Citi Introduces New Premium Credit Card for Wealthy Consumers
Citi has rolled out a new credit card designed specifically for high-income individuals. This move seems to align with banks stepping up their offerings to attract and hold onto affluent customers, especially as competition heats up.
The City Strata Elite Card, launched this week, comes with an annual fee of about $595, plus an extra $75 for each certified user. These hefty fees are aimed squarely at wealthy earners, who can benefit from an impressive rewards structure: cardholders can earn 12x points for hotels, car rentals, and attractions, as well as 6x points for flights and dining.
Additionally, the card offers 1.5 points on all other expenditures. There are other notable perks too—up to $120 for a $300 hotel credit, $200 in “Splage” credit for select brands like American Airlines and LiveNation, $200 for Black Lane driver services, and up to $120 for application fees related to Global Entry or TSA PreCheck.
The value of the card is estimated at nearly $1,500 annually, and it provides additional benefits for regular flyers, particularly with American Airlines.
Interestingly, some fees may be waived in the first year, particularly for City Gold Private Clients. After that, if a primary cardholder maintains a City Strata Elite Card, they incur a yearly fee of $145. However, to qualify as a CitiGold Private Client, individuals need to maintain an average monthly balance of at least $1 million across linked accounts.
JPMorgan Expands Wealth Management Services
Meanwhile, JPMorgan Chase is also making strides in catering to affluent clients by opening 14 new financial centers aimed at private banking customers. The financial centers are intended to redefine the banking experience for wealthy clients, with Chase Consumer Banking CEO Jennifer Roberts emphasizing a personalized service approach enhanced by the bank’s global expertise.
These new centers are geared toward ensuring that high-net-worth individuals receive tailored assistance—from individual banking to wealth management advisement. It seems like such offerings are critical for retaining and appealing to wealthy clients.
As part of a broader strategy, 16 centers will be operational by the end of May, with plans to nearly double that number in the subsequent year.
In December, UBS announced plans to restructure its U.S. asset management into six divisions. Four of these focus on clients across a broad spectrum—from wealthy individuals to ultra-high-net-worth clients worth over $50 million. They also attend to high-end clients with assets ranging between $500,000 and $5 million, along with a dedicated division for international clients.
