Today I just discover that my paywave rebate with ING everyday card has been change to 2%. The account was opened early September and was getting 5%. Has anyone who have reopen a new ING Everyday account have to same experience?
ING Everyday PayWave rebate changed to 2% after 1 month
wipeout26 on 14/10/2013 - 22:59
Related Stores
Comments
wipeout26 has reopened the account. ;)
so ing direct have finally got around to fixing the exploiters. 2% is better than nothing.
lolwat. why is this negged
EDIT: ah ok so OP re-opened I see.. notsure if neg required though
hmm.. interesting..
I've noticed the same and this account was opened around July…
I realised transactions after 10/10 were at 2% rebate
If you re-opened an account, then what do you expect? You're getting the same as those of us who didn't close and re-open an account to get the 5%. The 5% was for new customers and if you're not a genuinely new customer, how can you complain?
If you are a genuinely new customer you should be able to simply call them and have it resolved quickly.The old account was close and then a new account is open. I'm not complaining. I'm just asking if anyone have the same issue.
i have the same issue, old account closed off and new acct opened in july but im now on 2%.
byebye ING and back to my Diamond Amex
Appears ING have a crackdown on those who close and reopen a new account. So it's byebye ING for me too.
They announced on October 1st on their Facebook page that people had clearly been taking advantage off it.
A decision was made to lower people who had prev had accounts to 2%
Apparently there was some discussion at the old ING HQ about removing the offer all together but chose not to punish the honest for the actions of the dishonest.They even used the term "obtaining financial advantage by deception" in their post, and talked of clawing back discounts (the extra 3% from people who had abused the offer, as per their terms and conditions"
Where was that? Can't see it on their fb page (unless removed?)
Any chance of providing a link? Can't see it on Ing's FB page.
I guess they removed the post, as it's a bit of a downer/moodkiller for their FB webpage.
Just looked. Suspect it has been removed. There were a lot of replies lol.
heh I'm surprised this has gone on for long as it has, I kinda regret not jumping on this when it started. I'd assumed too many people would of turned this into a game, save money and have fun, for this to last long.
Surprisingly my reopened Maximiser is still on 4.50%
How can you tell the SMax interest rate? I had a look around the interface & didn't see it stated anywhere.
Just reopened accounts and if 5% rebate is alive initially, will probably buy lots of Giftcards before Ing disable it.Added: The base rate 'is' stated but the bonus rate applied to your account doesn't seem to be.
Next to your Savings Maximiser click on %
My Interest Rate Details
Current standard variable interest rate 2.75% pa
Current promotional variable interest rate for
balance up to $250,000.00 4.50% pa
Isn't 2% rebate still better than nothing?
Why would you switch to using your credit card? The $2,000 per month deposit isnt being enforced. you would still get the 2% rebate without it.
Ooh - didn't know that the $2000 pm deposit wasn't being enforced - is that an official ING thing that I missed being told about? Or just an observation?
I haven't been using my ING card since my 6 months expired.
They can crack down on this too at anytime, so I'm closing accounts like many others once the main drawcards are removed.
/////Isn't 2% rebate still better than nothing?
For me it's not worth the time & effort. Loss of interest, the constant transfers, and other issue like ING's slow, flaky servers.
Many Credit cards are effortless and still can make 1% or so from them.
Anyway you know all this.Slow flakey servers?
I have several bank accounts and ING processes things faster than anyone else i use.
My pay goes in 2 days early cause they dont hold onto it for days like the big banks do. it is credited as soon as my boss (who uses NAB) sends it, even though he tells his bank to "credit wednesday" i get it Monday arvo.
When i make a purchase the credit auth shows straight away, unlike NAB or CBA who lower my balance but just show "visa auth" without any description, ING show the merchant and the like.
When i send money, it almost always credits to other banks following day.. not 2 or 3 days like other banks take to send money even though they take it straight away from your balance.
When i lost my card, i called on a sunday, it was in my letter box express posted at no cost to me on Tuesday…
I disagree… ING have a much more refined and efficient system than any other bank i use.
(mind u i only have those other accounts for different reasons, CITIBANK for foreign purchases, NAB for branch deposits etc )And ING has the best Smartohone app hands down!
I agree with you, except you are talking about ING processes, systems, policies etc. You missed the point I think.
I said "servers", ie as in web interface servers which have been the worse I've come across bank-wise. They need to improve it imo.
