ING Bank, a subsidiary of Dutch bank, ING Group, are an online bank that has been operating in Australia since 1999. ING customers can do most of their banking via the online bank login or ING app. This includes transferring funds between accounts and opening new accounts.
As it is an online-based financial institution, it does not have branches based across Australia. However, ING has opened a lounge at the base of its Sydney headquarters, on Margaret Street.
This is operated by Customer Managers, who can be reached to discuss financial decisions through appointment or walk-in. The lounge can also offer in-person assistance from its digital coach on how to use ING’s online banking platform or ING app.
Pros and cons
- Low interest rates and fees
- International fees waived if conditions met
- Moderately high interest-free days
- No balance transfer offer
- Little perks on platinum card
ING credit cards rates
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Aussies who want to keep credit card costs low and take advantage of long interest-free periods may enjoy this competitive low rate, low fee offer from ING.
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CashbackEarn up to $360 cashback a year on your spend.
A platinum credit card that offers the bells and whistles of a premium card, while charging a moderate interest rate.
About ING credit cards
ING Bank offers customers two types of credit cards: a standard credit card and a platinum credit card.
The standard credit card comes with a moderately low purchase rate and no annual fee. You also have the option of paying off purchases at a lower interest rate at set terms of your choice using ING instalment plans.
The platinum credit card comes with an average to moderately high purchase rate and annual fee. This is common with platinum credit cards, as it’s expected you’ll have the income to service these charges for the benefit of having the card. It also comes with perks, such as complimentary travel insurance.
ING also waives international transaction fees for both cards if you deposit at least $1,000 a month into your ING transaction account and make 5+ settled card purchases a month.
ING credit cards review
ING’s standard credit card is a competitive option for those looking to keep costs down by avoiding fees, or for those who find themselves paying interest on outstanding card purchases frequently. This is thanks to its moderately low purchase rate and zero annual fees.
ING’s platinum credit card also may be an affordable option for customers looking for a platinum card with some of the perks you’d expect, but with a more affordable annual fee than other comparatively higher-cost cards. It also offers complimentary travel insurance, which can be a helpful resource for cardholders.
However, if you’re looking for a platinum card with all the bells and whistles, there may be other options with more perks, including rewards programs and other complimentary insurances or concierge services.
Both cards may be a handy resource to use when traveling or shopping internationally, thanks to its waiving of international fees, if conditions are met. They also both offer moderately high interest free days, which can help with budgeting for your credit card repayments.
Learn more about credit cards
Does ING increase credit card limits?
You may want to increase your credit card limit for many reasons, such as having access to more spending money. However, if you are using the Orange One credit card issued by ING, you may not be able to do so.
ING customers can choose a credit limit of their preference when applying for the Orange One credit card. Depending on your financial situation, this limit can be anywhere between $1,000 and $30,000. If you qualify for a Rewards Platinum card, the minimum credit card limit will likely be $6,000.
Ideally, you should set your credit card limit knowing how much you can afford to repay each month and keep your expenses lower than this level. With most credit cards, you should have the option of requesting a credit card limit increase at a later time, although you will need to qualify for any increase. With an ING credit card, limit increases are out of the question (at the time this was published), which means you may want to apply for a higher credit card limit from the beginning. Remember that you have the option of decreasing your ING credit card limit at a later time.
Can a pensioner get a credit card?
It is possible to get a credit card as a pensioner. There are some factors to keep in mind, including:
- Annual income. Look for credit cards with minimum annual income requirements you can meet.
- Annual fees. If high fees are a concern for you, opt for a card with a low or $0 annual fee.
- Interest rate. Make sure you won’t have any nasty surprises on your credit card bill. Compare cards with a low interest rates to minimise risk.
Should I get a credit card?
Once you've compared credit card interest rates and deals and found the right card for you, the actual process of getting a credit card is quite straightforward. You can apply for a credit card online, over the phone or in person at a bank branch.
How do you use credit cards?
A credit card can be an easy way to make purchases online, in person or over the phone. When used properly, a credit card can even help you manage your cash flow. But before applying for a credit card, it’s good to know how they work. A credit card is essentially a personal line of credit which lets you buy things and pay for them later. As a card holder, you’ll be given a credit limit and (potentially) charged interest on the money the bank lends you. At the end of each billing period, the bank will send you a statement which shows your outstanding balance and the minimum amount you need to pay back. If you don’t pay back the full balance amount, the bank will begin charging you interest.
Can I transfer money from my American Express credit card to my bank account?
If you’re an American Express credit card customer, you may not be able to transfer money from your credit card to your bank account. However, you may be eligible for cash advances, which involves withdrawing money through an ATM.
To qualify for a cash advance, you’ll likely have to enrol for American Express Membership Rewards. Consider checking your online credit card account to see if you can withdraw a cash advance and, if so, the fees and charges you’ll incur for this transaction.
