Citi launches Strata Elite Card to compete with AmEx and Chase
[July 28, 2025] By
KEN SWEET
NEW YORK (AP) — There’s a new but familiar face coming to the world of
high-end credit cards.
Citigroup is launching the Strata Elite Card, the bank’s latest attempt
to grab a piece of the high-fee, high-rewards credit card market that’s
dominated by American Express’ Platinum Card and JPMorgan Chase’s
Sapphire Reserve Card.
The card, which is priced less than the Platinum Card and the Sapphire
Reserve Card at an annual fee of $595, will offer points multiples for
certain types of spending, like hotels, car rents, air travel and
restaurants. Additionally, the card will offer points for everyday
spending, as well as a $300 hotel credit and a $200 “splurge” credit at
brands like Best Buy, Live Nation and others.
Citi has had other forays into the high-end credit card market. The
company launched Citi Prestige in 2013 as a direct competitor to the
American Express Platinum Card, and the card won high praise from travel
fanatics when it debuted for its hefty rewards program and perks.
But Prestige lost its prestige when Chase launched the Sapphire Reserve
Card, a credit card that was an instant hit when it was released in
2016, and when AmEx overhauled the Platinum Card to be more competitive.
Citi stopped allowing new applications for Prestige in 2021, but the
card’s benefits still exist for customers carrying the card.
Strata Elite is facing a highly competitive marketplace. Along with the
Platinum Card and Sapphire Reserve, there are other rewards-heavy cards
like Capital One’s Venture X Card and a coming high rewards card from
credit card upstart Bilt early next year. Chase raised the annual fee on
Sapphire Reserve to $795 as part of a product refresh in June, and
American Express has indicated it will be revising the Platinum Card’s
rewards and perks later this year.
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 A customer who ends up carrying two
of these high-fee cards can quickly spend more than $1,000 on annual
fees. So far, credit card companies have been able to justify these
fees by attaching lucrative perks to the cards, like travel or other
spending credits, and generous rewards programs, effectively
marketing them as a high-end subscription plan. But it’s not clear
how willing customers are to carry several of these cards each year.
This is the third in the Citi Strata card family, following a
similar formula to other banks where there’s a “good, better, best”
choice for customers. The other cards are the Citi Strata Card and
Strata Premier.
The biggest earning potential on Citi’s new card is by booking
travel through Citi’s new travel portal, which gives 12 times points
on Citi’s “Thank You” rewards program.
Credit card companies are trying to push customers onto their own
travel portals, where banks can contract directly with airlines and
hotels and make sure customers use their branded credit cards when
traveling. American Express, Chase and Capital One have all built
out their travel services in recent years and are increasingly
offering customers better rewards and redemptions for using their
services instead of booking through a place like Expedia.
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