CBA/NAB etc are the opposite, fast and reliable 24/7.Anyway thanks for comments.
CBA has real time banking for the last 3 yrs now, all pending transactions via cc will show.
Best 2 banks for real time banking hands down - CBA/ING
depoist your money into ING at any Australia POST , there more austpost around then banks now days
i've found ing direct's banking system to be excellent
Oh I can see this day coming, and got called last week regarding my another existing account. I told the girl to close it for me and started to worry about the rebate since they already found out. Still earning 5% up to the last weekend, however not sure about my pending purchase on yesterday. And I am having a greenslip to pay this afternoon, please leave me along ING.
2% is better than all the credit cards man, no credit card can give you 1% without annual fee.
The best you can get with Visa/Master is 0.6% otherwise you can make money from using credit. Or you may be able to make money from ING card if you know a store owner and IGN is charge less than 5% for the merchant.
I really believe ING is losing money from the 5% that's why they are so concerned now. They even ring me up and threaten me to stop the card if i continue to break up into $99s.
wow really? man you got a call. I guess it's not technically against the terms and conditions is it? although, then again paypal is intended for "purchases" of <$100. Interesting.
"then again paypal is intended for…"
paypal = paywave
in case anyone is new to the planet.
i remember buying about $3k worth of gift cards for coles, woolworths & bunnings using paywave back in june. thankfully i didn't get hassled out it. i should have bought more :(
Yeah, I got the same call a couple days ago too telling me to stop gaming the system, otherwise they'll remove the 5% rebate.
I had the same issue. I bought alot of items that were $99 and they didn't like it at all.
man if you break up $1000 in JB hifi is like $50 off
I have always wondered right from the beginning just who is paying this 5%? Is it the retailer? Are credit card fees really above 5% for retailers? That would be an enormous burden to carry. If the fees are less than 5% then ING is losing money on every transaction. It's no wonder they're cracking down on people gaming the system (reapplying for cards and breaking down transactions into multiples of $99). The latter looks like fraud if your card has been stolen and someone's buying big ticket items with it.
2% is still an excellent offer and worth much more than frequent flyer points (and that's before the 'generous' annual fees are included in the calculation). My NAB Visa card gives a measly 0.5% cash back limited to $10 per statement. ING's card has become my main purchasing vehicle.
All these banks have multi million dollars of budget for promoting, and paying 5% minus whatever they charge the merchants isn't that expensive comparing to TV ads, it's just passing this money to their customer rather than media, and this strategy really works. I reckon only a little percentage of their customers play the game, i.e. splitting and reapply, and of course almost all OZBers are doing it. But even without OZB, they should expect roughly the same percentage of people find the loop hole and utilise it. Anyway, I might still use the ING for tapping because 2% is still marginally better than credit card points + interest free period, however won't be as keen and probably less motivated to split large bills in the post office.
Interesting question, maybe we could just ask them.
Anyway, I guessed initially the Paywave 5% may be paid by Visa to try to promote pinless-transactions, and to help overcome the (I think justified) fears of security with wireless technology on cards.
Maybe a deal between Australian Ing <> Visa. But this was as I said just guesswork.
Just received an invitation email to open a new Orange Everyday Transaction account. Haha.
Hi PissLUR,
We hope you're enjoying your new
Savings Maximiser account and it's
helping you reach your next savings goal.
We thought you might also like to know
about ING DIRECT's Orange Everyday
transaction account.
The Orange Everyday has:
No monthly fees. No minimum deposit
No ATM fees when you withdraw $200
or more from any ATM in Australia
5% cash back for the first 6 months on Visa payWave purchases under $100
Instant transfers to your
Savings Maximiser
Very low international ATM
withdrawal fees
Open an Orange Everyday
transaction account today and you
can start banking anywhere, anytime,
without the everyday fees.Did you eventually close you previous account?
no. i havent closed any of my ing accounts.
how many do you have? so you mean you just keep opening new ones? Do these come under the same internet banking ID?
Yup as long as their system can verify your IDs online, then it is easy to sign up as a new customer.
I have 5 different Internet banking IDs and 8 different accounts.
My 2nd Orange account was opened in July, so I still have 5% rebate til end of Dec.
