City launches new Premium Strata Elite Credit Cards for an annual fee of $595

City has launched a new one Premium Credit Card Suitable for high-income consumers.

That’s when banks increased their premium products to attract and retain wealthy customers amid increasing competition.

The City Strata Elite Card, the bank’s latest premium credit card, launched this week, will have an additional $75 annual fee per certified user, with an annual fee of approximately $595. The large fees targeted at high-income earners have important perks, such as 12x points for hotels, car rentals and attractions, and 6x points for flights and restaurants.

Cardholders earn 1.5 points on all other purchases. You will also receive up to $120 for $300 Hotel Credit, $200 “Splage” Credit available for select brands such as American Airlines, Best Buy, LiveNation, 1stdibs, and future personal training, $200 Black Lane Driver Credit, and up to $120 for application fees for the Global Entry or TSA PreCheck application.

JPMorgan expands its wealthy banking network with 14 new financial centres

The card offers nearly $1,500 worth of value each year, and offers even more perks for American Airlines and the regular flying people.

In some cases, fees are exempt in the first year City Gold Private Client. After that, if the primary card member is open and has a current City Strata Elite Card account, they pay a fee of $145 each year. However, to become a CitiGold Private Client, your clients need an average monthly balance of at least $1 million in eligible linked deposits, retirements and investment accounts.

Meanwhile, earlier this year, JPMorgan Chase began rolling out a new branch format offering a higher level of service, known as JPMorgan Financial Centers, dedicated to JPMorgan Private Clients. Over $750,000 in qualification balance.

“We redefine how wealthy clients are delivered through these financial centres and provide a highly personalized level of service backed by JPMorganchase’s global capabilities,” Chase Consumer Banking CEO Jennifer Roberts said in a statement.

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The centre is described as a place where each location is “thoughtfully designed to meet the needs of wealthy clients” with private meeting spaces and “unique finishes.”

16 centers will open by the end of May, and will almost double that number by the end of next year.

Aside from the new banking format, these clients have been attracting a highly personalized attention from a team of individual bankers, business banking and lending professionals and veteran experts. You can also access JP Morgan Wealth Management Advisers.

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In December 2024, UBS announced that it would restructure its US asset management business into six divisions. Four of these operate local centres that serve clients ranging from wealthy individuals to ultra-high-level individuals, or people over $50 million, according to the Wall Street Journal.

The division also caters to high-end clients of over $5 million and with assets ranging from $500,000 to $5 million. The fifth division focuses on international clients.