5 Things to Know About the MGM Credit Cards

First National Bank of Omaha issues two co-branded MGM credit cards that can help you rack up points when you pay for stays, dining and more at MGM properties. Overall, though, the odds are not in your favor: Redemption options are limited, as is the MGM footprint. As of this writing, there are only 31 MGM properties in the world.

Both cards offer perks, to be sure, but many of them — such as no foreign transaction fees — are table stakes for hotel credit cards. On most counts, the MGM cards don’t stand out among competitors, and most travelers will get more value with a general travel or cash-back card.

Here are five things to know about FNBO’s two MGM credit cards.

» SEE: The best MGM Rewards hotels in Las Vegas based on your travel style

1. There are two MGM credit cards

If you’re in the market for an MGM credit card, you have two options: the $0-annual-fee MGM Rewards Mastercard and the $249-annual-fee MGM Rewards Iconic World Elite Mastercard.

As you might expect, the pricey Iconic card has richer rewards and benefits, but even so, it’s probably only worthwhile for MGM loyalists.

» MORE: The best credit cards for Las Vegas

2. Both cards help you rake in rewards and tier credits

Spending on the MGM credit cards earns a currency called MGM Mastercard Points, as well as tier credits. (Tier credits are used to gain elite status in the MGM Rewards program.)

Holders of the MGM Rewards Mastercard will earn:

• 3x MGM Mastercard Points and tier credits per $1 spent at eligible MGM properties.

• 2x MGM Mastercard Points and tier credits per $1 spent at gas stations and grocery stores.

• 1x MGM Mastercard Point and tier credit per $1 spent on everything else.

The MGM Rewards Iconic World Elite Mastercard earns more points at MGM properties, and its 2x rate applies to more categories. The Iconic card earns:

• 6x MGM Mastercard Points and tier credits per $1 spent at eligible MGM properties.

• 2x MGM Mastercard Points and Tier Credits per $1 spent at hotels, dining, gas stations and grocery stores.

• 1x MGM Mastercard Point per $1 spent everywhere else including BetMGM Deposits.

For those who spend big at MGM Resorts, racking up points won't be much of a problem with either card. Unfortunately, those points can only be redeemed at MGM properties for things like hotel stays, dining, entertainment and Slot Dollars (credits on slot machines). Points are worth 1 cent each.

3. Both cards grant automatic status, extra perks

Both MGM cards automatically elevate cardholders to Pearl status in the MGM Rewards program, which normally requires 20,000 tier credits. Pearl perks include a 10% bonus on Slot Dollars and complimentary access to MGM Rewards concerts.

You'll also get free self-parking and priority check-in at any MGM Rewards Destination, no matter which version of the card you have.

4. Welcome offers on both cards are relatively modest

The introductory offers on the MGM cards are average compared to similar cards. As of this writing, for the $0-annual-fee MGM Rewards card, the welcome bonus is 10,000 bonus points after spending $1,000 in the first three billing cycles from account opening. As noted earlier, 1 point is worth 1 cent, so the bonus is equal to $100. For comparison, the Wells Fargo Autograph® Card — a general travel rewards card with a $0 annual fee — has a welcome bonus worth twice that amount: Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months - that's a $200 cash redemption value.

The intro offer on the MGM Rewards Iconic card is more valuable, but it, too, falls short of its competition. As of this writing, new Iconic cardholders can get 40,000 bonus points (a $400 value) and 10,000 Tier Credits after spending $5,000 in the first three billing cycles from account opening.

Yet again, though, a general travel rewards card like the Capital One Venture Rewards Credit Card can offer even greater value, and at a lower yearly cost. The $95-annual-fee card features the following welcome bonus: Enjoy $250 to use on Capital One Travel in your first cardholder year, plus earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening - that’s equal to $1,000 in travel.

5. The MGM Iconic card has some worthwhile perks

The MGM Iconic card does boast a few perks that can help offset its triple-digit annual fee — with some strings attached.

• There's a $200 annual resort credit, which in theory can go a long way toward offsetting the $249 annual fee. But you can only redeem that credit in person at the MGM resort at which you're staying.

• The card also offers a Priority Pass membership, but it's not free, like you'd get with many other travel cards. Instead, you’ll have to pay $35 per trip.

• Cardholders get a credit for Global Entry or TSA PreCheck every four years, also a fairly common benefit among cards with high annual fees.

The other big-ticket benefits are tied to spending, which is set at a high threshold. Iconic cardholders can get a free hotel night valued up to $250 and a 10,000 tier credit bonus — but only by spending $25,000 on the card in a year.