The Annual Fee: Difficult to Justify

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While the card attempts to offset its $249 annual fee with benefits, there are problematic restrictions:

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• The $200 resort credit cannot be redeemed online – you must visit the MGM Rewards desk in person at your resort, adding an inconvenient hurdle to using a benefit you're already paying for.

• The complimentary night stay (up to $250 value) requires an astronomical $25,000 in annual spending – a threshold that represents poor return on spend for most cardholders.

• The automatic MGM Pearl elite status is identical to what's offered on the no-annual-fee MGM card, providing no additional status value for the premium price.

• The included Priority Pass membership is the most basic version with no complimentary visits – each lounge visit will cost an additional $35, making this "benefit" practically worthless.

Misleading Marketing: "Iconic" in Name Only

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The card's marketing emphasizes its "iconic" status and premium materials, but these superficial elements don't translate to exceptional value. As one Reddit user aptly commented about the card before its release, "Whatever it is, I doubt it's going to be 'iconic.'" The limited-edition premium metal veneer card being offered to early applicants is merely aesthetic window dressing on a product with questionable fundamentals.

Restricted Utility: For MGM Diehards Only

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This card makes little sense for anyone but the most dedicated MGM patrons. As one Reddit commenter noted about MGM cards generally, "It's honestly a terrible credit card. Not worth using after the signup bonus. Even then the bonus sucks." This assessment seems especially applicable to the new premium offering.

Better Alternatives Worth Considering

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If you're looking for a premium travel or hotel credit card, here are some significantly better options:

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1. Chase Sapphire Preferred ($95 Annual Fee)

• Why It's Better: For less than half the annual fee of the MGM card, the Sapphire Preferred offers exceptional value with a current 100,000-point welcome bonus after spending $5,000 in the first 3 months

• Key Benefits: 5X points on travel booked through Chase Travel, 3X on dining, streaming services, and online groceries, a $50 annual hotel credit, and a 10% anniversary points bonus based on your total purchases from the previous year

• Point Value: Points are worth 25% more when redeemed for travel through Chase Travel, making the welcome bonus worth at least $1,250 for travel

• Best For: Travelers who want flexibility with one of the most valuable transferable points currencies in the industry

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2. Citi Strata Premier℠ Card ($95 Annual Fee)

• Why It's Better: Same annual fee as the Sapphire Preferred, but with different bonus categories

• Key Benefits: 10X points on hotels, car rentals, and attractions booked through Citi Travel, 3X points on air travel, restaurants, supermarkets, and gas/EV charging stations, plus a $100 hotel credit once per calendar year on stays of $500+

• Additional Perks: No foreign transaction fees, multiple airline transfer partners, and travel protections including trip cancellation/interruption coverage

• Best For: Everyday spenders who want bonus rewards across multiple common spending categories

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3. Capital One Venture X Rewards Credit Card ($395 Annual Fee)

• Why It's Better: While the annual fee is higher, it includes a $300 annual travel credit, 10X miles on hotels booked through Capital One, and airport lounge access with no additional per-visit fee

• Key Benefits: Up to $300 in statement credits for travel booked through Capital One, complimentary Priority Pass membership with free visits, and Global Entry/TSA PreCheck credit

• Best For: Frequent travelers who want premium benefits with an annual fee that's easier to offset

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4. Hilton Honors American Express Surpass® Card ($95 Annual Fee)

• ‍Why It's Better: Much lower annual fee with comparable or better hotel benefits

• Key Benefits: Complimentary Gold status (better than MGM Pearl), up to $50 in quarterly statement credits for Hilton purchases, free night reward after meeting spending requirements

• Best For: Hotel travelers who want meaningful elite status benefits at a much lower annual cost

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5. No-Annual-Fee MGM Rewards Mastercard

• Why It's Better: No annual fee while still providing Pearl status and 3X at MGM properties

• Key Benefits: Same Pearl status as the premium card without any annual fee

• Best For: Casual MGM visitors who want Pearl status benefits without paying anything

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6. Marriott Bonvoy Credit Card Options

For those who stay at a variety of hotel brands, Marriott's extensive portfolio (7,000+ properties across 30+ brands) makes their cards much more versatile than MGM's limited footprint:

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Chase-Issued Marriott Cards:

• Marriott Bonvoy Boundless® Credit Card ($95 annual fee): Includes a free night award annually (valued up to 35,000 points) and automatic Silver Elite status. Current welcome offer is 3 free nights plus 50,000 bonus points.

• Marriott Bonvoy Bold® Credit Card (No annual fee): Provides automatic Silver Elite status with no annual cost.

• Marriott Bonvoy Bountiful™ Credit Card ($250 annual fee): Similar annual fee to the MGM Iconic card but with better overall value.

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American Express-Issued Marriott Cards:

• Marriott Bonvoy Brilliant® American Express® Card ($650 annual fee): A true premium option with automatic Platinum Elite status, annual free night award (valued up to 85,000 points), and up to $300 in annual statement credits for restaurant purchases.

• Marriott Bonvoy Bevy® American Express® Card ($250 annual fee): Similar annual fee to the MGM Iconic but includes automatic Gold Elite status.

• Marriott Bonvoy Business® American Express® Card: A business-focused option with room discounts and rewards for business travelers.

The Verdict: A Hard Pass for Most

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Despite doubling the earning rate at MGM properties compared to the no-annual-fee card, the MGM Rewards Iconic World Elite Mastercard fails to deliver sufficient value to justify its premium price tag. The high spending requirements, restrictive benefits, and limited redemption options make this card difficult to recommend to anyone except perhaps the most frequent MGM visitors who spend heavily at their properties.

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As one Reddit commenter bluntly assessed, "A $249 yearly fee is pretty hefty and I would not use the word iconic to describe this new MGM card." That sentiment accurately captures the disconnect between this card's branding and its actual value proposition.