For Citro Account and Citro Card 

Product disclosure statement

December 2023

Version 2.0

Issued by Hay Limited ABN 34 629 037 403 Australian Financial Services Licence No. 515459

1. About this product disclosure statement

This document forms the Product Disclosure Statement (PDS) for your Citro Account (Account) and Citro Card (Card). The PDS contains essential information, including the fees and other costs that apply to the Account and Card.

This PDS is issued by Hay Limited ABN 34 629 037403, Australian Financial Services Licence (AFSL) No.515459 (Hay). This PDS is an important document designed to assist you in deciding whether to acquire the financial product to which it relates – the Account and Card. You should read this PDS in full before using your Account and Card.

The use of the Citro Card and Account is governed by this PDS and the Terms and Conditions of the Citro Account and Card. The Terms and Conditions for use of the Citro Card and Account may be attached to this PDS or provided as a separate document and should be read together.

The information in this PDS does not consider your individual objectives, financial situation or needs. Any advice in this PDS is general advice only. You should consider the appropriateness of any general advice to your circumstances before acting on it. Nothing is intended to constitute investment, legal, tax, accounting or other professional advice and you should seek professional advice on whether the Citro Card and Account are appropriate for your particular circumstances.

 You should also consider the Citro Card and AccountTarget Market Determination (TMD) and the Citro Card and Account Terms and conditions before making a decision about this product. Copies of these documents can be found here:

2. Important information

This PDS has been prepared by Hay. Hay is the issuer of the Citro Account and Card.

The PDS has been lodged with the Australian Securities and Investments Commission (ASIC). ASIC takes no responsibility for the contents of the PDS.

The PDS may only be used by persons who receive it in Australia. The information in this PDS does not constitute an offer in any country other than Australia. The distribution of this PDS in countries outside Australia is prohibited and may be restricted by law. People who come into possession of this PDS who are not in Australia should seek advice on any such restrictions that apply.

The information in this PDS is subject to change and is up to date at the date of this PDS. Where new information is materially adverse, Hay will issue a new PDS or supplementary PDS. However, where the information is not materially adverse, Hay will not issue a new PDS or supplementary PDS, but you will be able to find the updated information on the Citro website at as you apply for this product.

3. Parties Involved in the Issue and Distribution of the Card

Hay Limited, ABN 34 629 037 403 (Hay), is the holder of Australian Financial Services Licence (AFSL) No. 515459. Hay is a principal member of Visa Australia. Under its AFSL, Hay is authorised to provide financial products and services, including the issuing of non-cash payment products such as the Citro Account and Card.

Hay Limited has authorised Citrus Innovations Pty Ltd ABN 25 667 285 654 (Citro) to provide general product advice in relation to the Citro Account and Card, and to arrange, distribute, and promote the Citro Card and Account on behalf of Hay.

3.1 Card Issuer

The Issuer of the Citro Card and Account is Hay and if you hold an approved Citro Account and Card, you will have a contract with Hay Limited.

3.2 Card Distributor

Citro is responsible for the distribution and provision of factual product information about the Citro Card and Account as issued and approved by Hay. Citro is also authorised by Hay to provide customer service support for the Account and Card. This authority is provided under AuthorisedRepresentative No. 001305395

Neither Citro nor anyone else acting on its behalf, has the authority on behalf of Hay to:

  • tell you anything about the Citro Card and Account that is inconsistent with the information in this PDS;
  • give you personal financial product advice (i.e., financial product advice that has considered one or more of your objectives, financial situation and needs) about the Citro Account and Card; and
  • do anything else on Hay’s behalf, other than marketing, arranging for the issue of and providing customer services for the CitroAccount and Card.

4. The Citro Reward Program linked to this Card and Account

Citro administers the rewards program attached to the Citro Account and Card. The rewards program operates under its own terms and conditions and separate to the Hay issued Account and Card.

5. Who is eligible for the Citro Card and Account

Retail Individuals will need to satisfy specific eligibility criteria to maintain this product. To qualify, the Retail Individual must:

  • Be an individual person; and
  • Have a valid Australian residential address; and
  • Be aged 40 years or older; or
  • employee of Citro or any of its related body corporates.

6. About the Citro Card and Account

The financial product issued by Hay is a non-cash payment product. It allows payments to be made using rewards earned using the CitroAccount and Card. The Citro Card is not a credit card and is not a Stored Value card.

Hay will open a virtual account in your name. The amount available in your Account being the Available Balance will comprise of the rewards you have earned via the Citro Program or funds received via a PayTo instruction or a deposit via another source we advise you of. The Citro Card accesses these funds to enable you to conduct transactions at merchants that accept Visa debit cards.

