING laggin behind...I moved to E-loan a long time ago...
Anonymous - #2, Friday, May 18, 2007 - 1:38 AM
ING needs to quit focusing on its stupid checking account that few people (yes, you, you introverts) would use and get its savings account back to 5.05% minimum. That's the only way they could get my money back from AmboyDirect.
ProfessorB (anonymous) - #3, Friday, May 18, 2007 - 6:09 AM
It's a decent promo for their no checkbook "checking" accounts and people who prefer to use debit cards rather than cash back credit cards paid off monthly.
Anonymous - #4, Friday, May 18, 2007 - 7:09 AM
BoA's Keep the Change strangely sounds like a better promotion. (Trickier, but better since it's amount based instead of %) A person can find 1% anywhere for credit cards. At least with credit cards, I have a grace period before after the purchase. With this promotion, the money's immediately withdrawn.
Anonymous - #5, Friday, May 18, 2007 - 8:02 AM
Debit cards are subject to comparatively weak consumer protections, and present far greater downside risk of fraud loss to the customer. Personally, I refuse to carry them.
Anonymous - #6, Friday, May 18, 2007 - 9:07 AM
Keep the Change is actually garbage after the intro period.
I guess kudos to BOA to make a successful product that generates a ton of interchange income for them and pays little back to the consumer.
Anonymous - #7, Friday, May 18, 2007 - 1:42 PM
In this situation BoA's Keep the Change was a better promotion because that was for 3 months for an amount to be matched upto $250 as opposed to the ING promo with only 2 months. I guess it's better than nothing...
Anonymous - #8, Tuesday, October 2, 2007 - 8:32 AM
When you open an account for at least $250 (only by using the referral) you will receive a $25 bonus from ING (and I receive $10). Let me know if you are interested. If you'd like a referral, please send your full name and email address to andy7984@aol.com.
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