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Citi just released their Strata Elite credit card, and it’s basically their “please stop leaving us for Amex and Chase” card.

It packs the typical premium travel benefits: points on flights, hotel credits, and lounge access perks. It’s Citi’s new bid to compete in the premium rewards cards space dominated by the Chase Sapphire Reserve and Amex Platinum and maybe even the Capital One Venture X.

The punchline? The Strata Elite has a $595 annual fee. So even if you don’t pay any interest, you’re dropping just under 600 bucks just to keep the card in your pocket.

If you’re a student, a $595 annual fee card may sound like a joke. And not one of my best.

But Citi is aiming for the long game with this card—once you’ve built up credit, income, and an insatiable desire for exclusive lounges and perks.

This card isn’t meant for a 20-year-old ramen-guzzling student. But it may be a good card for you down the line, and there are ways to give yourself an advantage early on.

Let’s look at how you can think about credit cards.

Maybe you have yet to get a credit card. Or perhaps you have your first card but are looking to level up to something with a bit better perks. There is a path you can follow to earn while you spend.

Think of it like college electives. You don’t need underwater basket weaving (yet). You need courses that actually count toward graduation.

Credit cards aren’t one-and-done. You can level up and get better perks as you progress in your loan journey.

Here’s a concise progression most students and early career folks can follow:

You can advance as far up this ladder as you want. With anything, there are levels to the credit card rewards game and at a certain point the added effort/complexity may not be worth the reward. A one to two credit card setup can be perfect for some.

That said, for others the rewards gained from using these cards can more than pay for the annual fee. Choose the strategy that works best for you.

If credit card points are Hogwarts, The Points Guy is Dumbledore.

He provides a website that centralizes a ton of different credit cards and allows you to compare them.

If you’re looking into what your first/next card should be, The Points Guy is a really great resource.

Also, quick reminder that I am not sponsored by any of the tools I note here. I wish I was! These are just the tools I use.

Pick your next credit card. Apply for it after you have had strong payment history on your prior card for 12 months.

Open a tab, compare your spending habits (dining? travel? groceries?), and pick the next card that fits your actual lifestyle.

A strong card I always tell students to look at is the Chase Freedom Unlimited. It has a nice sign-on bonus, gets you solid cash back, has no annual fee, and Chase has really strong benefits down the line.

FYI: The link above is a referral link. You don’t have to use it, but if you do, it helps support this newsletter.

When you have Citi Strata Elite cash to drop annually on a flashy metal card that only you care about you can do that. For now just focus on building credit and getting some solid rewards. ;)

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