Citi launches high-end credit card, challenging American Express and J.P. Morgan.

Citigroup officially launched a high-end credit card "Strata Elite" targeting high-net-worth customers, aiming to compete with companies like Morgan Stanley and American Express in the high-end market. The new card has an annual fee of $595, and cardholders can unlock benefits worth almost $1,500 if they fully utilize its perks. In addition to American Express and Morgan Stanley, Citigroup also faces competition from other competitors such as Capital One trying to enter the high-end credit card market. The $595 annual fee is cheaper than Morgan Stanley's Sapphire Reserve, which announced last month that the annual fee will be raised from $550 to $795.