PlayStation Credit Card

[NutellaOrgies]

Didn't know where to put this topic, feel like sales and deals forum made sense since it technically gives out free money.

 

Anyway, does anyone here have a PlayStation Credit card? I've been looking up info on it for a few days now and it's hard to find people with it. 

 

I just have a quick question. Is it worth having? Like if I use it for basically everything and just pay it off instantly, it gives points quickly enough for free games or discounts? 

 

I see people on sony rewards bidding absurd amounts on things, so it seems like it just hands out points. 

 

Mostly just want your feedback on how you like it.

Edited January 30, 2018 by NutellaOrgies

[RNumbers]

I just got it recently after thinking about it for some time. You get a $50 PSN code for your first purchase, which is nice. I think as long as you pay your full balance every month it's a good deal.

Edited January 30, 2018 by RNumbers

[NutellaOrgies]

Did it take awhile to come in the mail?

[RNumbers]

5 minutes ago, NutellaOrgies said:

Did it take awhile to come in the mail?

 

Not very long, maybe about a week.

[Nihiris-]

As long as you pay it off every month you'll be perfectly fine.

[RavenclawHobbit]

Even without paying it off every month it’s not a bad card, there are better sure, but there are way worse. I use it strictly on psn and pay it off pretty regularly. I would suggest it but only if you enjoy buying your games digitally.

[ShadowStar83x]

Credit cards are the devil if you aren't careful.

[ExHaseo]

I had one for a while. I got it for the free $50 on PSN and thinking the rewards points would roll in for more free PSN cards, but you don't really get many points for anything except PSN purchases, so if you're looking for free money for using a card, it's better to look elsewhere. I was only getting maybe a $10 card every couple of months.

 

Also, no matter what card you get DO NOT USE IT FOR EVERYTHING. I've seen many people try to abuse credit card rewards by using it for everything. Every single one of them forgot at one point or another to pay it off before interest rolled in, and ended up paying a lot extra. Especially for a card like this that has high APR. You're going to end up paying a lot in interest if you forget to pay it by the time it cycles even once. If you really want a credit card, you're way better off getting a different card that will give rewards you can use places other than on Sony stuff, at lower interest rates.

[Guest]

Hey if you get the card make sure to accept the trophies to points promotion. That way you can accumulate more points!!

 

Also people bidding with absurd points for those big items mostly are thru exploitation or making huge purchases like home improvement 100k$ of spent money on dirt and wood...so dont be tricked that you may bid on them.

 

 

Edited January 30, 2018 by ERGOPROXY-DECAY

[RNumbers]

17 minutes ago, ExHaseo said:

Also, no matter what card you get DO NOT USE IT FOR EVERYTHING. I've seen many people try to abuse credit card rewards by using it for everything. Every single one of them forgot at one point or another to pay it off before interest rolled in, and ended up paying a lot extra. Especially for a card like this that has high APR. You're going to end up paying a lot in interest if you forget to pay it by the time it cycles even once. If you really want a credit card, you're way better off getting a different card that will give rewards you can use places other than on Sony stuff, at lower interest rates.

 

I recommend setting up automatic payments from your bank account for this reason, it was very easy to do for this card. But this isn't really the forum to discuss basic fiscal responsibility, haha.

[audiopile]

Guys are right, pay your card every time you get a paycheck, and that goes for every card.

 

Also advise having only one card period.

[NutellaOrgies]

Alright. I'll probably just use it for PSN then, my first credit card was a year ago when I bought a computer at best buy. I got a card there to help pay it off cause it was a bit too expensive. I learned what to avoid doing with that one lol

[Kittet3]

I looked into it before.

 

The card is through Capital One, which has the same basic criteria for all their cards (AKA you have an income x amount your rent/mortgage payment)

 

You basically get 1% back on all purchases and 5% back on Playstation Store purchases, all in the form of Playstation Credit. (There's other stuff too, like 3% back on cell phone bills, which could make it more worth it depending on how you have that set up) Capital One also have a student card where you can get 1%-1.25% in actual cash from purchases. So, really, unless you do alot of purchasing directly through the Playstation Store (which is silly when you can buy Playstation cards discounted all the time for at least 5%), it would be much better to get the normal card and get actual cash back and not points. Of course there's the $50 dollar bonus and other smaller perks, so if this isn't your main card and rather a churning card for your entertainment, then it makes a bit more sense. 

 

 

[Fing3rButt3r3]

10 minutes ago, Kittet3 said:

I looked into it before.

