Citigroup Inc.'s Smith Barney will invite wealthy customers this month to sign up for a new American Express card.
Maura Rose, a senior vice president and the director of marketing at Smith Barney, said in an interview Monday that it would market the Citi Chairman American Express card to its clients, primarily those for whom it manages at least $5 million of assets.
The card carries an annual fee of $500. For additional cards that can earn rewards, there is an additional fee of $100. Smith Barney will pay those fees for customers who have $5 million of assets with the unit.
Sheryl Behar, the director of Smith Barney cards for Citi Cards, said her company would send marketing information about the new cards to selected clients this month.
Ms. Rose said Citi's research showed that high-end consumers want credit cards with special rewards. Citi will offer Chairman cardholders a point for every dollar spent and up to three points for every dollar spent on airline tickets.
Additional perks include access to airport lounges and private jets. Also, frequent travelers will not be charged foreign exchange fees until the end of next year.
Citi hosted a private event for some of its Smith Barney clients at New York's Museum of Modern Art last week as an "initial soft launch," she said.
Bank of America Corp. said Monday that it plans to start offering a luxury Amex card for customers who have at least $100,000 in investment or deposit accounts at the company.
