Citibank to offer prepaid Aussie credit rewards

The prepaid card market will now include Citibank.

Citibank is planning to go into the prepaid card market, in which businesses can offer Aussie credit to customers on the cards as a reward scheme.

The bank – which offers Citibank Credit Cards – has a current deal which involves giving Ford customers a card with $250 loaded on to it to spend in retail outlets after they purchase a vehicle from the manufacturer, the Australian reported.

Jason Tiede, Citi prepaid services head, said Australia was the first country in the Asia-Pacific area that the bank had chosen for the card scheme after having it in ten countries already - with 1,300 consumers signed up.

He added: "Instead of receiving a cheque you receive a branded card - which for the corporate is practically a billboard in their customer's wallet."

This news comes after National Australia Bank announced it is inline for an award from CHOICE after cost-cutting on its bank accounts.

By Kate Guthrie