Latest news with #StrataElite
New York Post
3 days ago
- Business
- New York Post
Wealthy New Yorkers say Amex Black Cards have lost their cache
Have credit cards lost their cache? A few years ago, whipping out an Amex Black Card was the ultimate status symbol — so much so that the hip hop collective A$AP Mob even wrote an entire song about it. But that was 2017. Now? It's all about practicality, not ego. A wealthy subset tell me they are increasingly choosing cards that either offer a suite of banking features — like the Chase Sapphire Reserve — or act as your dream assistant that can get you into Le Veau d'Or and plan your entire trip to San Sebastian — like Atlas. Advertisement 4 Credit cards like Atlas can get customers reservations at the toughest doors like Le Veau d'Or. Olga Ginzburg for NY Post While companies like American Express and Capital One don't break out the numbers for the cards targeted at high-net worth clients, it is clearly still an alluring space for companies. Popular trading app Robinhood unveiled a limited edition 10-karat gold card last year. Amex Platinum, Citi Strata Elite, and Capital One Venture X, have also invested in heavier metal cards that have more weight and gravitas than the plastic 'starter credit card' you get in college. But the cool factor just isn't there any more. People tell me high-end credit cards aren't a signal of wealth the way they used to be. (That's what Instagram is for) Advertisement 4 Popular trading app Robinhood unveiled a limited edition 10-karat gold card last year. Part of it has to do with the fact that people aren't pulling cards out of their wallets as much due to the rise of alternative payment methods like Apple Pay. A growing number of restaurants are even sending customers a link where they can pay the tab online and of course everyone is online shopping. The other reality many people are realizing is it's no good to whip out a black (or gold) card if you're eating at a second-rate restaurant. And that is where other companies are trying to swoop in to win over consumers. Advertisement Atlas has developed a devoted following of yuppy types since its launch in 2019. CEO Patrick Mrozowski told me that he believes that people are choosing his card because he provides a valuable service. 4 A black card had so much cache that A$AP Rocky and the A$AP Mob wrote an entire song devoted to it. Getty Images for MTV 'We are a concierge company first and a credit card company second,' he said. 'We've been focused on building an amazing concierge service, hiring the best travel agents, and building personal relationships with restaurants.' Those relationships have resulted in members getting some of the most competitive reservations in the city, like The Corner Store. Advertisement This story is part of NYNext, an indispensable insider insight into the innovations, moonshots and political chess moves that matter most to NYC's power players (and those who aspire to be). Other cards, like the Centurion, do provide perks — complimentary hotel and airline upgrades, free access to airport lounges, a club in New York City, the promise of aspiration reservations, and annual credits at Saks Fifth Avenue — but not typically at the level of Atlas. Meanwhile, the Bilt Rewards card has distinguished itself by emphasizing community engagement over traditional credit card offerings and has partnerships with local restaurants like Delmonico's and fitness studios like SoulCycle. Another trend that is complicating things for high-end credit card companies is the fact that big spenders are spreading out purchases between multiple cards. 4 Consumers are opting to use cards that are more specific to the purchases they are making. Jeff Greenberg/Universal Images Group via Getty Images Zach Perrett, the CEO Of Plaid, which provides technology to help connect bank accounts to fintech apps for over half of banked Americans, told me he is seeing people using half a dozen cards. 'People are connecting four or five, six or seven credit cards into a budgeting application,' Perret told me. 'Some of this is because you want to spend money on the card that is relevant to the thing that you're purchasing — let's say you have a Delta card, you want to put your travel on your Delta card.' Advertisement One person who recently canceled his black card and is now splitting purchases between a Delta card, a Chase sapphire card and a handful of other cards said it was like paying for a club you never use. 'The only benefit was the airport lounges, but now those have fallen off a cliff … I never used any of the other benefits they touted like personal shopping,' he explained. 'I paid more for this than most of my private club memberships in the city — I couldn't justify it anymore.'
Yahoo
29-07-2025
- Business
- Yahoo
Citi's new Strata Elite credit card has a $595 annual fee. Here's how its perks stack up against the competition.
