Just received the Citigroup Chairman Card and thought I'd share some impressions.

First, you don't have to be a SmithBarney client or be invited in order to get the card. I was an existing Citi platinum dividends card holder and just called that customer service number and requested a Chairman Card application which they mailed to me.

Second, the card benefits are roughly equivalent to what Amex Platinum offers. The Chairman Card provides Hilton Honors Gold level, Priority Pass, Thank You points, concierge, and a pretty good companion ticket program as part of the $400/yr. fee.

Third, the interest rate on the card for purchases is 15.74% which I find to be way high compared to the fixed 5.9% on say Merrill+.

Overall, it appears that based upon fee and benefits that Citigroup is positioning the Chairman Card as competition to Amex Platinum and leaving the very top-end space (Amex Centurion) alone.