July 27, 2025
Citi Strata Elite: Citigroup (C) is making another move to attract premium credit card users. On Sunday, the bank will launch its new Strata Elite card, which comes with a $595 annual fee.
Today’s customers want more than just a credit card. They’re well-off, love to travel, and enjoy fine dining.
"They told us they care about earning rewards in the areas they’re passionate about," said Pam Habner, who heads US-branded cards and lending at Citigroup.
The Strata Elite card is stepping into a space full of big names. Top banks are all fighting for the attention of wealthy customers. Everyone’s offering new perks to stand out.
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Just a few weeks ago, JPMorgan Chase (JPM) raised the bar. It increased the annual fee on its Chase Sapphire Reserve card—from $550 to $795. To balance it out, they also packed in more benefits.
American Express (AXP), the country’s second-largest credit card provider, has plans in motion too. Later this year, it’s expected to revamp its high-end Platinum card. That card currently comes with a $695 annual fee.
Meanwhile, Capital One (COF) isn’t holding back either. CEO Richard Fairbank recently said they’re going all in on the Venture X rewards card.
It launched in 2021, carries a $395 annual fee, and offers a range of exclusive benefits.
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Big banks still hold a strong grip on the premium credit card market in the U.S. According to Federal Reserve data from May, average interest rates are now over 20%.
That makes credit cards one of the most profitable areas in consumer banking. CFRA analyst Ken Leon says it’s easy to see why banks love this space.
Pam Habner, who played a key role in launching JPMorgan’s Sapphire Reserve back in 2016, is now leading Citi’s latest push. She says the new Strata Elite card will give users “the highest earning potential of any card available today.”
“Our customers were very honest with us,” Habner shared. “They don’t want a card filled with coupon-style offers they’ll probably never use.”
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Citigroup’s return to the premium card space comes after a break. Back in 2021, the bank stepped away by ending new applications for its Prestige card. That card had a $495 annual fee and was once aimed at the same upscale audience.
Citigroup stands as the third-largest credit card lender in the U.S. This is based on both purchase volume and outstanding balances. In the second quarter, its branded credit card business grew by 11% compared to last year.
That brought in $2.8 billion. On the other hand, its retail services card business saw a 5% decline, dropping to $1.6 billion.
“To really compete in this space, we have to keep things fresh,” said Citigroup CFO Mark Mason. “It’s all about creating products that match what our customers actually want.”
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Citigroup won’t be opening its own airport lounge for Strata Elite users. But that doesn’t mean travelers miss out. Cardholders will get a Priority Pass membership.
It gives access to over 1,000 airport lounges across the globe. This isn’t a new idea in the premium space.
JPMorgan’s Sapphire Reserve, Amex’s Platinum, and Capital One’s Venture X cards also include the same lounge access.
Still, Habner said Citi wants to go beyond the basics. The goal is to offer more flexible perks with room for personalization.
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Strata Elite cardholders will also receive four passes each year to access the Admirals Club lounges, owned by American Airlines.
In return for the annual fee, users earn big rewards. They’ll get 6x points on flights. And 12x points on hotels, car rentals, and attractions—when booked through Citi’s travel platform.
With the Strata Elite card, users will earn 1.5x points on all other everyday purchases. Dining earns more. Cardholders get 3x points at restaurants. And on Friday and Saturday nights, that jumps to 6x points.
“Our customers are always on the move,” Habner said. “They live exciting lives. They travel. They make things happen. They don’t want to feel like they need a math degree or a spreadsheet just to track their rewards.”
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