ING sends first credit card holders compensation for excessive interest rates

ING has sent a compensation proposal to customers with credit cards who have paid too much interest. A spokesperson for the bank reports that the first credit card holders received an offer this month.

Some customers with a revolving credit at ING have been paying too much interest for years since 2001 because the bank did not move sufficiently with the market interest rate. Since the judgment on this matter by the complaints institute Kifid a few years ago, ABN AMRO and Rabobank have also been working on compensation schemes for victims in addition to ING. ING has set aside 255 million euros for this, part of which is for credit card holders.

The spokeswoman did not want to say how many credit card holders have received a proposal. The arrangement also applies to customers who have or had a revolving credit or a so-called Continuous Limit. According to the spokeswoman, thousands of people have received a proposal. Customers who have paid more than 50 euros too much interest are eligible for this.

ING is the last of the three major banks to come forward with proposals. ABN AMRO reported in May that all eligible customers had received an offer or had already been compensated. Rabobank says the compensation was completed in December last year.

The Consumers' Association and ING agreed on calculating the compensation at the end of 2021. However, the bank is only now making the first proposals because the compensation varies per person, says the spokeswoman. "It is an intensive process that we have to do very carefully. It has to be settled per person, and that takes time."