Citigroup is taking a leap of giant proportions into the world of premium credit cards by introducing its Citi Strata Elite card — a high-end product with a mission to directly challenge American Express's Platinum Card and JPMorgan Chase's Sapphire Reserve.

For an annual fee of $595 and a robust travel, lifestyle, and rewards benefits package, the Citi Strata Elite card is a contender in the premium card space. Here's a summary of what this new card has to offer and how it compares to the competition.

What is the Citi Strata Elite Card?

The Citi Strata Elite is Citigroup's latest player in the premium credit card space. It has a $595 annual fee — lower than some of its nearest competitors — but potentially greater than $1,500 a year in rewards when redeemed.

The card is built to appeal to high-value consumers who spend significantly on travel, dining, and lifestyle experiences. It also represents a re-launch for Citi, whose previous premium card Citi Prestige had been successful in its first few years but was suspended for new applications in 2021.

Key Features of Citi Strata Elite

This is what cardholders will receive:

Points Rewards System: Cardholders accumulate additional points when dining and traveling — particularly at busy hours and weekends. The highest rewards are given when reserving hotels, car rentals, flights, and restaurants.

Travel Credits: The card includes a $300 hotel credit that is used against bookings reserved on Citi's website. It also includes a $200 "splurge" credit to be spent at participating retailers like Best Buy and Live Nation.

Lounge Access: Four complimentary American Airlines lounge visits per year — a nice bonus for frequent flyer domestic passengers.

Bonus Travel Points: Reservations made on Citi's newly redesigned travel portal earn 12x points under Citi's "ThankYou" Rewards Program — one of the industry's highest earning rates in the category.

All these rewards collectively make the Citi Strata Elite card a top pick for those who redeem purchases on travel and entertainment.

Citi Premium Card Journey

Citi is not a stranger to this ground. In 2013, the bank introduced the Citi Prestige card, which was highly sought after by travel enthusiasts due to its high-end privileges and enticing rewards. Its popularity declined following the introduction of the Chase Sapphire Reserve in 2016 and the subsequent reiterations of the Amex Platinum Card.

Prestige was ultimately closed to new applicants in 2021, although continuing benefits remained available to current customers. With the introduction of the Citi Strata Elite, Citi is now indicating that it is once again in the upscale card business.

Competitive Landscape: A Crowded Market

The luxury card class is more competitive than ever. Besides Amex and Chase, other issuers like Capital One have entered the fray with products like the Venture X. Bilt is also set to introduce a luxury card with specialty rewards tied to rental payments later in early 2026.

Chase just increased the Sapphire Reserve's annual fee to $795, and Amex will similarly tinker with the Platinum Card's layout later this year. The Citi Strata Elite trumps them both on cost while offering identical — and in some cases, superior — rewards for frequent flyers.

Is Citi Strata Elite Worth It?

For the value-conscious consumer, the value proposition of the Citi Strata Elite card is highly significant. An individual who travels frequently, dines out, and makes lifestyle purchases at certain stores can easily accumulate more than the $595 fee in rewards and credits.

But most significant will be how Citi will innovate further and support the card with new partnerships, points redemption freedom, and customer experience.

Since the premium credit card industry is increasingly being treated as a "subscription model" with expensive annual fees offset by high-end benefits, the banks have to strike the balance.

The Citi Strata Elite card strikes exactly such a balance — offering an economical option with high-end rewards.

Final Thoughts

Citigroup's return to the premium credit card market with the Citi Strata Elite is a strategic move to regain ground lost to American Express and Chase. With travel resuming in earnest after the pandemic and consumers than ever eager to pay for value-rich cards, the timing couldn't be better.

Whether Citi will be able to keep the momentum going through this rapidly evolving terrain remains to be seen — but meanwhile, the Citi Strata Elite card is an attractive new choice for aspirational card hunters.