Disclaimer: CreditCardForum does NOT advertise the Playstation card so all of the below info is presented without warranty and is subject to change without notice. This post was originally written April 17, 2013. Consult the issuing bank for current offer, terms, and conditions.
After you apply for the PlayStation credit card and make a purchase, you will get a $50 PSN code. The application on their website says this is a limited-time offer, but it has been available for at least the past 6 months. How much longer they offer it is anyone’s guess.
Some caveats to be aware of:
- Offer is limited to one-time use: Don’t even think about applying multiple times, because this is a one-time deal, limited to one per person.
- Offer is only available to new credit card holders: If you already have the Capital One PlayStation card, you can’t get the bonus.
Earning $50 to spend on the PlayStation network is a good deal, but keep in mind there are bonuses on other credit cards which are 4- 10x bigger right now.
I actually have this Ink card myself. I’m self-employed and got it a couple years ago. Even if you don’t have a corporation or LLC you can still apply for it as a sole proprietor using your SSN for your biz tax ID number and your legal name (i.e. if your name was John Doe, that would also be your legal business name, unless you have a separate DBA). The reward categories on this one save me a lot of money.
Or better yet, if you can spend $5k within the first 3 months (that’s an average of $1,667 per month) then you can score 50,000 points, which is worth a cool $500 in cash back. That will probably be enough to buy yourself the new PlayStation 4, which is expected to cost around $400ish when it’s released in late 2013.
Now going back to the topic of the Playstation Visa Card, it has a pretty good rewards program…
- 10 points per dollar on PlayStation Network purchases.
- 3 points per dollar at Sony Stores, movie theaters, mobile phone bills, and “quick service restaurants” which according to their website, here’s how they describe that:
- 1 point per dollar on other purchases.
These points are pretty versatile. Any gamer will be satisfied with the many ways you can use them:
- Hardware, including PS accessories
- PSN codes
- Sony music, movies, and other merchandise
And how much are the Sony reward points worth? Generally 1 point is worth about 1 penny. But on the merchandise, keep in mind they typically correlate the number of points to the full MSRP value. So I would recommend sticking with the PSN codes since their value is straightforward.
So should you get their Visa for the $50 PSN bonus? If you spend a ton on the PlayStation network, then yes. But if not, you might want to pass and go for a different credit card that comes with a better bonus.