Credit cards race: Citi launches Strata Elite to rival AmEx Platinum, Chase Sapphire Reserve with $595 fee and travel perks

Citigroup has entered the competitive luxury credit card market with the launch of its new Strata Elite Card, aiming to lure premium customers away from rivals like American Express’ Platinum Card and JPMorgan Chase’s Sapphire Reserve.The Strata Elite, launched at an annual fee of $595, undercuts the Platinum and Sapphire Reserve cards, which charge $695 and $795 respectively. It offers high rewards on travel-related spending—multiples on air travel, car rentals, hotels, and dining—as well as everyday purchases. Customers will also receive a $300 hotel credit and a $200 “splurge” credit for select brands like Best Buy and Live Nation, AP reported.This card becomes the highest tier in Citi’s new three-part Strata lineup, which includes the base Strata Card and mid-range Strata Premier. The launch marks Citi’s return to the ultra-premium card segment after its Citi Prestige card was pulled from the market in 2021, following stiff competition from AmEx and Chase.While Citi Prestige was once a favourite among travel rewards enthusiasts, it lost ground after Chase’s Sapphire Reserve debuted in 2016, followed by enhancements to AmEx Platinum.

Citi stopped accepting new applications for Prestige in 2021, though benefits remain for existing cardholders.The Strata Elite now enters a crowded field that includes Capital One’s Venture X and an upcoming high-end card from startup Bilt. As competition heats up, players are expanding rewards and travel credits, hoping to justify steep annual fees that can exceed $1,000 for users carrying multiple cards.Citi is also bolstering its travel infrastructure. Customers booking through Citi’s in-house travel portal will earn 12X points under the “Thank You” rewards programme—an aggressive move aligned with strategies by AmEx, Chase, and Capital One, who are also directing users to their proprietary booking platforms rather than third-party sites like Expedia.