As the premium credit-card market swells with the introduction of Citi's Strata Elite card, experts say rising annual fees and an overload of unused statement credits are leading to growing premium-cardholder fatigue. But while paying more than $500 for a credit card might seem excessive to many people, the fees on the most popular premium cards haven't risen enough to deter consumers seeking exclusive travel benefits from applying. 'Vegas is not fun anymore': $9 cups of coffee and pricier rooms are steering travelers away from the vacation mecca We're in our 70s with a $260K mortgage at 3% interest and $1.6 million in savings. Should we pay off our house in full? Citi's C Strata Elite boasts a flurry of travel and lifestyle rewards worth nearly $1,500 and gives cardholders the option to transfer points to American Airlines' AAL AAdvantage Bonus Miles, according to the company. It also comes with a $595 annual fee — putting it up there with the American Express AXP Platinum and Chase JPM Sapphire Reserve cards, which have $695 and $795 fees, respectively. Despite the high barrier to entry, demand for premium credit cards persists. 'If this trend was really having an impact on issuers' bottom lines, we likely would've seen a pullback. Instead, we've seen these cards go from $450, to $550, to $695 and now $795 with the Sapphire Reserve,' said Nick Ewen, senior editorial director at the Points Guy, a travel website. 'To me, this demonstrates that the cardholders complaining are either doing so and then keeping the card anyway, or are being replaced by new cardholders who are excited about the benefits.' The Strata Elite card offers 12 points per every dollar spent on hotels, car rentals and attractions booked through the Citi Travel platform, as well as six times the points on airfare booked through Citi Travel and restaurant purchases during select days and times. The card also offers statement credits worth several hundred dollars each calendar year for a hotel stay of two nights or more booked through Citi Travel, a chauffeur service and purchases made at up to two brands from a list that includes Live Nation LYV, Best Buy BBY and American Airlines. A statement credit is money added to your account balance for making specific purchases. When they're offered in small monthly increments, a card can earn the derisive nickname of 'coupon book.' Citi seems aware that consumers have grown weary of the laundry list of statement credits that come with rewards cards. Pam Habner, Citi's head of U.S. branded cards and lending, said the company was intentional with the perks they included in the Strata Elite card, choosing 'benefits that we know our customers will want to use — because we asked them what they value.' 'You shouldn't need a math degree and a spreadsheet to track your credit-card benefits,' Habner said in a news release. ThankYou Points — Citi's name for its loyalty points — earned on the Strata Elite, Strata Premier and Prestige cards can now be transferred to the American Airlines AAdvantage program at a 1-to-1 transfer ratio, meaning 1,000 ThankYou Points equals 1,000 AAdvantage Bonus Miles. See more: I asked AI, Google Flights and a travel agent to find me the cheapest flight. Here's who won. A 1-to-1 transfer ratio is something Points Guy credit-card writer Danyal Ahmed said he hoped to see in the new Strata Elite card. 'Any ability to transfer to the program with a better rate than Marriott Bonvoy would be beneficial to cardholders,' he wrote in a January article. The Marriott MAR Bonvoy transfer rate to AAdvantage is 3 to 1. The Strata Elite card also covers the $120 application fee for Global Entry or TSA PreCheck. The release of the Strata Elite is Citi's big comeback to the premium credit-card market. The company once offered the Citi Prestige as a premium product, but the card ultimately closed to new applicants a few years ago. 'Both Amex and Chase were able to adjust their card benefits to survive COVID-19 while Citi began to scale back, removing travel protections, capping benefits and finally closing the Prestige card for new applications in 2021,' Bankrate credit-cards expert Ana Staples said. See more: You'll have to charge over $75,000 a year on the new Chase Sapphire Reserve card to get the most out of it American Express and Chase remain leaders in the market, and their high annual fees reflect that. The Sapphire Reserve card's price tag rose to nearly $800 last month, and there's a possibility that Amex Platinum could start carrying a $1,000 fee later this year. The Platinum card currently has a $695 annual fee. '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, to meet the evolving needs of our customers,' Howard Grosfield, group president of U.S. consumer services at American Express, said in June when the upcoming refresh to the card was announced. American Express declined to provide additional comment for this story. Past refreshes of the Platinum card seem to have paid off for Amex. Since the last one in 2021, the cardholder base has 'pretty much doubled,' Chairman and CEO Steve Squeri told analysts in the company's second quarter earnings call earlier this month. Plus, of all new accounts acquired globally in the second quarter, 71% came from fee-paying products, with the Amex Platinum and Gold cards being the largest portfolios in that category. Chase Sapphire general manager Sam Palmer said the Sapphire Reserve provides a 'unique blend of premium dining and travel rewards, [and] carefully selected lifestyle credits from our partners.' 