PlayStation Credit Card Review

PlayStation Credit Card Review Summary

The PlayStation® Credit Card is a good card that’s worth it for people with good credit or better who spend a lot on gaming and entertainment expenses. The PlayStation Card gives you 5 points for each $1 that you spend at the PlayStation™ Store and at authorized PlayStation and Sony retailers. You also get 3 points per $1 spent on your monthly mobile phone bill and 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. But that can be avoided by simply paying your balance in full each month.

Read on for more details about this offer and a comparison of popular alternatives.

PlayStation Credit Card Review Highlights

Nice Initial Bonus

This credit card rewards you when you make a PlayStation Store purchase within 60 days of account opening by giving you $50 PlayStation Store code. Plus, if you spend $500 on purchases outside of PlayStation and Sony in the first 60 days you can earn a free $75 game. 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.

PlayStation Credit Card Review Lowlights

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 18.74% (V), but it will likely take exceptionally excellent credit.

Other Things To Consider About The PlayStation Credit Card

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.

PlayStation Credit Card vs. The Competition

PlayStation® Credit Card Review Methodology

This PlayStation® Credit Card review is based on WalletHub’s proprietary 100-point credit card rating system. By using a consistent methodology to evaluate the PlayStation® Credit Card and all other cards, WalletHub’s credit card experts make it easy for people to compare their options and find the best credit cards for their needs.

The WalletHub rating system uses 16 key metrics grouped into seven categories: Fees, Rewards, Two-year Cost, Interest Rates, Approval Requirements, Special Features, and Reviews. Each metric has a maximum number of points allocated to it, based on the metric’s importance as determined by our editors. The points are added up to create an overall rating for the PlayStation® Credit Card out of a maximum of 100 points, which is then converted to a 5-point scale.

Ratings for each category reflect how close PlayStation® Credit Card is to WalletHub’s definition of a 5-star credit card, which is based on market conditions and what we believe are reasonable terms. We compare PlayStation® Credit Card to that standard to give a numerical approximation of how reasonable and competitive its terms are compared to other cards.

To learn more about how WalletHub rates credit card offers, check out our full credit card review methodology.