Dedicated to Deposits: Deals, Data, and Discussion

ING Direct's New Cash Back Debit Card Promotion

POSTED ON BY

ING DIRECT
I just received an email from ING Direct on their upcoming promotion. You can get 1% cash back from June 1st to July 31, 2007 when you use your Electric Orange MasterCard Debit Card to make a signature-based purchase. Here's the promotional page. Cash back is limited to a total of $500 during this period.

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.
  Tags: ING DIRECT, checking account

Related Posts

Comments
8 comments.
Comment #1 by Anonymous posted on
Anonymous
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...

1
Comment #2 by Anonymous posted on
Anonymous
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.

1
Comment #3 by ProfessorB (anonymous) posted on
ProfessorB
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.

1
Comment #4 by Anonymous posted on
Anonymous
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 With this promotion, the money's immediately withdrawn.

1
Comment #5 by Anonymous posted on
Anonymous
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.

1
Comment #6 by Anonymous posted on
Anonymous
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.

1
Comment #7 by Anonymous posted on
Anonymous
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...

1