'After nearly a decade of listening to our cardmembers, we've designed the most rewarding card out there,' Palmer said in a statement provided to MarketWatch. The Strata Elite's $595 annual fee (plus $75 for each authorized user) places Citi in between the more expensive options and Capital One's COF Venture X card, which costs users $395 annually. Capital One did not respond to a request for comment from MarketWatch. So which card offers the best deal? It depends, experts say, especially when you're comparing statement credits. Ewen recommends going through each of the cards' offerings and looking for subscriptions or perks you're already paying for without the card, rather than ones you don't have yet. For example, the Sapphire Reserve card covers Apple AAPL Music, so if you already pay to listen to music on the platform, that can offset the annual fee. If you enjoy watching shows on Hulu or Disney+ DIS or fly often on Delta Air Lines DAL, Amex's monthly digital-entertainment credit might intrigue you. If you fly American a lot, you might consider the new Strata Elite card to be a good deal. Beyond points transfers, it also offers four passes each year to Admirals Club airport lounges. These lounges have become an important perk for cardholders in recent years. They've gotten so popular that some cardholders even have to wait to get into them. See more: Why American Express and American Airlines shrunk the airport lounge Chase, Amex and Capital One each have branded lounges in airports across the globe, while Citi does not. Instead, the Strata Elite offers the four passes to the Admirals Club plus a free membership to Priority Pass Select — a nearly $500 value that allows access to lounges in 95% of the world's busiest airports. One perk that makes the Chase Sapphire Reserve stand out is its $300 flexible travel credit. It's an automatic rebate for any travel purchase, not just those made through the Chase Travel portal. 'Any travel purchase with any travel provider is eligible, and the credits generally post within a day,' Ewen said. See more: Premium travel perks like VIP lounges and rewards points offer less than they used to — but these upgrades are still worth it Despite myriad credits, points transfers and lounges that offset the annual fee, for many consumers, the hundreds of dollars a year required are just too much to cough up. But 'perhaps that's the point now,' Staples noted. 'As these cards change and increase annual fees, they aren't for the average consumer who wants to get access to luxury travel experiences on a budget anymore,' she said. 'They're for people who don't find paying a few hundred dollars in a single charge to be any real financial pain. These cardholders want luxury, and they can afford it.' 'His income is limited': Should I pay $800 a month towards my husband's $67,000 student debt? Coinbase investors should cash in. The stock has rallied too much ahead of earnings, analyst says. Sign in to access your portfolio
CNBC
29-07-2025
- Business
- CNBC
Everything you need to know about Citi's all-new Citi Strata Elite Card, a premium card for travel and dining
There's a new premium credit card on the market and CNBC Select has everything you need to know. Recently, Citi announced the all-new Citi Strata Elite℠ Card, focused on travel and dining benefits. We think the $595 Strata Elite stands out most for its handful of statement credits and high 12X rewards rate on hotels, car rentals and attractions booked on A big plus, cardholders can also transfer their points to American Airlines. In its recent announcement, Citi has also rebranded the Citi Rewards+ Card (no longer available) to the Citi Strata℠ Card. This no-annual-fee credit card is more of an everyday card that lets you choose your own rewards category from a list of options. On Citi's site On Citi's site With the Citi Strata Elite℠ Card you can earn 80,000 bonus Points after spending $4,000 in the first 3 months of account opening. Good to Excellent670–850 21.24% - 29.24% variable $595 Earn 80,000 bonus Points See rates and fees. Terms apply. The Citi Strata Elite℠ Card aims to brings premium restaurant rewards and travel benefits to users, including an annual hotel benefit of $ transfer fee applies with this offer 5% of each balance transfer; $5 minimum. On Citi's site On Citi's site The Citi Strata℠ Card allows you to earn an unlimited 3X points in one of five categories of your choosing, plus there's an introductory 0% APR period on new purchases and balance transfers. Good