Sony Credit Card
The Sony credit card has been around a few years now and it is heavily marketing to gamers and gadget lovers. I recently received an email from a reader asking if it’s worth getting or just a scam. So let’s take a further look…
The Cons…
Like almost everything in life, there will undoubtedly be those who are not satisfied. The question is, are the complaints about Sony Card legitimate?
Upon doing further research it seems that people were either completely delighted by the credit card, or completely unsatisfied. Most of these negative reviews were about the shipping time it takes to order products with their points from Sony Rewards. Reportedly it would sometimes take up to weeks to receive the merchandise, but it sounds like this was due to a popular item being backordered.
So if cardmembers are using the points from their Sony credit card to order the newest electronics, televisions, etc, I don’t feel you can blame Sony if they are backordered. Because anytime a new Playstation or other hot item comes out that seems to be the case for everybody, not just those with the Sony card.
The Pros…
The Basics
The Sony credit card is a Platinum Visa which is issued by Chase. Unfortunately if you have bad credit you probably won’t qualify.
No Annual Fee
Fortunately, there is no annual fee. This is an absolute must with a rewards card. Because the whole concept of paying a fee to earn rewards rarely makes sense.
Interest Rate
Like any card, of course these are constantly changing, so I don’t want to say conclusively the APR is good, but for now at least it seems fair. At the time of this post, it is either 10.24%, 14.24%, or 18.24% and which one you get depends on your credit record.
It’s not a spectacular rate, but it’s not horrible either. However it is important to point out this is a variable rate which is tied to the prime rate… and that will undoubtedly go up in the future as the economy keeps improving. So if you plan on carrying a balance, I would advise against using the Sony Card for that purpose because the interest will far outweigh the reward points you will earn.
Promotions
At the time I’m writing this they are not offering any promos when you apply for Sony credit card. However they are known to offer lucrative incentives occasionally in the form of a credit of $50 to $150 on your first purchase at Sony Style with a new card. But they are also known to give valuable incentives to existing cardmembers too in order to encourage you to spend.
Rewards
Let’s face it… the only reason most of us ever sign up for a new charge card is to get one with better rewards, and why shouldn’t we? It’s out money so we might as well earn as much cash back and points as possible when we spend it.
If you are a regular spender on their stuff, the Sony Rewards structure could really benefit you…
5 points per dollar for purchases at Sony Style stores or from their website
3 points per dollar for Sony purchases from Sony authorized retailer
1 point per dollar for everyday purchases
Conclusion
The Sony Card is not a scam. If you buy a lot of electronics and games, then Sony credit card is definitely worth considering. That being said, it’s always important to consider all your options before you choose a card. Sometimes, there are others which may earn you more depending on which categories they offer the highest cash back on.
Does that mean with no annual fee that there will only need to be a payment on the credit card, is if there a product bought on it?
I just tried to redeem my points. I was told before a purchase that I could just call in if I purchase through Sony Style store. AFTER the purchase I called in and was told they are now moving to an all online system so I would have to print out forms and mail them in. Then it can take over 60 days to process. I now wish I had a cash back card instead of this. It sounded easy to redeem until I actually bought an item.
Be Warned. Not very convenient redemption.
I also tried to redeem sony rewards points. However a large majority of items have been “temporarily out of stock” for months or are “no longer available.” I too wish now that I had a cash back card.
So go get a cash back card from Discover…
You left out some of the huge benefits of this card, and the reason why so many people love it. First, you can get free points every day by playing the games on the Sony Rewards site. You’ll net $200-$300 in free points per year this way. Second, you can buy *any* Sony product from an authorized retailer (like, say, Amazon) and do a Purchase Order credit through Sony Rewards. After the Purchase Order is processed, Chase issues you a statement credit for what you paid and deducts the appropriate number of points. You’ll always get your desired item for cheaper than the points you would spend if you redeemed it on Sony’s website, and it deducts points just the same.