Citi has upgraded its Premier credit card to offer new benefits and protections tailored for travelers, aligning with a notable rise in travel spending across various demographics.
Announced on May 13, the Strata Premier card introduces enhanced rewards and benefits. “We heard from our cardmembers that they want to be rewarded for their travels as well as their everyday spending,” said Anthony Merola, head of proprietary products for U.S. branded cards at Citi. “The Citi Strata Premier Card now offers extra ways for cardmembers to earn on travel and turn their purchases into future experiences.”
Key features of the card include protections for canceled or interrupted trips and lost luggage, along with an annual $100 discount on hotel stays of $500 or more.
Jason Lane, executive vice president of global account management at Mastercard, emphasized the card’s enhanced traveler benefits. “Over three quarters of American consumers are likely to leverage credit card travel benefits, so we partnered with Citi to refresh a card product that enhances their traveler experiences,” he said. “We’ve focused on essential benefits that travelers value, by adding protections that help make sure every journey is plain-sailing.”
Recent data from PYMNTS Intelligence reveals a first-quarter surge in travel spending, driven significantly by high-income consumers. Credit card usage for travel increased by 24% compared to the previous quarter, with those aged 44 and older and earning over $100,000 per year outspending younger and lower-income groups. This trend underscores older consumers’ trust in credit card protections, such as coverage for canceled trips and fraudulent charges.
The increased spending also highlights differing priorities and financial strategies, as well as more available leisure time among older, often retired, consumers. Additionally, the rebound in corporate travel, especially among multinational companies, has further fueled the rise in travel spending. Major companies, including American Express Global Business Travel and leading airlines, have reported significant recoveries in business travel.