to Excellent670–850 19.24% - 29.24% variable $0 Earn 30,000 bonus Points See rates and fees. Terms apply. The Citi Strata℠ Card is a solid rewards credit card that earns in several everyday spending categories, with no annual is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. A balance transfer fee of 5% of each transfer ($5 minimum) applies if completed after 4 months of account opening. The revamped Citi Strata has a welcome offer of 30,000 bonus points after spending $1,000 in the first three months of account opening. The new Citi Strata Elite has a slightly higher offer of 80,000 bonus points after spending $4,000 in the first three months of account opening, with an in-branch offer of up to 100,000 points. Both of these Citi cards earn rewards in the form of Citi ThankYou® Points, which can be redeemed for a range of rewards at varying values. The Citi Strata is a no-annual-fee card. The Citi Strata Elite, on the other hand, comes with a $595 annual fee, in exchange for its more premium offerings. It's pretty standard for a premium travel card to be this expensive; Chase just recently upped its lux Chase Sapphire Reserve® (see rates and fees) to $795 per year. Now, the Citi Strata Elite does come with almost $1,500 in value annually, which helps offset the cost of the card. What's most important is that the benefits fit easily into your lifestyle; more on that below. The no-annual-fee Citi Strata doesn't have any additional benefits itself, but does qualify for World Elite Mastercard benefits, including Lyft, Mastercard ID theft protection, priceless experiences and more. With the Citi Strata Elite being a more premium card, it brings many perks that focus on elevated travel and dining options: The Strata Elite is also the first issued "World Legend" credit card, the newest premium tier to the Mastercard Collection, offering priority reservations at restaurants, including in Europe through Mastercard's partnership with TheFork, ticketing access and more. The ability to transfer ThankYou Points to AAdvantage miles — a favorite perk of ours — is available to Citi Strata Elite, Citi Strata Premier℠ and Citi Prestige® Card customers (the last no longer open to new applicants). When it comes to earning Citi ThankYou Points, the Citi Strata gives you the ability to choose one of your own categories: The self-select category defaults to streaming services, but you can change it once per quarter, either online or by calling customer service. The Citi Strata Elite is more travel-focused, with its rewards offering: What first jumps out about the new Strata Elite is the 12X rewards category, which is high compared to many credit cards these days, even among those with large annual fees. It's worth noting that in order to earn this elevated rate, you'll have to book through the Citi Travel portal, which may restrict your options. The Strata Elite also has something rather unique about one of these rewards categories: a time frame. On Friday and Saturday nights, from 6 PM to 6 AM ET, you'll earn double the normal rewards on restaurant spending, for a total of 6X points, with the time frame being dubbed "Citi Nights." While the 3X points earned any other time are a solid return, the bump to your rewards on Friday and Saturday evenings could make weekend date nights a little more rewarding. The ThankYou Points that both the Citi Strata and Citi Strata Elite offer can be redeemed for a number of different rewards, with varying levels of value: You'll likely receive the highest value from your ThankYou Points when you transfer them to one of Citi's 20 different transfer partners, including 14 airlines, 5 hotels and 1 retail option: Since Citi offers a wide range of transfer partners, you have increased flexibility with the points you're earning, letting you pick the airlines and hotels that best fit your needs. If you're looking for more benefits than the Citi Strata offers but a less costly option than the Citi Strata Elite, here are some alternatives we love. The Blue Cash Everyday® Card from American Express is a great $0 annual fee card (see rates and fees) that earns a solid rate of rewards in everyday spending categories, like at U.S. supermarkets and on U.S. online retail purchases. If you have an eligible Disney streaming membership, you can receive a credit of up to $84 in $7 monthly chunks after using your enrolled Blue Cash Everyday Card to spend $9.99 or more each month (subject to auto renewal). The card earns cash back in the form of Reward Dollars, which can then be redeemed for statement credits to help pay your credit card bill. On the American Express site On the American Express site Good to Excellent670–850 20.24%-29.24% Variable $0 Earn a $200 statement credit See rates and fees, terms apply. Read our Blue Cash Everyday® Card from American Express review. The Blue Cash Everyday® Card from American Express has no annual fee and earns bonus rewards on a wide range of common $5 or 3% of the amount of each transfer, whichever is greater. 