Citibank launches a high-end credit card, challenging American Express and JPMorgan Chase.

Jin10 data reported on July 27, Citigroup officially launched a high-end credit card "Strata Elite" aimed at high-net-worth clients, intending to compete in the high-end market with companies like JPMorgan and American Express. The new card has an annual fee of $595, and if cardholders fully utilize its benefits, they can unlock perks worth nearly $1,500. In addition to American Express and JPMorgan, Citigroup also faces competition from other players like Capital One, which are attempting to enter the high-end credit card market. The $595 annual fee is cheaper than JPMorgan's Sapphire Reserve, which announced last month that its annual fee would increase from $550 to $795.