This luxury credit card is only for truly big spenders

A major premium credit card is now offering perks including an increased sign-up bonus and free nights at pricey hotels. There’s one catch: You have to spend nearly $8,000 to get all of them.

Citi C, +0.16% announced Monday it has revamped its Prestige Card, a luxury credit card that has long been considered a competitor of American Express’s PlatinumAXP, -0.07% card and Chase’s Sapphire Reserve JPM, -0.93% The new benefits will kick in July 23.

New cardholders will receive 75,000 “ThankYou” points, if they spend $7,500 on their card in the first three months after they are approved.

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