2.7% of each transaction after conversion to US dollars There's also the $95 Chase Sapphire Preferred® Card (see rates and fees), which earns 3X Ultimate Rewards® points in categories like dining and online groceries. The card also comes with a helpful suite of travel protections, including trip cancellation and interruption insurance, and it offers up to $50 in statement credits for hotel stays purchased through Chase Travel each account anniversary. On Chase's site On Chase's site With Points Boost, your rewards will be worth up to 1.5x on thousands of top-booked hotels and flights from select airlines through Chase Travel. Good to Excellent670–850 19.99% - 28.24% variable $95 Earn 75,000 bonus points See rates and fees. Terms apply. Member FDIC. Read our Chase Sapphire Preferred® Card review. The Chase Sapphire Preferred® Card packs a punch for a $95 annual fee card, offering annual travel credits, comprehensive travel protections and $5 or 5% of the amount of each transfer, whichever is greater Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Forbes
29-07-2025
- Business
- Forbes
Citi Strata Elite Card Review 2025
Compared to the Chase Sapphire Reserve® , the Citi Strata Elite℠ Card feels narrower in focus. The Sapphire Reserve offers a flexible rate of 8 points per dollar on all purchases through Chase Travel℠, including The Edit℠, 4 points per dollar on flights and hotels booked direct, 3 points per dollar on dining worldwide and 1 point per dollar spent on all other purchases. There are no time restrictions to earn rewards and the card also offers a broadly usable $300 travel credit. The Strata Elite card leans heavily on bookings through its portal with high multipliers on select travel categories, but this restricts flexibility and value. The weekend-only dining bonus is also more limited. Overall, the Strata Elite suits Citi loyalists or weekend diners but falls short of the broad premium perks that make the Sapphire Reserve a top travel card. Citi Strata Elite℠ Card vs. Capital One Venture X Rewards Credit Card The Capital One Venture X Rewards Credit Card stands out for its simplicity and flat-rate rewards. With a base earnings rate of 2X miles, lounge access with enrollment and 10,000 bonus miles every card anniversary (worth at least $100 toward travel), it delivers reliable value without requiring you to track spending windows. The Citi Strata Elite earns higher rates in certain niches, but it requires more of the cardholder. If you're looking for a premium travel card that's straightforward and hands-off, the Venture X is likely the better fit. Citi Strata Elite℠ Card vs. The Platinum Card® from American Express The Platinum Card® from American Express (Terms apply, rates & fees) focuses heavily on luxury and elite travel experiences, offering access to high-end lounges, hotel status, flight perks and hundreds of dollars in annual travel and lifestyle statement credits. It's designed for frequent travelers who want premium treatment and don't mind navigating hoops. The Citi Strata Elite doesn't offer nearly as many elite perks and prestige, making the Amex Platinum a better fit if luxury is your priority.
Business Times
28-07-2025
- Business
- Business Times
Citi charges US$595 for ‘Strata Elite' credit card to rival Amex, Chase
[NEW YORK] Citigroup launched a premium credit card designed to rival ones offered by JPMorgan Chase and American Express, the latest entrant in the increasingly crowded market for cards offering high-end perks. The 'Strata Elite' card will feature an annual fee of US$595, a price that the bank says can unlock almost US$1,500 in value if used to its maximum potential. It 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. The card also bakes in perks for customers who fly with American Airlines Group, 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 follows 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. 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. The customers they vie for are highly sought after, known for their willingness to pay annual fees, and reliably spending more and prioritising 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. At US$595, plus US$75 a year for each authorised user, the card is cheaper than JPMorgan's Sapphire Reserve, which Habner helped launch when she worked there in 2016. That card's annual fee will jump to US$795 from US$550, JPMorgan said last month. In addition to the perks rolled out by Citigroup directly, the Strata Elite card will be the first in Mastercard's recently announced World Legend tier of credit cards, meaning it comes with an additional suite of benefits. World Legend cards include access to the Mastercard Collection, which translates into ticket pre-sales and streamlined 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. The card offers perks designed for frequent travellers, including hundreds of US dollars worth of credit to spend on Blacklane, a chauffeur service, and on GlobalEntry or TSA PreCheck to get through airport lines faster. BLOOMBERG
