This is a version of rummy in which points are scored for cards melded and lost for unmelded cards remaining in a player's hand when someone goes out. The game is won by the first player to reach a cumulative score of 500 or more over a series of hands. In this game you are not restricted to taking only the top card of the discard pile - more than one card can be taken in order to reach a card lower down which you can use in a meld.

In books this game is normally called 500 Rum or sometimes Pinochle Rummy (presumably because it shares its target score of 500 with some versions of Pinochle), but in real life it is more often known as 500 Rummy or Rummy 500. The version with jokers described on this page is also known as Joker Rummy. Some players call it Gin Rummy, which is confusing as this is also the name of a different game, and many people just call it Rummy.