Challenger bank launches first credit card

The new card comes with a range of features and expands the list of products open for brokers to offer to clients

Challenger bank launches first credit card



ING has unveiled its first credit card, expanding its product range in what the bank calls a “fairer way to offer credit”.

The card, called Orange One, comes with a range of features to help customers manage their finances.

“We haven’t launched just another credit card. We’ve taken our time developing and testing Orange One as we feel strongly that there is a better and fairer way to offer credit,” said head of distribution Mark Woolnough.

“Alongside competitive rates, Orange One offers instalment plans to provide flexibility and certainty for managing larger purchases; it 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.”

The card comes with no annual fee for the first cardholder, up to 45 days interest free, a variable interest rate of 14.99% per annum on purchases and cash advances and 9.99% on instalment plans.

Cardholders can also choose to add cashback rewards and earn 1% cashback on credit card spend (up to $30 per month). Eligible customers will need a $6,000 credit limit, pay an annual rewards fee of $199 and keep their accounts in good order.

Orange One is available to existing ING customers or via the home loan application process for new customers.

“Our customers trust us to help them get ahead whether it’s through buying their home or helping them make the most of their savings. 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,” Woolnough said.

There will be no commission paid to brokers referring clients to the Orange One credit card, a bank spokesperson told Australian Broker.

Brokers with clients interested in applying for a credit card along with an ING mortgage can do everything online as part of the home loan application process, they added.

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