5 Things to Know About the PlayStation Credit Card
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Gamers who make frequent PlayStation or Sony purchases may be eager to get their hands on the PlayStation® Visa® Credit Card.
Issued by Comenity Bank, the $0-annual-fee card offers decent rewards for brand products, but you’ll have to do some work to earn them. Plus, you’re limited in terms of what you can redeem those rewards for. A general cash-back credit card would prove much more versatile.
Here are five things to know about the PlayStation® Visa® Credit Card.
1. Some rewards are inconvenient and tedious to earn
You’ll be automatically enrolled in the Sony Rewards program, which is required in order to earn rewards, when you open the PlayStation® Visa® Credit Card.
Cardholders will earn the following:
5 points per $1 spent when you shop directly with PlayStation.
5 points per $1 spent on Sony or PlayStation products purchased from an authorized retailer.
3 points per $1 spent on cable and internet bill payments.
2 points per $1 spent at restaurants.
1 point per $1 spent on all other purchases.
Point values generally hover around .8 cent a piece, but it will vary depending on what you redeem them for. As of March 2023, for example, you can purchase a PlayStation gift card for a penny per point, which is industry standard.
Despite a less-than-ideal points value on most redemption options, you can earn elevated rewards for Sony and PlayStation products. But you’ll have to jump through some hoops to get them. For the card's highest 5x rewards rate, you’ll automatically get 1 point per dollar for brand purchases made at authorized retailers. However, you must submit a Sony Rewards bonus points form through the Sony Rewards app to receive the remaining 4 points. This is cumbersome and rare for a rewards credit card.
For an easier and more streamlined rewards-earning process, consider the Wells Fargo Active Cash® Card. It earns 2% cash back on all purchases and has a $0 annual fee.
Comenity also offers the $0-annual-fee Sony Visa® Credit Card. It, too, earns Sony Rewards points but features a different rewards structure from the PlayStation card.
2. Redemption is clunky and inflexible
Points earned with the PlayStation® Visa® Credit Card can be redeemed toward Sony and PlayStation products available through the Sony Rewards catalog, including movies, TV shows, video games and gift cards. The card’s terms note that you may be required to have at least 500 points to start redemption.
You can also redeem points toward products featured on Sony’s “Deals & Steals” limited-time sales. Plus, you can use your points to purchase tickets to some concerts and other events.
Points can be purchased at the rate of a penny per point. But note that points expire after five years, so you must redeem your points during that time frame or lose them.
Although other store-branded credit cards come with similarly restrictive redemption processes, the best rewards credit cards typically don’t make you jump through hoops to use your rewards, nor do they limit what you can use them for.
3. There are 2 sign-up bonus offers
The PlayStation® Visa® Credit Card features the following welcome offers (as of March 2023):
As a new account opener, earn a $50 PlayStation Store code when you make your first purchase with the card, within 60 days of signing up. You probably won’t be able to snag much with the offer, but other store credit cards come with similarly meager sign-up bonuses.
Earn a free game worth up to $75 when you spend $500 with the card not at PlayStation or Sony, within 60 days of card activation. That spending requirement might seem steep, but if you’re considering upgrading to the recently released PlayStation 5 console, purchasing it through a non-Sony website will guarantee that you meet the $500 minimum and get $75 worth of free games.
4. You can shop instantly after you are approved for the card
Once you’re approved for the PlayStation® Visa® Credit Card, you’ll be sent a temporary shopping pass, which will allow you to make online purchases immediately, rather than waiting for the physical card to be sent to you. Not very many credit cards allow you to do this.
5. It can be expensive to carry a balance
As of March 2023, the variable APR for purchases made with the PlayStation® Visa® Credit Card can be as high as 26.99%. This is much higher than the average APR charged for cards that incur interest.
If you pay your balance on time and in full each month, this isn't going to be too much of a problem. But if you need to carry a balance, a credit card that offers a 0% APR introductory period will be a better choice.
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