The new Citi Strata Elite is a very attractive travel credit card, even with its $595 annual fee, but its drawbacks might be discouraging.

Rising annual fees and excessive statement credits have led to some fatigue in the premium credit-card market — but consumer demand persists.

Citigroup (C) has launched its Strata Elite credit card, aiming to compete with American Express and JPMorgan Chase for the lucrative high-income customer segment. The bank charges an annual membership fee of $595 for the card,