Citi Launches Strata Elite Card To Compete With AmEx and Chase

A new but familiar player is entering the high-end credit card arena. Citigroup is launching the Strata Elite Card, its latest attempt to claim a share of the high-fee, high-rewards market long dominated by American Express’s Platinum Card and JPMorgan Chase’s Sapphire Reserve, Ken Sweet reported for the Associated Press (AP).

Citi has made previous attempts to crack the premium card market. I Photo: Citi

Priced at an annual fee of $595—less than its main competitors—the Strata Elite Card will offer generous points multipliers for categories like hotel stays, car rentals, airfare, and dining.

It also includes points for everyday purchases, along with a $300 hotel credit and a $200 “splurge” credit for retailers like Best Buy, Live Nation, and others.

Citi has made previous attempts to crack the premium card market. In 2013, the bank launched the Citi Prestige card to compete directly with the AmEx Platinum. That card initially won praise from frequent travelers for its robust rewards program and perks.

However, the Prestige Card lost its appeal after Chase introduced the Sapphire Reserve in 2016, which became an instant hit.

Around the same time, AmEx revamped the Platinum Card to stay competitive. Citi stopped accepting new applications for Prestige in 2021, though some cardholders continue to enjoy its benefits.

Strata Elite now enters a fiercely competitive landscape. In addition to the Platinum and Sapphire Reserve, competitors include Capital One’s Venture X and a new premium card expected from startup Bilt early next year.

Chase recently raised the Sapphire Reserve’s annual fee to $795, while AmEx is expected to update the Platinum Card’s perks and rewards structure later this year.