New Caesars and MGM Premium Credit Cards Boost Perks, But Are They Worth the Fee?

^{Bellagio and Caesars Palace are the apple of the eye of MGM Resorts and Caesars as both offer new premium credit. (Photo: Marc Melzer / Casinos.com)}

Caesars and MGM Resorts have both released premium credit cards with an annual fee of $149 and $249, respectively. The new cards are upgrades from the free rewards credit cards that have been available for years.

The addition of premium credit cards isn’t much of a surprise. The shift toward offering higher-priced premium products has been underway for several years across many industries, despite economic concerns.

We’ve seen both companies focusing on their luxury properties. MGM Resorts has been focusing on improving the ABC (Aria, Bellagio, Cosmopolitan) casinos. Caesars Palace and Paris Las Vegas, the properties with the highest room rates and most fine dining options, have become the cornerstones of Caesars.

Additionally, these credit cards can provide casino operators with more revenue through shared bank fees and direct spending by cardholders incentivized with perks. While the added income may not be significant, it helps offset declining visitation to Las Vegas.

The primary upgrade from the free casino credit cards offered by Caesars and MGM Resorts is an automatic upgrade to the second tier of their respective rewards programs. The key benefit at this level is free self-parking.

While these premium credit cards may seem like another money grab by the casino operators, they could offer enough perks and value to be worthwhile for cardholders. 

Caesars Rewards Prestige Visa Signature 

The Caesars Rewards Prestige credit card carries a $149 annual fee and includes on-property benefits at more than 50 Caesars destinations across the U.S. Like most branded credit cards, this is geared towards the most loyal customers. According to the company, the perks included with the card are worth up to $450 in annual value. In theory, the card should offer at least $301 of added value. 

All cardholders receive a $100 dining credit and $50 in slot play at Caesars Rewards destinations, along with an upgrade to Platinum status. While Platinum status includes free self-parking, that same benefit is available with the no-annual-fee Caesars credit card.

After a year, cardholders also receive a complimentary anniversary hotel night (up to $300). Add these together and you have up to $450 in guaranteed benefits. 

Cardholders also receive Caesars Rewards Credits for using the card:

• 7 Reward Credits per $1 spent at Caesars Rewards destinations.
• 2 Reward Credits per $1 spent on restaurant, travel and entertainment.
• 1 Reward Credit for every $1 spent everywhere else Visa is accepted. 

Reward Credits don’t affect tier status, so members will remain Platinum unless they spend $50,000 each year and receive the largest Tier Credit Bonus:

• 2,500 Tier Credits with $5,000 annual spend + another 2,500 Tier Credits with $10,000 annual spend.
• 15,000 Tier Credits with $50,000 annual spend.

The Diamond tier of Caesars Rewards has a few items with a direct value, such as waived resort fees and valet parking charges.

At this time, new cardholders can currently earn a sign-up bonus of 2,500 Tier Credits and 20,000 Reward Credits after spending $1,000 outside of Caesars properties within the first 90 days of approval. This is a $200 value in comps or free play.

The Bottom Line for Caesars Rewards Prestige Credit Card

The benefits of this card are better than those of the no-annual-fee Caesars Rewards card, but the upgrade will be marginal for most Caesars customers. Like many branded credit cards, this one isn’t for everyone. It may only offer value for big spenders and frequent visitors to Caesars properties.

The annual benefits are ok but not amazing. Low rollers will probably find this to be a wash between the fee and the perks. The Platinum tier status upgrade for free parking is included with the no-fee Caesars Rewards credit card. Most cardholders will likely need to concentrate most of their credit card spending to earn a meaningful Tier Credit bonus that delivers additional value.

Big spenders and Caesars loyalists might find more use with this card. For example, spending $50,000 on the card earns an automatic upgrade to Diamond status. They’ll also receive a nice bump in Reward Credits (between one and seven credits per dollar spent using the card) that can be redeemed at restaurants, hotel rooms, bars, spas, and more at Caesars properties. 

MGM Rewards Iconic World Elite Mastercard

The MGM Rewards Iconic World Elite Mastercard has a $249 annual fee. That’s $100 more than the Caesars premium card. Much of the fee is covered each year by a $200 Resort Credit. New cardholders receive this upon account opening and annually at card anniversary.

Cardholders also receive a statement credit for Global Entry or TSA PreCheck every four years. This benefit is valued at $80 to $120, though it’s primarily useful for frequent travelers.

New cardholders who spend $5,000 within the first three billing cycles will receive 40,000 bonus Reward Points and 10,000 Tier Credits. The points are worth $400 and can be redeemed at restaurants, bars and other locations at MGM properties nationwide.

All cardholders are upgraded to the Pearl tier of MGM Rewards. Like the Caesars upgrade, the only benefit with a tangible dollar value is free self-parking, which is also included with the free MGM Rewards credit card.

The remaining benefits require frequent use of the card. Cardholders who spend $25,000 annually receive a complimentary one-night stay valued up to $250 and a 10,000 Tier Credit bonus. The Tier Credit bonus is half the amount needed for Pearl status and less than 15% of what’s required for Gold status, which waives resort fees.

Unlike the Caesars Premium credit card, purchases made with the MGM Rewards Iconic card earn both Reward Points and Tier Credits per dollar spent. Caesars only offers multipliers to earn Reward Credit. This difference should make it easier to reach a higher MGM Rewards tier status with more valuable benefits.

Here’s the breakdown of how money spent using the credit card is rewarded:

• 6X Reward Points & Tier Credits per $1 spent at MGM Rewards Destinations.
• 2X Reward Points Points & Tier Credits per $1 spent at hotels, dining, gas stations and grocery stores.
• 1 Reward Point & Tier Credit per $1 spent everywhere else.

Like the Caesars premium credit card, points and credits are earned faster than with the no-annual-fee version.

The Bottom Line for MGM Rewards Iconic World Elite Mastercard

The MGM Rewards Iconic credit card is also a step up from the no-annual-fee version. The $200 resort credit nearly offsets the $249 annual fee. When combined with the Global Entry or TSA PreCheck credit, the guaranteed value exceeds the annual fee.

This card can be a much more valuable option because it offers both Reward Points, redeemable for most expenses at MGM properties, and Tier Credits that help cardholders earn higher status, regardless of total spending.

Cardholders who spend $12,500 at MGM properties in a year will earn enough Tier Credits to reach Gold status, which waives valet and resort fees, along with other valuable benefits.

New members don’t have to spend too heavily to unlock MGM Rewards status with significant perks. The spend requirement for Gold status is low enough that cardholders can pair this card with other credit cards, such as an airline card, to maximize their benefits.