Citi charges $595 for ‘Strata Elite’ credit card to rival Amex, Chase

However, Kevin Carter—Getty ImagesCitigroup Inc

Moreover, Conversely, Launched a premium credit card designed to rival ones offered by JPMorgan Chase & Co

And American Express Co, amid market uncertainty. , the entrant in the increasingly crowded market for cards offering high-end perks

This demonstrates that offers the largest points rewards for hotels, car rentals and attractions booked on Citigroup’s travel platform, as well as restaurant dining at peak weekend times

What the re reveals is card also bakes in perks for customers who fly with American Airlines Group Inc, in light of current trends. , giving four passes per year to the airline’s airport lounges and the ability to transfer Citigroup “ThankYou Points” into reward miles with the airline

That s an expansion of the firms’ existing card partnership in December, when American Airlines chose to make Citigroup the exclusive issuer of all its credit cards, given the current landscape

Furthermore, In addition to American Express and JPMorgan, Citigroup will be competing with other banks trying to break into the premium space, including Capital One Financial Corp (an important development)

What the re reveals is customers they vie for are highly sought after, known for their willingness to pay annual fees, and reliably spending more and prioritizing travel and hospitality. “It’s always been highly competitive — competition makes us all better,” Pam Habner, Citigroup’s head of US branded cards and lending, said in an interview

However, That card’s annual fee will jump to $795 from $550, JPMorgan said last month, in today's market environment

Read More: JPMorgan Hikes Sapphire Reserve Fee to $795 in Card Overhaul In addition to the perks rolled out by Citigroup directly, the Strata Elite card will be the first in Mastercard Inc, given the current landscape. ’s recently announced World Legend tier of credit cards, meaning it comes with an additional suite of benefits

Meanwhile, World Legend cards include access to the Mastercard Collection, which translates into ticket pre-sales and lined airport security access, among other rewards. “We designed benefits that we know our customers can use,” Habner said, adding that the card was designed to give customers rewards for types of spending, rather than handing them coupon-style rewards to use with specific companies (this bears monitoring)

Explore this year's list, given current economic conditions.