Citi Bank Rolls Out a New Premium Card in Fight for Affluent Customers

 

Citi has officially launched a new premium credit card, the Citi Strata Elite Card, as part of its strategy to compete for affluent customers in the high-fee, high-rewards market. This move aims to challenge established players like American Express' Platinum Card and JPMorgan Chase's Sapphire Reserve Card.

The Strata Elite Card has an annual fee of $595, which is lower than both the Amex Platinum ($695) and Chase Sapphire Reserve ($795). It's the highest tier in Citi's new "Strata" lineup, which also includes the Strata Card and Strata Premier. This launch marks Citi's re-entry into the ultra-premium card segment after discontinuing its Citi Prestige card in 2021.

   

Key features and benefits of the Citi Strata Elite Card include:

 * Aggressive Rewards Earning:

   * 12x points on hotels, car rentals, and attractions booked through the Citi Travel platform.

   * 6x points on airfare booked through the Citi Travel platform.

   * 6x points on dining on "Citi Nights" (Friday and Saturday nights from 6 p.m. to 6 a.m. ET), and 3x points on dining at all other times.

   * 1.5x points on all other purchases.

 * Statement Credits:

   * Up to $300 annual hotel benefit for stays of two nights or more booked through Citi Travel.

   * Up to $200 annual "splurge" credit for purchases at up to two select brands, including Best Buy, Live Nation, and American Airlines.

   * Up to $200 annual Blacklane credit ($100 biannually) for chauffeur services.

 * Travel Perks:

   * Complimentary Priority Pass Select membership for access to thousands of airport lounges worldwide.

   * Four American Airlines Admirals Club passes per year.

   * Up to $120 Global Entry/TSA PreCheck application fee credit every four years.

   * Access to "The Reserve by Citi Travel" for enhanced benefits at 4.5-5-star hotels (e.g., complimentary breakfast, $100 experience credit, early check-in/late check-out).

   * Travel and shopping protections like trip delay protection, trip cancellation/interruption protection, lost/damaged luggage protection, MasterRental coverage, extended warranty, and purchase assurance.

   * No foreign transaction fees.

 * Points Transfer: ThankYou Points earned with the Strata Elite can be transferred to the American Airlines AAdvantage program at a 1-to-1 ratio, a significant addition for Citi.

Citi is aiming to draw in affluent customers with its competitive fee structure and a robust set of travel and lifestyle benefits, seeking to carve out a strong position in a highly competitive premium card market.