ING DIRECT set to shake up the credit card world
Update 15/5/17: ING Direct have launched their new credit card, the Orange One. Read the full story here.
ING DIRECT has earned a reputation in Australia for offering market leading savings account interest rates and competitive home loan packages, now the Dutch owned bank is set to expand into the world of credit cards.
While ING DIRECT has been in the Australian banking market for 20 years, this is the first time it will be offering credit cards to customers.
According to Banking Day, ING Direct has held out against offering a credit card for a long time, saying it wouldn't enter the market until it had something distinctive to offer.
Executive director of customer delivery at ING DIRECT, Lisa Claes, said that the building of their credit card was currently in the works, which would make a feature of the bank's approach to packaging rewards.
"There is scope for innovation in cards. There is a massive opportunity to service customers better."
"It is very easy to say you are customer-centric but do you give back without the customer asking? Customers want to see action," Claes said.
If its current products are anything to go by, a credit card launched by ING DIRECT is likely to be built largely around innovative customer loyalty initiatives.
Customers are currently enjoying fee free ATM withdrawals anywhere in Australia and a 2% cash back offering with ING DIRECT’s Orange Everyday transaction account when they deposit at least $1,000 a month into their account. Homeowners with the Orange Advantage Offset Home Loan, can also receive a 1% cash back offer on their monthly home loan repayments of up to $3,000.
Banking Day explained that these programs are designed to encourage customers to use ING Direct as their main financial institution.