Citigroup Inc. just unveiled an updated version of its premium credit card, the Citi Prestige. The new card is made of metal—like its direct competitors, Chase Sapphire Reserve and American Express Platinum—and comes with attractive perks including free nights at hotels, an annual $250 air travel credit, and a sign-up bonus of 75,000 points, which, according to Citi, are worth $935 in air travel.
There’s a catch, though: To get those 75,000 points, cardholders must spend $7,500 on the card in the first three months.
U.S. banks are now being questioned in the FIFA corruption scandal that has rocked the sports world.
Citigroup (C) said in a recent securities filing that it has been slapped with a subpoena from U.S. officials investigating alleged “bribery, corruption and money laundering” at FIFA.
Anti-money laundering laws require banks to alert authorities about shady transactions like the ones at the heart of the FIFA scandal. Senior FIFA officials used various U.S. banks — including Citi, JPMorgan Chase (JPM) and Bank of America (BAC) — to transfer and receive $150 million in bribes and kickbacks, authorities alleged last year.