The big banks’ credit-card wars are heating up again.
Citigroup, one of the largest issuers of U.S. credit cards, is revamping the rewards structure for its top-tier card to compete with offerings from J.P. Morgan Chase and American Express, according to a statement obtained by CNBC.
Banks have been fighting to entice big spenders to use their cards for years. That battle escalated in 2016 when J.P. Morgan introduced its Sapphire Reserve card, which came with lavish perks and was so popular the bank initially ran out of the metal used for the cards. That forced American Express, which is more heavily dependent on spending by affluent users, to increase the rewards rate for its premium cards.