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Citigroup Cuts Off Its $495-a-Year Rival to AmEx’s Platinum Card

  • Bank steers applicants to no-annual-fee card instead
  • Affluent card customers sought as post-pandemic spending rises
Opening Day of Dubai Air Show
Photographer: Christopher Pike/Bloomberg

Citigroup Inc. stopped taking applications for its $495-a-year Prestige card, a competitor to American Express Co.’s Platinum line and JPMorgan Chase & Co.’s Sapphire Reserve.

The bank will still serve existing Prestige customers, according to an emailed statement Friday, and encouraged prospective customers to instead consider products including the no-annual-fee Citi Custom Cash Card, which it introduced last month.