  • You can obtain a Citro Card and Account via the Citro Website and App.
  • Funds will be directly deposited to the Citro Account using the rewards you have earned using the Citro Card and Account or a PayTo arrangement.
  • Once you have an Available Balance in the Citro Account, you can use the Citro Card anywhere in the world (where Visa Debit cards are accepted) to access your funds and make payments.
  • You can use the CitroCard to withdraw cash at ATMs (subject to daily limits).
  • You can make Pay Anyone transactions from your Citro Account via the Citro App.
  • You can only access the Available Balance in the Citro Account. The Citro Card is not a credit card.
  • The Citro Account cannot have a negative balance but if it does, any such balance becomes immediately due and payable.
  • Your Citro Account is not a bank account, and no interest will be payable on the Available Balance.

7. Available balance

The Available Balance of your Citro Account is held on trust for you at an Australian ADI (bank) in a segregated customer funds account.

In accordance with this PDS and the Terms and Conditions you acknowledge that the Available Balance can be used to meet Hay's settlement obligations in respect of your transactions and to provide security for its settlement obligations.

Available Balance in your Account does not earn interest and it does not operate like a bank, credit union or building society account. Deposits into the Account are not bank deposits and are not protected by the Australian Government Financial ClaimScheme.

8. Benefits of the Account and Card

The significant benefits of the Citro Card are:

  • it is the access point of the Citro Rewards program managed by Citro;
  • it reduces the need to carry cash and is a convenient way to make payments at merchants who accept Visa Debit Cards;
  • you can only access the value that you have loaded which helps you control spending;
  • the Card can be used on the internet or telephone to make payments;
  • the Card can be used to withdraw cash at ATMs (subject to daily limits);
  • no Hay currency conversion fees apply (although other financial institutions involved in the conversion may do so);
  • if your Citro Card is lost or stolen you can immediately freeze the card through the Citro App;
  • you can cancel the CitroCard within the Citro App; and
  • you can see detailed information about merchants you purchase goods from on the Citro App
  • you receive the Visa exchange rate at the interbank rate at the time of settlement (no margin, spread or fees charged by Hay).

Significant benefits of the Citro Account are:

  • you can make payments from and receive payments to your Citro Account in the same way you do a bank account (even though the Citro Account is not a bank account);
  • you can easily search all transactions via amount, date, merchant name and location;
  • you can track monthly spending via categories and merchants;
  • you can track travel spending per country or trip automatically with travel mode;
  • you can easily see foreign exchange values of your held funds in AUD to local international currency;

9. Risks of the Citro Account and Card

The significant risks of the Citro Card and Account are:

  • Unauthorised transactions could happen if your Citro Card is lost or stolen, if your PIN is revealed to an unauthorised person, as a result of fraud, or if you breach the Terms and Conditions of the Citro Card and Account outlined in this PDS or the Terms and Conditions;
  • you might not be able to get your money back if unauthorised transactions or mistaken transactions occur. The higher your Available Balance is in your Citro Account the more you could lose due to an unauthorised transaction;
  • due to equipment errors, malfunctions or equipment being used incorrectly, the same transaction may be processed more than once, or transactions may not be processed at all;
  • merchants and ATM operators (domestic and international) may charge fees for using the Card at their facilities and these fees may increase;
  • if the network enabling the use of the Citro Card or Account is unavailable, you may not be able to perform transactions or get information using the Citro App;
  • merchants may, at their discretion, refuse to accept the Citro Card as a method of payment. You should always check with the merchant that it will accept the Citro Card before purchasing any goods or services;
  • you will not earn interest on any Available Balance that is stored on your Citro Account and Card;
  • the Financial Claims Scheme (see does not apply in relation to your Citro Card or your Citro Account. If Hay fails, any Available Balance held on your Citro Account will not be protected by the FCS, and you may lose all or part of your Available Balance; and
  • as Hay has not considered your individual circumstances or needs and you should get your own independent tax advice on the impact that the Citro Card or Account may have on your personal tax liability.

10. Fees

The fees for Business Account and Card are:

Transaction fees

Account opening                            $0

Account keeping                            $9.99 per month, waived for the first 12 months from date of joining.

Overdrawn                                      $0

Direct debit dishonour                   $0

ATM withdrawal                              $0 at all major bank ATMs*

Domestic Transaction                     $0

International transaction                 0%

Card Replacement Fee                   $0

Transaction dispute fees

Card payments                                $0

Non-card payments and transfers   Up to $20

*Hay does not charge any ATM fee. A fee may be charged by the ATM Operator

11. Limits

There are default limits that apply to the Citro Card and Account for:

Default limits

Maximum balance                                              $50,000

Minimum balance                                               $0

Maximum deposit per day                                 $10,000

Maximum ATM cash out per day                      $20

Maximum 'Pay Anyone' bank transfer per day $10,000

Maximum single card transaction                      $10,000

Maximum card spend per day                           $10,000

At any time, Hay can adjust the limits. You can find the current limits that apply to your Citro Account and Card within the Citro App.

