Battle between Amex and Chase for top travel perks credit cards takes a twist
Citibank is introducing its own premium credit card focused on luring in wealthy globe-trotters.
The banks upcoming 'Strata Elite' card will come in the third quarter of the year, the bank revealed on Tuesday.
Details of whether the card will come with a fee have not yet been disclosed.
The swanky new offering with be a direct rival to Chase's 'Sapphire Reserve' card and American Express's travel-focused 'Platinum' card.
'Part of competing in this space is ensuring we have innovative products that appeal to the needs and interests of our customers,' Citigroup's Chief Financial Officer Mark Mason said in a statement.
It marks a return to premium credit cards for the bank after it stopped taking applications for its $495-a-year Prestige card in 2021.
The new card will be overseen by exec Pam Habner who previously launched the Sapphire Reserve for Chase in 2016.
The popular Sapphire card recently announced that it would be hiking its annual fee to $795 up from $550.
The bank said the revamped card will offer more than $2,700 in value, with expanded benefits across travel, dining, and entertainment.
That includes a $500 credit at its network of hotels and resorts, a $300 dining credit at select restaurants, and $300 in credits for StubHub or Viagogo purchases.
Subscribers will also receive complimentary access to Apple TV+ and Apple Music, valued at $250 annually, plus a new program that doubles the redemption value of points on select travel bookings.
High spenders — those who charge $75,000 or more annually — will unlock additional perks, including elite status with Southwest Airlines and IHG Hotels & Resorts.
Travel perks remain one of the biggest draws for consumers choosing a credit card.
As such American Express is planning its 'largest investment ever' into travel-focused cards this year.
'We're going to take these cards to a new level, not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel,' Amex boss Howard Grosfield said last month.
The card will be overseen by Pam Habner who previously launched the Sapphire for Chase
Chase recently announced that it would be hiking its annual Sapphire fee to $795 up from $550.
Its Platinum card, which offers customers access to its global airport lounges, currently costs $695 a year.
Meanwhile, a recent report showed how the value of credit card reward points has been gradually falling - as inflation has taken hold.
A reward point has long been worth around one cent when used to cover other purchases.
But one cent has lost around 20 percent of its purchasing power since 2018, according to the Bureau of Labor Statistics.
This means a point has also fallen in value by about the same amount.
If you built up 50,000 points with a major credit card issuer in 2020 and still have not spent them, they are now worth about 41,300.
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