You should remember that cash advances are different from balance transfers, which were available with some American Express credit cards earlier. Balance transfers allow customers to consolidate debt from high-interest credit cards to a credit card offering a lower interest rate. If you only recently applied for an American Express credit card, balance transfers may not be available irrespective of the card you own.
Which credit card has the highest annual percentage rate?
The credit card market changes all the time, so the credit card with the highest annual percentage rate is also liable to change.
Keep in mind that credit card interest rates are expressed as a yearly rate, or annual percentage rate (APR). A low APR is generally good but also consider:
- There can be different APR's for each feature of the card (e.g. purchases may have an APR of 14 per cent, while cash advances on same card could have an APR of 17 per cent.
- Credit cards with a variable rate can change throughout the year, affecting your APR, so check the full details.
- If you pay your balance in full every month, having the lowest APR is not as important as the other fees associated with the card. However, if you carry a balance from month to month, then you want the lowest APR possible.
How do you apply for a credit card?
You can apply for a credit card online, over the phone or in person at the bank. Once you’ve compared the current credit card offers, the application process is quick and easy. Before you get your application started, you’ll need to gather your personal information like proof of ID, payslips and bank statements, proof of employment and details of your income, assets and liabilities. To be eligible for a credit card, you’ll need to be an Australian citizen over 18 and earn a minimum of $15,000 each year. Once you’ve applied for a credit card, you should get a response fairly instantly. If your credit card application has been approved, you should receive a welcome pack with your new credit card within 10-15 days.
What should you do if your credit card is compromised?
Credit card fraud is a serious problem. If your credit card is compromised and you’re wondering what to do, here are a few precautionary steps to take.
Contact you credit provider – Get in touch will your credit card provider. If you feel your card has been compromised, you should be able to lock or block it.
Monitor your accounts – Keep an eye on your credit card accounts. Any unauthorised transactions could be a sign your credit card has been compromised.
Check your credit rating – It’s also important to check your credit rating, to ensure you’re not a victim of identity theft or some other financial mischief.
What should I do if my ANZ credit card has expired?
Your ANZ credit card is considered expired only after the last day of the month and year marked on your card. For instance, if your card’s expiry date reads 03/22, it is valid until 31 March 2022 and expires on 1 April 2022. Typically, you should have received a new credit card by that date, and you won’t have to request a new card.
Once you get the new card, you should remember to switch any automatic payments you have - such as a utility or mobile phone bill - from your expired credit card to your new credit card. Equally, if you are using CardPay Direct to repay your ANZ credit card debt, you may need to update the credit card account details for that service as well.
In case the new card doesn’t arrive by the expiry date of your current credit card, you can call ANZ on 13 22 73 to find out the reason and if you need to request an expedited card. Please note that if you were planning to close your credit card account or request a credit card upgrade, you may need to call ANZ at least before the 25th of the month your current credit card expires in, as that’s when they may send you the new credit card.
Does Woolworths Qantas offer any credit card insurance?
Credit cards can be useful for managing your expenses, but they also come with other advantages like credit card insurance. Your Woolworths Qantas Platinum Credit Card may offer a host of complimentary insurance options, which include:
- Travel insurance: Cover for your whole family when they travel with you, with unlimited overseas medical emergency cover and $500,000 accident insurance for accidental loss of life.
- Purchase security insurance: If you purchase an eligible product with your Woolworths Qantas Platinum Credit Card, the cost of theft or damage that occurred within 90 days of the purchase will be covered, provided the amount doesn’t exceed the purchase price of the item or up to $2500 per event.
- Extended warranty insurance: If you purchase eligible goods with your Woolworths Qantas Platinum Credit Card, this complimentary insurance will extend the manufacturer’s Australian warranty by up to 12 months.
- Global hire car excess waiver: If you’re legally liable to pay an excess or deductible in the event of loss or damage to a rental vehicle that was booked using your Woolworths Qantas Platinum Credit Card, the costs will be covered.
To find out more about Woolworths Qantas credit card insurance, you can call them on 1300 10 1234.
How easy is it to get a credit card?
For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.
Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.
Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.
Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.
How do you use a credit card?
Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.
How to get a credit card for the first time
A credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.
If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.
Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.
When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.
What does ANZ credit card insurance cover?
ANZ offers complimentary insurance on some of its credit cards, which can provide some protection against unforeseeable incidents, like the theft of your card. Depending on the type of credit card you own, you may be eligible for different insurances. For instance, most ANZ credit card customers may qualify for Purchase Protection Insurance and Extended Warranty Insurance. Customers who own premium credit cards may also be eligible for Guaranteed Pricing, Rental Vehicle Excess, International Travel, and so on.
Consider checking your ANZ credit card insurance features listed in the Insurance Policy Information booklet to know which items are covered. Also, while ANZ issued the credit card, they are not the insurer. For this reason, you may need to send your insurance claims - and get your ANZ credit card insurance refund - to the insurance provider.
What should you do when you lose your credit card?
Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.
Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.
Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.
Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.
Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.