New Delhi, July 27 -- Citigroup has become a latest entrant to join the competitive luxury credit card market with its new Strata Elite Card.

This latest offering is the bank's attempt to grab a piece of the high-fee, high-rewards credit card market that is currently dominated by American Express' Platinum Card and JPMorgan Chase's Sapphire Reserve Card.

The Strata elite card is priced at an annual fee of $595, which is less than the Platinum Card and the Sapphire Reserve Card. The cost can also unlock almost $1,500 in value if used to its maximum potential.

The new launch also aims to be a strong contender by offering:

This is not Citi's first foray into the high-end credit card market. In 2013, the company launched the Citi Prestige...