We’re in the middle of an all-out premium travel credit card arms race — and it’s about to get even more crowded. During its latest earnings call, Citi confirmed plans to launch a brand-new Citi Strata Elite Card later this year, aimed at “meeting the evolving needs of affluent customers.”
Details are still scarce, but Citi says the Strata Elite will debut sometime in the third quarter of 2025.
This won't be Citi’s first premium card, though. Years ago, the bank offered the Citi Prestige® Card with a $495 annual fee and lounge access perks before pulling it from the market. Now, it seems Citi’s ready to re-enter the fight.
With Chase recently refreshing its flagship *csr*, American Express teasing a new-look *amex platinum*, Capital One’s popular *capital one venture x* holding steady, and Bilt’s $495 travel card on the way, there’s more competition than ever for a spot in travelers’ wallets. Add in premium co-branded airline and hotel cards, and the space is feeling crowded.
We don’t yet know exactly what benefits Citi will pack into the Strata Elite. But it’s a safe bet it’ll feature big points-earning bonuses, premium travel perks like lounge access, and the kinds of use-it-or-lose-it credits that have become standard across the industry. Here's why we’re watching this new card closely — and what it could mean for travelers.
What Does Citi Have Planned?
To be perfectly clear, we have no insider info on what Citi has planned for its new Strata Elite Card … but that won't stop us from speculating. Letting history be our guide, the card will likely keep the same general framework as the no-longer-offered Citi Prestige and build out from there.
When it was discontinued, the Citi Prestige carried a $495 annual fee and offered an easy-to-use $250 annual travel credit, fourth-night free on hotels booked through the Citi ThankYou travel portal, a best-in-class Priority Pass Lounge membership, and more.
In terms of point-earning, the Citi Prestige currently earns 5x points per dollar spent at restaurants, on airfare and travel agencies, 3x points per dollar spent on hotels and cruises, and 1x point on all other eligible purchases.
Knowing all that, I have to assume the annual fee will be going up … just how high is anyone's guess. Doctor of Credit has reported on rumors of the new card's details and indicates it will be $595 per year, and that sounds about right to us. However, that's the same price as the Citi® / AAdvantage® Executive World Elite Mastercard®, so it wouldn't be surprising to see them bump it just over the $600 per year mark to make it the bank's most “premium” card of all.
I wouldn't be astonished to see the card's fourth-night-free benefit on hotel bookings get the axe. This perk was incredibly valuable when the card first launched and was eventually scaled back, limiting cardholders to two uses per year and requiring you to book through the bank's travel portal.
Other perks like Priority Pass Lounge access and a credit for TSA PreCheck® or Global Entry enrollment are likely to stick around – both are a practical must on any premium travel card these days. But even though there's no shortage of cards offering a Priority Pass membership, the one that currently comes with the Citi Prestige is unique: It offers complimentary access for the primary cardholder, immediate family, and up to two guests. Best of all, since the Citi Prestige is a Mastercard, it also includes Priority Pass Restaurant access – something that's become increasingly rare.
With Citi set to become the exclusive issuer for American Airlines' co-branded cards early next year, I could see the bank adding AA Admirals Club lounge access to the list of benefits – likely on a limited-use basis, similar to what American Express offers with Delta's Sky Clubs®.
When it comes to statement credits, don't be surprised if the Prestige Card's general $250 travel credit is replaced with a new credit that forces you to book through the Citi ThankYou travel portal. We're increasingly seeing this from competitors like Chase, Amex, and Capital One. When you book through the portal, the bank earns a commission on your travel itinerary, making it less costly.
In the monkey-see-monkey-do world of travel cards, it wouldn't be surprising to see Citi add a handful of use-them-or-lose-them statement credits to the Strata Elite in the name of “value.” Amex has proven that this model works, and it's since spread to a handful of Chase cards and even the Citi AAdvantage Executive Card in recent years. Giving cardholders $10 per month to use on rideshares or with partners like GrubHub seems like an easy way for the bank to justify a higher annual fee.
When it comes to earning points, it's hard to guess exactly what Citi will do. As it stands, the Citi Prestige is the most rewarding card on the market for year-round restaurant spending. Scaling that back to 4x or even 3x points would be a good way for the bank to save a little money on the card. Likewise, we'll probably see Citi push travelers to book through their own travel portal in order to earn bigger rewards on flights and hotels.
Premium Card Arms Race
We’ve said it before, and we’ll say it again: The premium travel rewards card space has never been more crowded – and it’s only getting more competitive.
Between Chase’s recently refreshed Sapphire Reserve with its sky-high $795 annual fee and American Express teasing updates to The Platinum Card – already priced at annual_fees per year (see rates & fees) – nearly every big bank wants a piece of the premium travel pie. And with Citi planning to launch its new Strata Elite Card later this year, there’s yet another player entering the fray.
These days, the richest of the rich make up the bulk of consumer spending, so it's no surprise these banks are looking to win over more affluent customers to capitalize on additional swipe fees and earn more of their business.
Years ago, it wasn’t unheard of for travelers to carry two or even three premium cards at once, stacking lounge access, travel credits, and big earning bonuses. But as annual fees creep closer and closer to $1,000 per card, it’s getting harder – if not impossible – to justify holding multiple high-dollar travel cards at once.
And that’s no accident. Once banks like Chase, Amex, or Citi lock you into their ecosystem with a premium card, there’s a much better chance you’ll stick around for more: think checking accounts, savings products, home loans, business accounts, and beyond. If you’re paying a $700-plus annual fee with one bank, odds are you’re not keen on handing over another big fee to a competitor.
That’s why now, more than ever, it pays to be deliberate before signing up for a premium travel card. Between overlapping perks, hard-to-use statement credits, and rising fees, choosing the right fit from the start could save you money and stress in the long run.
Bottom Line
Citi is jumping back into the premium travel credit card game, confirming plans to launch a new Citi Strata Elite Card in Q3 2025 aimed at affluent travelers.
Details are still under wraps, but expect it to compete directly with cards like the refreshed Chase Sapphire Reserve, Amex Platinum, and Capital One Venture X — likely with a higher fee, lounge access, and a mix of earning bonuses and statement credits. With annual fees soaring across the board, this is just the latest move in an increasingly crowded premium card arms race.
Featured image courtesy of Declan Sun via Unsplash
