Citibank, a Forbes Advisor partner, is shaking up its credit card portfolio. Why launch one new card when two are twice as nice? The issuer is releasing both the -annual fee and the premium which has a annual price tag.

Rising annual fees and excessive statement credits have led to some fatigue in the premium credit-card market — but consumer demand persists.

The Strata Elite Card, with an annual price tag of $595, is Citi's latest foray into competitive field of premium credit cards.