Latest news with #CitiPrestige
29-07-2025
- Business
Citi launches Strata Elite Card to compete with AmEx and Chase
NEW YORK -- There's a new but familiar face coming to the world of high-end credit cards. Citigroup is launching the Strata Elite Card, the bank's latest attempt to grab a piece of the high-fee, high-rewards credit card market that's dominated by American Express' Platinum Card and JPMorgan Chase's Sapphire Reserve Card. The card, which is priced less than the Platinum Card and the Sapphire Reserve Card at an annual fee of $595, will offer points multiples for certain types of spending, like hotels, car rents, air travel and restaurants. Additionally, the card will offer points for everyday spending, as well as a $300 hotel credit and a $200 'splurge' credit at brands like Best Buy, Live Nation and others. Citi has had other forays into the high-end credit card market. The company launched Citi Prestige in 2013 as a direct competitor to the American Express Platinum Card, and the card won high praise from travel fanatics when it debuted for its hefty rewards program and perks. But Prestige lost its prestige when Chase launched the Sapphire Reserve Card, a credit card that was an instant hit when it was released in 2016, and when AmEx overhauled the Platinum Card to be more competitive. Citi stopped allowing new applications for Prestige in 2021, but the card's benefits still exist for customers carrying the card. Strata Elite is facing a highly competitive marketplace. Along with the Platinum Card and Sapphire Reserve, there are other rewards-heavy cards like Capital One's Venture X Card and a coming high rewards card from credit card upstart Bilt early next year. Chase raised the annual fee on Sapphire Reserve to $795 as part of a product refresh in June, and American Express has indicated it will be revising the Platinum Card's rewards and perks later this year. A customer who ends up carrying two of these high-fee cards can quickly spend more than $1,000 on annual fees. So far, credit card companies have been able to justify these fees by attaching lucrative perks to the cards, like travel or other spending credits, and generous rewards programs, effectively marketing them as a high-end subscription plan. But it's not clear how willing customers are to carry several of these cards each year. This is the third in the Citi Strata card family, following a similar formula to other banks where there's a 'good, better, best' choice for customers. The other cards are the Citi Strata Card and Strata Premier. The biggest earning potential on Citi's new card is by booking travel through Citi's new travel portal, which gives 12 times points on Citi's 'Thank You' rewards program. Credit card companies are trying to push customers onto their own travel portals, where banks can contract directly with airlines and hotels and make sure customers use their branded credit cards when traveling. American Express, Chase and Capital One have all built out their travel services in recent years and are increasingly offering customers better rewards and redemptions for using their services instead of booking through a place like Expedia.
Time of India
27-07-2025
- Business
- Time of India
Credit cards race: Citi launches Strata Elite to rival AmEx Platinum, Chase Sapphire Reserve with $595 fee and travel perks
Citigroup has entered the competitive luxury credit card market with the launch of its new Strata Elite Card, aiming to lure premium customers away from rivals like American Express' Platinum Card and JPMorgan Chase's Sapphire Reserve. The Strata Elite, launched at an annual fee of $595, undercuts the Platinum and Sapphire Reserve cards, which charge $695 and $795 respectively. It offers high rewards on travel-related spending—multiples on air travel, car rentals, hotels, and dining—as well as everyday purchases. Customers will also receive a $300 hotel credit and a $200 'splurge' credit for select brands like Best Buy and Live Nation, AP reported. This card becomes the highest tier in Citi's new three-part Strata lineup, which includes the base Strata Card and mid-range Strata Premier. The launch marks Citi's return to the ultra-premium card segment after its Citi Prestige card was pulled from the market in 2021, following stiff competition from AmEx and Chase. While Citi Prestige was once a favourite among travel rewards enthusiasts, it lost ground after Chase's Sapphire Reserve debuted in 2016, followed by enhancements to AmEx Platinum. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo Citi stopped accepting new applications for Prestige in 2021, though benefits remain for existing cardholders. The Strata Elite now enters a crowded field that includes Capital One's Venture X and an upcoming high-end card from startup Bilt. As competition heats up, players are expanding rewards and travel credits, hoping to justify steep annual fees that can exceed $1,000 for users carrying multiple cards. Citi is also bolstering its travel infrastructure. Customers booking through Citi's in-house travel portal will earn 12X points under the 'Thank You' rewards programme—an aggressive move aligned with strategies by AmEx, Chase, and Capital One, who are also directing users to their proprietary booking platforms rather than third-party sites like Expedia. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Business Times
21-07-2025
- Business
- Business Times
SingSaver Best-Of Awards celebrates products and platforms driving smarter money moves
