Citibank will launch a new high-end credit card to compete for high net worth customers.

Citigroup is preparing to launch a new high-end credit card aimed at frequent travelers, marking the latest round of intense competition in the banking industry to attract high net worth customers. This credit card, named Strata Elite, has an annual fee of $595 and is Citigroup's response to products like the JPMorgan Chase Sapphire Reserve and American Express Platinum cards, which offer rich rewards but higher annual fees. Despite issuing institutions tightening the opening of new accounts for low-income customers, competition for high net worth clients continues to intensify.