Rumors have been circulating that Citibank is considering re-entering the ultra-premium credit card market. After discontinuing its Citi Prestige card in 2021, Citibank left the market to be dominated by only two players: the Chase Sapphire Reserve and the AMEX Platinum. However, with the travel industry showing a strong rebound in 2021, there has been a surge in demand for ultra-premium travel cards. Capital One has entered the market with its Venture X card, but Citibank seems to be observing the competition and considering its options.

New information suggests that Citibank is actively working on or considering a new line of credit cards or an ultra-premium credit card. The bank has floated a project to provide a high-value concierge service that rivals American Express's concierge service. This paid challenge of providing Citibank with ideas on elevating their concierge service certainly points to the bank exploring the possibility of offering a new premium credit card product.