Citi’s Premium Card Rollout Was Marred by Errant Approvals

Citibank’s launch of its Strata Elite credit card this summer marked its return to a sizzling-hot premium market. Behind the scenes, the rollout was marred by a headache.

To drum up interest in the $595-a-year card, the Citigroup unit offered extra sign-up points for customers who applied through a special link provided in-person at its branches. Those applicants weren’t screened as strictly as usual because they were likely to be existing customers and would be informally vetted by branch staff, according to people familiar with the matter.