MGM Debuts New Credit Card with Big Rewards, $250 Annual Fee
MGM Resorts International introduced a novel credit card enabling customers to accumulate up to 6x points and tier credits in the casino operator’s rewards program for specific expenditures.
In collaboration with First National Bank of Omaha (FNBO), the gaming firm on Wednesday revealed the launch of the MGM Rewards Iconic World Elite Mastercard, expanding a collection of cards associated with the MGM Rewards program.
Benefits of the new card feature the opportunity for cardholders to accumulate 6x points and tier credits for every $1 spent at MGM Rewards locations, including the operator's casino resorts on the Las Vegas Strip. Customers may accumulate double points and tier credits at various hotels, gas stations, grocery stores, and restaurants. Those earning prospects may be advantageous for points enthusiasts striving to ascend the tiers of MGM Rewards — a challenge that often necessitates considerable expenditure.
Sapphire represents the bottom tier in MGM Rewards, and to advance to Pearl status, members need to gather 20,000 tier credits. To reach the Gold tier, 75,000 tier credits are necessary, which is still less than half of the 200,000 needed for the Platinum level. Access to the Noir level is restricted to those with an invitation.
New MGM Credit Card Offers Additional Benefits
Along with granting one point and tier credit for each $1 spent on categories not previously mentioned, the MGM Rewards Iconic World Elite Mastercard enables cardholders to instantly achieve Pearl status if they have not yet done so.
Cardholders will receive a $200 resort credit when they open a new account and annually on the account's anniversary. Customers who intend to use the new casino card for substantial purchases will receive 10,000 tier credits and a complimentary one-night stay, valued at up to $250, at MGM locations if they spend a minimum of $25,000 annually on the card.
BetMGM customers can also utilize the MGM Rewards Iconic World Elite Mastercard to accumulate one point and tier credit for every $1 put into the iGaming and online sports betting platform. MGM overhauled BetMGM’s loyalty program over three years ago, incorporating more connections to the casino rewards system.
The new MGM credit card does not categorize BetMGM deposits as cash advances — a practice commonly seen among other credit card issuers on various sports betting sites — allowing customers to steer clear of associated fees when using the card to fund their BetMGM accounts.
The MGM Credit Card is not affordable.
Like numerous rewards credit cards, the MGM Rewards Iconic World Elite Mastercard has an annual charge. In this case, it's $250.
Nevertheless, that is mild compared to some of the other yearly fees in the rewards credit sector. The American Express Platinum business and personal cards both have an annual fee of nearly $700, while the Marriott Bonvoy Brilliant American Express Card, which is also connected to MGM, charges $650 each year.
The Chase Sapphire Reserve card has an annual fee of $550, which is $100 higher than that of the Hilton Honors American Express Aspire card. All of those charges pale in comparison to the $5,000 annually required by American Express for the Centurion card.