Unless they roll your rebate back to 2% early. I got caught last week and the girl told me they found I have another ING account. I told her to close the old one for me, but no sure if my 5% is on the way off.
can confirm im still getting 5% back on my 2nd account. (closed the 1st one in june)
Confirming that rebate rate changed to 2% on my 2nd card as 19/Oct, this is the end I reckon.
Damn, closed accounts -> next day applied for new accounts changing my name slightly -> new card = 5% 55555555555555555555555555555555555555555555555555555555555555555555555555555555
whoohoo.Seems if you get the 5% flyer with your new visa card you are set. If not, bad luck.
Another thing I found - At ColesExpress ATM, tried x5 withdrawals of $200 to get x5 5c p/l vouchers, it allowed only x4 then said "Card cannot be read from" or similar. Tried this twice and same message.
Changing name slightly?
Geez how is that not fraudUse your imagination, it's not fraud. Adding your midle name or just initial, or Doctor as your title, all normal variations of a persons name.
Got an sms from them this morning,
"Please call ING DIRECT regarding your account on 133 464 (within 24 hours). DO NOT REPLY to this message."
Your turn! I got the same sms then the next week rolled back to 2%. Buy a lot giftcards before it's gone.
I didnt call them and still getting the 5% cashback..
they're on to you pisslur!
I hope Not..
December is coming.. shopping timeeeee….
As discussed above, I asked ING by email how the 5% paywave cashback was funded.
Here's the reply:Thank you for your patience in regards to your payWave enquiry.
I have confirmed with our Orange Everyday products department ING DIRECT provides the payWave rebate as an offer to encourage new customers to open an Orange Everyday account, and to encourage existing customers to use the account. The rebate is funded by ING DIRECT.
I hope this helps with your enquiry, if you have any further questions please let us know.So it looks like they're paying the rebate fully out of there own pockets, surprises me.
You won't be as surprised when you heard a bank throwing millions to media for advertisement, this just another way of promoting their product IMO.
I think you would rather want the business to spend their marketing dollars on the customers themselves (5% rebate for example), than paying the media companies and advertisements.
I seem to remember that ING used to offer $50 for opening new accounts, is that something they used to do in conjunction with this paywave rebate? or am i mistaken and it was for their online deposits?
Just wondering if i should apply for everyday acct with current paywave rebate or better to hold on but risk missing the boat?
Also while at it, how long on average does it take ING to mail the card after ID verification (hoping i'll be able to do mine online)
You'd save more than $50 with the rebate easliy
Yeah, that i figured out too. I guess it implies 50 signup bonus is unlikely to happen.
Do u recall how long it took you to get yours after you applied?
3-4 business days
wow that's impressive, guess they're a bit more organised than the infamous mac*bank
They put me down to 2% as well. I closed all my ING accounts in August and then re-opened after a week. Received 5% until 21/10. They did not even contact me, just reduced it…:-(
I had a Everyday Transaction account for longer than 6 months, and I was still getting 5%. I knew it was going to end shortly though, possibly by the time I hit 7 months, so when I got an email from them about my other customer ID (savings maximiser) saying I can sign up to a Everyday Transaction and get 5% off, I took them up on their offer. The email was from Oct 23rd, so I find it odd that they 'cracked down' on people with two customer IDs, but still offered the deal to my second customer ID. I've only made one transaction on the new account, and it was indeed a 5% rebate.
Sorry to bump up this thread, but is there a way of determining when the six months 5% rebate period ends?
TIA
As far as I know, not really. When they decide to!
Got the call from ING finally..
Terms and conditions have been breached by me for having 5 different client IDs. LoL.
So, in the next few days, they will consolidate all my 5 IDs into a single client ID and send me a new Orange card.
didnt mention anything on the 5% cashback. I was hoping that my 2nd account will last til end of December, but will try other ways in getting back the 5% cashback from them.Thanks ING nevertheless.
i think the 2% is still worth is - if you buy fuel for $90 a week , your going to get back $1.80 that more then interest for $10,000 …. + with the no monthly fees and free cash out over $200….. your still better of with ING then any of the big 4
only bank i would change to is Bankwest but that really hard
Except the Big 4 don't have that spastic 200 requirement and Comm Bank in particular has ATM's and branches EVERYWHERE. Convenience is worth more than a pathetic 2% off.
http://www.ingdirect.com.au/everyday/orangeeveryday.htm
After the initial 6 months at 5%, it defaults back to 2%. Since you only opened your account last month then I'd suggest calling ING directly.