Citigroup introduces new Strata Elite premium card with a $595 annual fee, targeting affluent customers who prioritize travel and dining rewards. Competing with JPMorgan Chase’s $795 Sapphire Reserve and American Express’ $695 Platinum cards, Capital One also offers a Venture X rewards card with a $395 annual fee.

With Citigroup’s new premium card rollout, the bank aims to innovate and appeal to customer needs. Despite not offering an airport lounge, Strata Elite cardholders receive a Priority Pass for global lounge access and perks like 6x points on air travel and 12x points on hotels, car rentals, and attractions.

Citigroup’s Strata Elite focus on customization and variety of perks offers cardholders four passes per year to American Airlines’ Admirals Club lounges. The card provides 1.5x points on all purchases, 3x points at restaurants, and up to 6x points on weekends, designed to simplify rewards for busy, globe-trotting customers.

Citigroup’s branded card business grew 11% in Q2, reaching $2.8 billion, while its retail services card business declined 5% to $1.6 billion. CFO Mark Mason emphasizes the importance of innovation and meeting customer interests in the competitive credit card market. The bank ranks third in the US credit card industry by purchase volume and outstanding credit balances.

Read more at Yahoo Finance: Citigroup enters credit card perk wars with $595 annual fee for Strata Elite