The latest news in investment offerings, financial products and other services relevant to wealth advisors and their clients.

Citigroup
Citigroup is launching the Strata Elite Card, reports said. This is a move by the US bank to win revenue in the credit card market alongside American Express’ Platinum Card and JPMorgan Chase’s Sapphire Reserve Card.

The card, which carries an annual fee of $595, will offer points multiples for certain types of spending, like hotels, car rents, air travel and restaurants. Additionally, the card will offer points for everyday spending, as well as a $300 hotel credit and a $200 “splurge” credit at brands like Best Buy, Live Nation and others.

The Citigroup website states that the card carries a variable APR of 21.24 per cent to 29.24 per cent; there is a balance transfer fee of either $5 or 5 per cent of the amount of each transfer, whichever is greater.

Reports (AP, other) noted that Citigroup has pushed into the high-end credit card before, such as the Citi Prestige offering (2013), a direct rival to the American Express Platinum Card.

The launch of the card also speaks to how banks seek to fine-tune how they cater to “mass-affluent” or “premium” clients, a segment that hasn’t always been an easy one to get right, as this article shows.