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Citi Rolls Out a New Premium Card in Fight for Affluent Customers

Citi Rolls Out a New Premium Card in Fight for Affluent Customers

Citigroup C 0.71%increase; green up pointing triangle is launching a new premium credit card aimed at frequent travelers, the latest salvo in a high-stakes war among banks to win over affluent customers. With a $595 annual fee, the Strata Elite card is Citi's answer to the JPMorgan Chase JPM 0.70%increase; green up pointing triangle Sapphire Reserve and the American Express AXP 1.09%increase; green up pointing triangle Platinum cards, which offer a bevy of rewards but charge higher annual fees.
While credit-card issuers have been backing off on opening new accounts for lower-income customers, competition for affluent customers has intensified.
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