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Citi launched a new premium credit card tailored to high-income consumers.
It comes as banks ramp up premium offerings to attract and retain wealthier clientele amid rising competition.
The Citi Strata Elite Card, the bank’s newest premium credit card, launched this week, comes with an annual fee of about $595 with an additional $75 annual fee for each authorized user. The hefty fee, targeted towards higher earners, comes with significant perks, such as 12 times the points on hotels, car rentals and attractions, as well as six times the points on flights and restaurants.
Cardholders will earn 1.5 points on all other purchases. They’ll also receive a $300 hotel credit, a $200 “splurge” credit usable at select brands such as American Airlines, Best Buy, Live Nation, 1stDibs, or Future Personal Training, a $200 Blacklane chauffeur credit and up to $120 toward Global Entry or TSA PreCheck application fees.
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All told, the card offers nearly $1,500 in value each year in benefits with even more perks for those who regularly fly with American Airlines.
In some cases, the fee will be waived in the first year for Citigold Private Clients. Every year after, they will only pay a $145 fee if the primary cardmember has an open and current Citi Strata Elite Card account. However, to be a Citigold Private Client, customers need an average monthly balance of at least $1 million in eligible linked deposit, retirement and investment accounts.
A shot of Citi Strata Elite Card. (Citigroup.com)
Meanwhile, earlier this year, JPMorgan Chase started rolling out a new branch format that offers a higher level of service known as J.P. Morgan Financial Centers specifically for J.P. Morgan Private Clients, which have more than $750,000 in qualifying balances.
“Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorganChase,” Chase Consumer Banking CEO Jennifer Roberts said in a statement.
A shot of Citi Strata Elite Card. (Citi)
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The centers are described as a place that is “thoughtfully designed to cater to the needs of affluent clients,” with each location featuring private meeting spaces and “distinctive finishes.”
The reception of one of J.P. Morgan’s new J.P. Morgan Financial Centers for affluent clients. (J.P. Morgan)
It opened 16 centers by the end of May and plans to nearly double that number by the end of next year.
Aside from the new banking formats, these clients receive highly personalized attention from a dedicated banker and a seasoned team of experts across personal banking, business banking and lending. They also get access to J.P. Morgan Wealth Management advisers.
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UBS announced in December 2024 that it would restructure its U.S. wealth management business into six divisions. Four of these will operate regional centers serving clients ranging from affluent individuals to ultra-high-net-worth individuals — those with $50 million or more in assets — according to The Wall Street Journal.
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The divisions will also cater to high-net-worth clients with over $5 million, as well as those with assets between $500,000 and $5 million. A fifth division will focus on international clients.