12. Cooling off rights

There are no cooling-off rights attached to the Citro Account and Card. However, you may cancel the Card and close your Account at any time.

13. Disputing a Transaction

We encourage you to review your transaction history regularly. Where your Citro Card is used for unauthorised transactions, we will seek to reverse the transaction if we can under the Visa Scheme Rules(Chargeback). Your ability to dispute a transaction or reverse an unauthorised transaction may be lost if you do not notify us immediately (see Chargeback and DisputedTransaction in section 2 of the Card and Account terms and conditions). It is your responsibility to regularly review your online transaction history to identify unauthorised transactions. We may not be responsible for any loss to you if you do not dispute an unauthorised transaction within 45 days of the transaction date or such other period prescribed by law.

14. Feedback and Resolving Complaints

When you provide feedback, Hay and Citro have the opportunity to improve services to you. If you have a query or complaint relating to the Citro Account and Citro Card that Citro has provided to you, you should initially direct the query to Citro via:

Mail:                Level 21, 50 Bridge Street Sydney NSW 2000

Please provide a full explanation of your feedback or complaint. Citro may request further details from you.

When dealing with your complaint we will undertake the following:

  • Keep a record of your complaint;
  • Acknowledge your complaint within 1 business day;
  • Respond within 30 calendar days;
  • If we cannot complete our investigation within 30 calendar days, we will let you know why before the 30 calendar days lapse.

If you are unable to resolve your issue with Citro directly, you can escalate your enquiry to Hay via Hay will check with you to make sure you are satisfied with how your complaint was handled.

If we are unable to resolve the matter to your satisfaction, you may refer the compliant to the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers. It is important you raise your concerns with us first before going to AFCA, as AFCA will generally encourage this before they will investigate. The contact details for AFCA are:

Mail:                 GPO Box 3, Melbourne VIC 3001

Phone:              1800 931 678 (free call)



15. Terms and conditions

The Terms and Conditions for use of the Citro Card and Account is a separate document but forms part of this PDS and can be accessed at

You should read the Terms for the Citro Card and Account before acquiring the Citro Card and Account as they set out the legal relationship between you and us. You can download an electronic copy of the Terms via the Citro app or website.

The Terms for the Citro Card and Account cover:

  • how to use your Citro Card and Account
  • restrictions of use of your Citro Account and Card;
  • security requirements and what to do if you lose your Citro Card, or your Citro Card or Account is compromised;
  • what will happen where you make a mistaken payment, or an unauthorised transaction occurs;
  • limits on what Hay is responsible for;
  • suspension and termination of your Citro Account and Card; and
  • what to expect if there are changes to the Terms and Conditions.

The above points are a high-level summary of what is covered in the Terms and Conditions and not a substitution for reading them. We strongly encourage you to read and understand the Terms and Conditions as well as the Privacy Policy before obtaining the Citro Account and Card.

16. Applicable laws


Hay is committed to complying with the Privacy Act 1988. The Hay Privacy Policy sets out detailed information about how, why, and when personal information is collected, disclosed, used, stored, and otherwise handled by Hay. Hay’s Privacy Policy is available at You may request a copy of the Policy in hardcopy. 

The Hay Privacy Policy sets out:

  • the purposes for which we collect your personal information;
  • the consequences if you do not provide your personal information to us;
  • the third parties to which we disclose your personal information;
  • how to access and seek correction of your personal information;
  • how to complain about a breach of our obligations in respect of your personal information and how we will deal with such a complaint; and
  • whether your personal information is likely to be disclosed by us to overseas entities and in which countries these entities reside.

Anti-Money Laundering and Counter Terrorism Finance (AML) laws

As an issuer of the Citro Account and Citro Card, we must comply with the Anti-money Laundering and Counter-terrorism Financing Act2006 (Cth) (AML Act) and its related Regulations. There are several obligations under the AML Act which we must comply with including Know Your Customer and certain reporting obligations. Accordingly, as part of the application process we will require evidence of who you are and where you live. As part of our legal obligations, we need to verify this information and accordingly, we check the information you provide against records maintained by credit reporting and fraud prevention agencies/ organisations. However, we do not perform a credit check on you and the searches we perform are only for verifying your identity.

You must let us know as soon as possible when any of your details change.

We may need to block, delay, Freeze or refuse transactions or suspend or close your Citro Account and Citro Card where we reasonably consider that a transaction is fraudulent or in breach of the AML Act or where we have concerns regarding your money laundering or terrorism financing risk. We must block the Citro Account and Citro Card until we verify your identity. We are not responsible for any loss that arises where this occurs. Where we can, we will let you know why we have stopped the transaction or Frozen the Citro Card and Citro Account. However, in some cases our legal obligations will stop us from being able to tell you and failing to inform you of the reasons will not be a breach by us of these Terms.