Citigroup has unveiled a new addition to its premium credit card lineup with the launch of the Strata Elite card, aiming to compete directly in the lucrative luxury card market dominated by American Express’ Platinum card and JPMorgan Chase’s Sapphire Reserve. This card comes with an annual fee of $595, lower than its main competitors, and is designed to attract customers with generous reward multipliers on categories such as hotel stays, car rentals, airline purchases, and dining. Cardholders will also receive points on everyday purchases, a $300 hotel credit, and a $200 “splurge” credit for use at retailers and entertainment brands including Best Buy and Live Nation. These benefits place it in the same high-fee, high-reward space that has become increasingly competitive over the past decade.
Citi has a history in the luxury card market, previously introducing its Prestige card in 2013 to rival the Platinum card. That offering initially gained a strong following among frequent travelers, but it lost ground as Chase’s Sapphire Reserve gained popularity in 2016 and American Express updated its Platinum card. New applications for the Prestige card were halted in 2021, though current holders still enjoy its benefits. With the Strata Elite, Citi hopes to regain traction in a space now crowded with options, including Capital One’s Venture X and an upcoming high-rewards card from Bilt. In addition to joining Citi’s “good, better, best” lineup alongside the Strata and Strata Premier cards, the new Elite version offers particularly high earning potential through bookings made on Citi’s revamped travel portal, which rewards 12 points per dollar. This focus on travel portals mirrors a broader trend among banks, as institutions seek to draw customers into using proprietary travel services that offer richer rewards and ensure loyalty to their branded credit cards.