·  Citi debuts Strata Elite Card with $595 annual fee to challenge AmEx Platinum and Chase Sapphire Reserve.

·   Offers 12x points on travel booked via Citi Travel portal, plus $300 hotel and $200 lifestyle credits.

·  Part of Citi’s “Strata” family, aiming to capture high-end customers with tiered credit card options.

Citigroup unveiled the Strata Elite Card, its new entry into the premium credit card universe ruled by American Express Platinum and Chase Sapphire Reserve. The Strata Elite is positioned at an annual fee of $595, which is lower than its rivals.

It features big reward points on travel-related spending such as hotels, flights, car rentals, and restaurants. It also comes with a $300 hotel credit and a $200 luxury spend credit at the likes of Best Buy and Live Nation.

This new launch follows Citi’s earlier attempt with the Citi Prestige Card, which gained early popularity but lost steam after Chase's Sapphire Reserve launch in 2016. While Prestige is no longer open to new applicants, existing customers still retain its benefits.

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The Strata Elite debuts in a crowded rewards arena, among competitors such as Capital One's Venture X and a new premium card from fintech contender Bilt. With Sapphire Reserve itself having raised its $795 annual fee and AmEx plotting to revamp its Platinum benefits this fall, Citi is banking on value-stacked benefits and travel rewards via its Citi Travel portal grinding out 12x ThankYou points for reservations booked through the site.

Strata Elite is the top-tier option in Citi’s new Strata card family, which includes Strata and Strata Premier, following the "good-better-best" product strategy. As banks increasingly turn credit cards into high-end subscription models, customer appetite for multiple high-fee cards remains a key question.