I just received an email from ING Direct with the following information:

From June 1 until July 31, ING Direct will give you 1% cash back for every “signature-based” purchase that you make with your ING Direct Electric Orange MasterCard Debit Card. Limit: $500

I’ve just recently (like YESTERDAY) opened up an Electric Orange from ING DIRECT checking account and I’m excited about this “bonus”. In the past, I’ve mentioned Visa Extras, which gives you rewards for using your debit card. (Check your local bank to see if they participate in the Visa Extras program. I use Wachovia, and Visa Extras is free for debit card holders.)

Both programs require “signature-based” uses of you debit card. What’s that? Basically, any purchase that does not require you to enter your “pin” number is considered a “signature-based” transaction. So, online, in store, mail order, or automatic bill pay transactions would all count as “signature-based”. (Why would they offer cash back when you use the card in this fashion? In most cases, a credit card type transaction costs the bank LESS than a debit card type transaction. Why? I have no idea.)

Click here to go to ING’s site and read the full details.

Click here to read a post I wrote about Visa Extras.

Did you notice the $500 limit? $500 is 1 percent of $50,000! I simply cannot fathom spending $50,000 in 60 days, but I’m sure someone out there will do it.