07:22 AM EDT, 07/28/2025 (MT Newswires) -- Citigroup ( C ) is launching the Strata Elite card, a new premium credit card targeting frequent travelers and high-spending customers, The Wall Street Journal reported Sunday.

The card, with a $595 annual fee, is designed to compete with top-tier cards like JPMorgan Chase's ( JPM ) Sapphire Reserve and the American Express Platinum cards, according to the report.

Citi plans to offer simpler, high-value perks, including high rewards multiplier for certain spending categories, including restaurants and food-delivery services on weekends, the Journal said, adding that cardholders also get a $300 hotel credit and a $200 annual "splurge" credit usable at select partners like American Airlines and Best Buy.

Citi is also betting the card's $595 annual fee will give it an edge as the cost of premium cards keeps climbing, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)