A MAJOR bank is rolling out a new credit card with major benefits.
But its hefty fee has some feeling like they’ve been left in the dark by the bank.
A large bank is releasing a new credit card with major perks.[/caption]
The new card offers distinct perks including ones particularly aimed at frequent travelers.
The move comes as financial institutions revamp their offerings to attract and retain a wealthy clientele in a highly competitive landscape.
Citibank is jumping into the game, rolling out the Citi Strata Elite Card.
The bank claims it offers up to $1,500 in benefits including the following.
- 12 times the points on hotels, car rentals, and attractions booked on cititravel.com
- Six times the points on air travel booked on cititravel.com
- Six times the points on restaurants on Citi Nights purchases, Friday and Saturday from 6 p.m. – 6 a.m. (3 times the points on restaurants any other time)
- 1.5 times on all other purchases
And there’s more.
FREE CASH
Strata card holders also get an annual benefit of up to $300 off a hotel stay of 2 nights or more when booked through cititravel.com.
They also get up to $200 in annual statement credits for shopping at brands including Best Buy and Live Nation.
Card holders also receive an annual $200 credit from Blacklane, a premium global chauffeur service.
And travelers get 4 Admirals Club Citi Strata Elite Passes each year.
This gives you access to nearly 50 exclusive lounges with complimentary cocktails and personal travel assistance.
But its annual fee is $595.
And there’s an additional $75 annual fee for each authorized user.
Nonetheless, the annual fee can be waived for some high rollers.
WAIVED FEE
For the first year, the annual fee would be waived for Citigold Private Clients, Fox Business reports.
And each year following, they will only pay a $145 fee if the primary cardmember has an open and current Citi Strata Elite Card account.
But the Citigold Private Client customers need average monthly balances of at least $1 million in eligible linked accounts.
The Citi Strata Elite Card APR can range from 21.24% to 29.24%, according to Citi.
Rival Elite Credit Cards
Chase Sapphire Reserve
- 100,000 points + $500 Chase Travel promo credit after you spend $5,000 in purchases in the first 3 months from account opening
- 8 times the points on all purchases through Chase Travel.
- 4 times the points on flights booked direct
- 4 times the points on hotels booked direct
- 3 times the points on dining worldwide
- 1 times the points on all other purchases
- Annual fee: $795
UBS Visa Infinite credit card
- 500 annual credit (based on annual spend) to pay for restaurant charges, Amazon Prime membership fees and airport lounge membership fees
- 3 times the points on air travel
- 2 times the points on eligible groceries and select digital entertainment, newspapers and cable TV
- 1 times the points on everything else
- $500 airline fee credit
- Global Entry or TSA PreCheck application fee credit
- No foreign transaction fees
- Annual fee: $650
ELITE CLUB
Citi’s new credit card has been released as major banks unveil new services designed for affluent customers.
New branch divisions called J.P. Morgan Financial Centers have opened up for J.P. Morgan Private Clients.
These customers need more than $750,000 in qualifying balances for membership.
They receive specialized and highly personalized services from an elite team of experts.
Meanwhile, UBS has reorganized its wealth management arm into six divisions.
These units cater to high-net-worth to ultra-high-net-worth clients.
Their assets lie somewhere between $500,000 and more than $50 million. And one division in particular would focus on international clients.
