PhotoCiti has added new perks to its luxury travel credit card, upping the ante when it comes to rewards.

The Citi Prestige Card, which is metal instead of plastic, offers a number of new benefits, including a free night's stay at any hotel when you book stays of four nights or more and have the savings automatically applied to your statement. That takes effect July 23.

Another perk is the ThankYou Points program, which rewards cardholders with cash. For example, 50,000 points may be redeemed for $500.

New Prestige cardmembers will get 75,000 ThankYou Points if they charge $7,500 in purchases during the first three months the account is open. Citi says that works out to more than $935 when used for air travel through the Citi ThankYou Travel Center.

Increasingly competitive

Kimberly Palmer, NerdWallet's credit cards expert, says the announcement shows just how competitive the premium card market has gotten.

"Not only will consumers get a new metal card, which many credit card users associate with luxury, but they will also have access to some impressive perks to better compete with the Chase Sapphire Reserve and AMEX Platinum," Palmer said.

She says the $7,500 spending requirement to receive the bonus points is high, even for a premium card, and may put it out of reach for some frequent travelers.

"If you do use the card, you’ll get the most value out of it if you track your spending to maximize the benefits while taking care to avoid any interest or fees by paying off the balance in full each month," she said.

Annual air travel credit

The card also carries a $250 credit toward air travel each year, helping to offset the $450 annual fee. Chris Fred, head of proprietary products at Citi Cards, says the card has a loyal following among affluent consumers who value an adventurous lifestyle.

“We continue to see strong interest and engagement in this card, especially among millennials who comprise close to half of the portfolio, so the time is right to augment the Prestige card for a new generation of affluent customers,” he said.

Other perks include a $100 statement credit for global entry or TSA pre application fee; complimentary, unlimited access to over 1,000 Priority Pass Select Lounges worldwide; no foreign transaction fees on purchases; three times the points on air travel, two times the points on dining and entertainment, and one point for every dollar spent on all other purchases.

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