The Verdict: The PlayStation® Credit Card won’t really help you save on everyday expenses like gas and groceries, which makes it ill-suited to be your primary spending vehicle. But it can save you a bundle on gaming and entertainment expenses, in addition to perhaps helping you avoid undue aggravation if you have a teenager in the house.
With that being said, the average gamer is 35 years old, according to the Electronic Software Association, and the PlayStation® Card does a great job of rewarding the kid in all of us. It gives you 5 points for each $1 that you spend at the PlayStation™ Store and at authorized PlayStation and Sony retailers, plus 3 points per $1 spent on your monthly mobile phone bill. All other purchases earn 1 point per $1.
The PlayStation® Card is somewhat less enticing on the financing side of things. The main flaw is the fact that its regular interest rate could be above the market average, depending on your creditworthiness, which is well above the 19.3% average for credit cards that require “good” credit for approval. But that can be avoided by simply paying your balance in full each month.
As a result, the PlayStation® Card is an excellent option for anyone who makes frequent PlayStation purchases but usually requires no financing assistance to pay for them. And while the card’s good-credit approval requirement might prevent many people from qualifying, this would be a good card to open with the intent of making your child an authorized user, considering that it doesn’t charge an annual fee. Read on for more details about this offer and a comparison of popular alternatives.
- 1,000 Sony Rewards Points Initial Bonus: Comenity Bank rewards you when you make a PlayStation Store purchase within 60 days of account opening by giving you Up to $125, worth $10 statement credit. That’s not much, but it's almost the easiest initial bonus you’ll ever earn.
- Up To 5 Points Per $1 Spent: You will earn 5 points per $1 spent at the PlayStation Store, an online marketplace for games and other digital media and on PlayStation and Sony products purchased from authorized retailers. Furthermore, you’ll earn 3 points per $1 on your cell-phone bill.
All other purchases made with this card yield 1 point per $1 spent. PlayStation Points are worth about 1 cent apiece, which means 5,000 points would get you $50 to spend at the PlayStation Store.
- Extra Discounts: The PlayStation® Card regularly offers a 50% back as a statement credit off a 12-month PlayStation®Plus Membership after you spend $3,000 on any purchases within a year. Also, you will get 10% back as a statement credit off well-known entertainment services like PlayStation™Now and Spotify® available on PlayStation™Music.
- No Annual Fee: Most cobranded credit cards don’t charge annual fees, so the PlayStation® Card is not alone is this respect. But no fee is always better than some fee, all else being equal, so you have to give credit to the PlayStation® Card where credit is due.
- Potential For A Very High Regular APR: Good credit is generally required for PlayStation-Card approval, but if you qualify and your credit is good but not great, you could end up paying interest at a rate that’s considerably higher than what someone with good credit card should expect, according to our latest Credit Card Landscape Report, but it’s actually also on par with many offers targeted to people with bad credit. With that being said, you could be awarded a regular rate as low as 13.99% (V), but it will likely take exceptionally excellent credit.
Other Things To Consider
- Sony Rewards Account Required: It’s worth noting that you will have to register for a Sony Rewards account in order to redeem your earnings. It is free to sign up at SonyRewards.com, but it’s nevertheless another task to add to your to-do list.
- Potential For Low Redemption Value: The points that you earn with your PlayStation® Card won’t always be worth a cent apiece, as will be the case if you redeem for a digital gift card for the PlayStation Store. For example, the movie “The Walk” on DVD costs 1,999 points at the Sony Rewards Store. Based on Amazon.com’s $12.49 price for that movie, each PlayStation® Card point would be worth about $0.0162, which is actually good compared to some of your other options.
Compared to Competition
PlayStation® Credit Card
Marvel Credit Card
Disney Rewards Credit Card
|Rewards Bonus||Up to $125||$25 statement credit||$150||N/A|
|Rewards Rate||1 - 5 points / $1||1 - 3% Cash Back||1% in Disney Rewards Dollars||1 - 3% Cash Back|
|Purchase Intro APR||N/A||N/A||0% for 6 months||0% for 6 to 24 months|
|Transfer Intro APR||N/A||N/A||N/A||N/A|
|Regular APR||13.99% - 22.74% (V)||14.99% - 24.99% (V)||15.99% (V)||10.99% - 21.99% (V)|
|Editors' Rating||4.7 / 5||N/A||3.2 / 5||3.5 / 5|
|Details, Rates & Fees||Learn More||Learn More||Learn More||Learn More|