Fintech Citro launches rewards program for retirees, saving up to $1500 a year

Fintech Citro has launched a rewards program for Australians around retirement age, offering savings from more than 200 retailers.

AMP-backed Citro launched in 2023 and already has more than 75,000 members on its platform. They receive tailored content and insights to help them take control of their finances as they approach and manage their retirement.

The retailers on the platform include Virgin Australia, Booking.com, P&O Cruises, Petstock, The Iconic, Designer Journeys, Freely Travel Insurance, NIB, Pilot, Juniper, Vitable and Tangerine Telecom

Citro’s Managing Director Ash Frenken said many more are expected to join the program soon and estimates users can save up to $1500 a year through their discounts program. The Citro rewards card can link directly to bank accounts with PayTo and rewards are automatically activated when customers make purchases at participating retailers.

“Australians lose out on hundreds of dollars worth of discounts because they don’t want to make a point about their age every time they pay,” Frenken said.

“We’ve taken the seniors card concept and given it a fresh and modern overhaul by using the latest fintech to provide those approaching and in retirement with access to significant rewards. Customers simply need to tap their Citro card at any participating retailer which accepts Visa and a cashback will be automatically credited to their account.”

Here’s how the program works: Citro members can sign up for access to the rewards card in less than 10 minutes. They receive both a physical and digital (Apple Pay or Google Pay) card, which links to any PayTo-enabled bank account. The card draws funds from that bank account for payments. When that card is used to pay for purchases at participating retailers, you receive a bonus cash-back which is automatically applied to your Citro account for future purchases. On the Citro app, you can decide whether to apply the cash-back to your next purchase or save it towards something more expensive down the track.

AMP director of strategy and new ventures, Josh Waterhouse said they’re pleased to back Citro as a unique solution, tailored specifically to reward older Australians.

“AMP is committed to developing new products and services to address the unmet needs of Australia’s growing retiree population,” he said.