ING Direct rolled out its Orange One credit card this week, which comes with variable interest rates of 14.99 per cent per annum (p.a.) for purchases and cash advances and 9.99 per cent p.a. for installment plans for large purchases, the terms for which are set by the cardholder.
The card has no annual fee for the first cardholder and up to 45 days interest free.
Customers can also choose to add cashback rewards and gain 1 per cent cash back, up to $30 monthly.
ING head of distribution Mark Woolnough said the card was launched to help customers “get ahead” in their finances and to appeal to brokers.
“We know that brokers and home loan borrowers have been asking for some time for an ING credit card as part of a home loan package, and we’re happy to be able to deliver Orange One – a product that we believe is a responsible approach to credit,” he said.
“[The card] has increased minimum repayments which significantly shorten how long it takes a customer to pay down their debt, it requires autopay and has alerts for managing credit, and provides cashback rewards instead of points, so customers know exactly the value they are getting.”
Applications are currently open to existing ING clients or through home loan applications for new clients.