Forty-three providers of personal finance products were recognised earlier this month at an inaugural awards ceremony organised by fintech group MoneyHero. Held at Pan Pacific Orchard, the inaugural SingSaver Best-Of Awards 2025 handed out 45 awards across four categories: Credit Cards, Digital Banks, Insurance Plans and Investment Platforms. The Award Ceremony on July 17 was attended by more than 170 executives from the financial industry. Nasdaq-listed MoneyHero is a personal finance aggregation and comparison platform and digital insurance brokerage provider in Greater South-east Asia that serves 1.3 million unique monthly users in Singapore. Its portfolio includes SingSaver, a popular Singapore-based portal comparing products and services from over 60 financial providers – as well as Seedly, a personal finance community platform. The awards ceremony, said Mr Rohith Murthy, Chief Executive Officer of MoneyHero, marked a significant milestone in the promotion of financial literacy and excellence in Singapore. 'Tonight's awards crown a decade of helping Singaporeans cut through fine print and capture real value. Each winning product demonstrates that transparency, first-class customer experience and genuine savings can exist together,' he added. Attendees of the awards ceremony included representatives from Singapore's three local banks – DBS, OCBC and UOB – alongside digital banks such as GXS Bank, MariBank and Trust Bank. MoneyHero CEO Rohith Murthy greets attendees at the SingSaver Best-Of Awards 2025. PHOTO: MONEYHERO Also present were representatives from brokerages IG Singapore, CMC Markets, as well as other financial services providers Endowus, MSIG Insurance and Singlife. Nominated personal finance products and service providers were carefully evaluated based on factors such as annual fees, interest rates, sign-up incentives, bonus offers, rewards earn rates, user experience, coverage scope, and policy flexibility. This, said Mr Murthy, ensures the awards truly represent excellence and reliability in the marketplace. A joint panel of MoneyHero analysts and independent personal finance voices assessed products on annual fees, interest rates, sign-up perks, earn rates, coverage scope and policy flexibility. Winners were selected from shortlisted entries that were evaluated through mystery shopping to test onboarding speed and customer support. Each product went through a rigorous evaluation process conducted by the MoneyHero Group team, alongside an esteemed panel of prominent local personal finance influencers. Recognising the best in personal finance At the gala, Citi took home two awards in the Credit Cards category, for best premium credit card and best credit card for petrol and transport. Mr Gourab Kundu, head of digital growth for Asia South at Citi Wealth, said the team was honoured that the Citi Prestige and Citi Cash Back credit cards have been recognised at the inaugural SingSaver Best-of Awards 2025. 'This recognition is a testament to our customer-centric focus, bringing the best proposition to our clients. Moving forward, we will continue to enhance our value proposition for customers to ensure our product offerings fit their lifestyles and their needs,' said Mr Kundu. Another winner is Allianz, which took home the best global insurance provider award under the Insurance category. Ms Catherine Pang, sales director at Allianz Partners Singapore, expressed gratitude for the recognition. She noted that Allianz Partners' mission is to provide travellers with peace of mind through comprehensive, accessible and responsive travel insurance solutions. Said Ms Pang: 'This award is a reflection of the trust our customers place in us and the dedication of our team to deliver exceptional service – from seamless digital claims to round-the-clock emergency assistance. 'We are proud to stand alongside SingSaver and MoneyHero in empowering consumers to make informed financial decisions, and we remain committed to protecting every journey, near or far.' In the credit cards categories, HSBC won the best credit card for dining perks with its Live+ credit card, whereas Standard Chartered stood out for its Simply Cash card for simple cashbacks. In the digital banking segment, GXS Bank was lauded for its goal-based saving feature; MariBank won the best integrated investing option award for its SavePlus product; and Trust Bank was acknowledged for its seamless onboarding. For those who invest, Webull Singapore was picked the best brokerage for United States, Singapore and Hong Kong stocks; Moomoo earned votes for being the best brokerage platform for beginner investors; and Longbridge Singapore was voted best emerging brokerage of the year. Some stars among insurers include Etiqa, which took the best overall car insurance plan; AIG for its home insurance plan; and Chubb for being the most innovative when it comes to business solutions. Said Mr Murthy: 'We would like to extend our heartfelt thanks to the winners, nominees, judges, and attendees for their contribution to this milestone event and their shared commitment to financial empowerment.' Following the launch of the Singapore edition of the SingSaver Best-Of Awards 2025, MoneyHero plans to bring similar awards programmes to Hong Kong, the Philippines and Taiwan. 'Bringing together our partners for this yearly event will strengthen collaboration and drive innovation across the ecosystem – something we will replicate across all the markets we operate in, going forward,' said Mr Murthy. Discover all the winners of the inaugural SingSaver Best-Of Awards.
