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 at playstation.com or the PlayStation Store.
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 will vary depending on what you redeem them for, but they are generally worth around 0.87 cent apiece. This is slightly below the industry standard of a full penny per point.
Despite a less-than-ideal points value, 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 Citi® Double Cash Card – 18 month BT offer. It earns 2% cash back on all purchases: 1% back when you spend and another 1% when you pay your bill. The card's annual fee is $0.
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.
Through Sony’s mobile app, cardholders also have the option to redeem points for statement credit toward a Sony product — but the process is a bit clunky. When you make a purchase from an authorized retailer, you’ll have 60 days to complete a purchase credit form, take a picture of your receipt and upload it. Once approved, part or all of the necessary number of points will then be deducted from your account balance. Again, points are worth approximately 0.87 cent when redeemed this way.
You can also redeem points toward products featured on Sony’s “Deals & Steals” limited-time sales and for exclusive experiences and collectibles through the brand’s "ShowStoppers" auctions. Points can be purchased at the rate of a penny per point, too.
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 2021):
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 $75 game coupon 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 2021, the variable APR for purchases made with the PlayStation® Visa® Credit Card can be as high as 22.74%. This is much higher than the average APR charged for cards that incur interest.
Of course, you can avoid getting charged interest by paying your balance on time and in full every month.