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

With a annual fee, the positions itself as a premium card—and it largely delivers. While it may not offer quite the same perks as top-tier competitors, it holds its own with a strong lineup of benefits at a lower price point.

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