Credit Card News
Caesars Launches New Caesars Rewards Prestige Visa Card
One of the Las Vegas Strip’s biggest names is launching a new premium tier rewards credit card.
About the Caesars Rewards Prestige Visa:
Casars Entertainment is adding a new credit card to its lineup. Today, the company unveiled the Caesars Rewards Prestige Visa, which joins the existing Caesars Rewards Visa Signature card. Both offerings are issued by Bread Financial.
The new card will carry an annual fee of $150, but it includes a number of perks and reward opportunities for guests. First, cardholders enjoy $50 in Slot Play per cardholder year as well as a $100 Caesars dining credit annually (although this credit must be used in a single transaction). Additionally, each anniversary year, Prestige cardholders will receive a complimentary hotel night certificate valued at up to $300.
As for rewards, the Caesars Rewards Prestige earns 7x points at Caesars destinations, 2x on dining, 2x on travel, and 2x on entertainment. All other purchases earn 1x points. Note that these rewards rates match the no annual fee card, with the exception of the 7x category (the Caesars Rewards Visa earns 5x at Caesars properties).
With the card, Caesars guests can also earn their way to higher status by scoring bonus Tier Credits. When Prestige cardholders spend $5,000 annually, they’ll earn 2,500 Tier Credits. Then, when they reach $10,000 in spending per year, they’ll earn another 2,500 Tier Credits. Those who manage to spend $50,000 on the card within a year can then earn 15,000 bonus Tier Credits.
At launch, the Caesars Rewards Prestige Visa is also offering a welcome bonus. First, when new cardholders use their card for the first time (within 90 days), they’ll earn a complimentary upgrade to Platinum status. When they make their first non-Caesars purchase, they’ll earn 2,500 Tier Credits. Finally, when they spend at least $1,000 in non-Caesars Rewards destination purchases, they’ll earn 20,000 rewards points as well as 2,500 Tier Credits.
In Context:
The debut of the Caesars Prestige card comes on the heels of rival MGM releasing its own premium rewards credit card. In April, the company rolled out the MGM Rewards Iconic World Elite Mastercard (which joins the no-annual-fee MGM Rewards World Elite Mastercard). With an annual fee of $250, the Iconic card features a $200 Resort Credit and earns 6x points and Tier Credits on purchases at MGM Rewards Destinations, 2x on other hotel purchases, 2x on dining, 2x at gas stations, and 2x at grocery stores.
Meanwhile, the Venetian Resort recently surveyed guests about a possible rewards credit card for the property. However, official details about such an offering have yet to be announced.
My Thoughts:
A few years ago, through a series of status matches, I found myself with Caesars Diamond status — and it was awesome! Sadly, they’ve since closed that loophole. However, this new Prestige card now makes it possible to spend your way there.
To achieve the first level of Diamond status, you’ll need 15,000 Tier Credits. Between the welcome bonuses, the $5,000 annual spend bonus, and the $10,000 annual spend bonus, you’d have 10,000 Tier Credits — so two-thirds of the way there. However, those willing to spend $50,000 in spending on the card per year would not only qualify for Diamond but, if the welcome bonuses are added in, would actually reach Diamond Plus.
So is it worth spending $50,000 per year on a card that earns points that can only be spent at Caesars? Absolutely not! Then again, there are still some interesting status match opportunities out there for those who legitimately do earn status. Still, this spending path seems far-fetched for most.
With all of that said, I still wouldn’t write this card off. After all, the slot play and dining credit technically cover the annual fee — and that’s before you consider the anniversary free night certificate. So, if you’re a Vegas regular, you may actually want to take a gamble on the Caesars Rewards Prestige Visa.
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