 

The card is through Capital One, which has the same basic criteria for all their cards (AKA you have an income x amount your rent/mortgage payment)

 

You basically get 1% back on all purchases and 5% back on Playstation Store purchases, all in the form of Playstation Credit. (There's other stuff too, like 3% back on cell phone bills, which could make it more worth it depending on how you have that set up) Capital One also have a student card where you can get 1%-1.25% in actual cash from purchases. So, really, unless you do alot of purchasing directly through the Playstation Store (which is silly when you can buy Playstation cards discounted all the time for at least 5%), it would be much better to get the normal card and get actual cash back and not points. Of course there's the $50 dollar bonus and other smaller perks, so if this isn't your main card and rather a churning card for your entertainment, then it makes a bit more sense. 

 

 

Great details. Theres also promotions that go on year round like the extra 3x points and 5x points, not sure if that makes store purchases 25% back.

 

Also how do you buy psn cards 5% off all the time? I been dying to find them discounted. Used to use Pcgamesupply but for months its been dry up from psn card sale. I need to restock my wallet!!

[Leenewbe]

27 minutes ago, Fing3rButt3r3 said:

Great details. Theres also promotions that go on year round like the extra 3x points and 5x points, not sure if that makes store purchases 25% back.

 

Also how do you buy psn cards 5% off all the time? I been dying to find them discounted. Used to use Pcgamesupply but for months its been dry up from psn card sale. I need to restock my wallet!!

i normally get my psn cards here discounted, they've always had offers on since i started using them.
https://www.offgamers.com/

Edited January 31, 2018 by Leenewbe

[starcrunch061]

On 1/30/2018 at 3:12 PM, NutellaOrgies said:

Didn't know where to put this topic, feel like sales and deals forum made sense since it technically gives out free money.

 

Anyway, does anyone here have a PlayStation Credit card? I've been looking up info on it for a few days now and it's hard to find people with it. 

 

I just have a quick question. Is it worth having? Like if I use it for basically everything and just pay it off instantly, it gives points quickly enough for free games or discounts? 

 

I see people on sony rewards bidding absurd amounts on things, so it seems like it just hands out points. 

 

Mostly just want your feedback on how you like it.

 

 

I was shopping for a new credit card recently, and to be honest, this one was pretty mediocre. You do get the upfront 5000 points, but the actual value of points is pretty mediocre in the Sony Reward program. Further, your points are only good for Sony.

 

I would recommend getting a more standard rewards card personally. Cash is universal, after all. 

On 1/30/2018 at 4:40 PM, ExHaseo said:

I had one for a while. I got it for the free $50 on PSN and thinking the rewards points would roll in for more free PSN cards, but you don't really get many points for anything except PSN purchases, so if you're looking for free money for using a card, it's better to look elsewhere. I was only getting maybe a $10 card every couple of months.

 

Also, no matter what card you get DO NOT USE IT FOR EVERYTHING. I've seen many people try to abuse credit card rewards by using it for everything. Every single one of them forgot at one point or another to pay it off before interest rolled in, and ended up paying a lot extra. Especially for a card like this that has high APR. You're going to end up paying a lot in interest if you forget to pay it by the time it cycles even once. If you really want a credit card, you're way better off getting a different card that will give rewards you can use places other than on Sony stuff, at lower interest rates.

 

Nah.

 

I charge about $2000 a month on a card with a relatively high interest rate, but relatively high rewards program. Even with the occasional miss (because there is no way in the world I'm going to give my credit card auto withdrawals from the bank), I'm still way in the black. ($2000 a month with a 1.5% cash back means $210 a year. Even assuming I miss one month every year, with a $50 late fee and a convertible interest rate of 18% (i.e. 1.5% interest per month), that costs me less than $100, so I still profit by $110 (and I doubt that anyone is missing a payment every year).

 

If people aren't profiting from rewards cards, it's almost always because they run a continuous balance, and not because of one late payment.

[StrickenBiged]

Can you set a credit limit on it? I was older than my peers were before I got my first credit card, and the bank offered me some ridiculous multiple of my monthly salary as the limit. I said no thank you, and asked them to issue one which had a limit low enough that even if I maxed it out I would be comfortable paying it next pay-day. 

 

Do that if you go for the card, if you can and are worried about debt. There is no point in having a crazy credit limit which would ruin you if you reached it.

[ExHaseo]

13 minutes ago, starcrunch061 said:

 

 

I was shopping for a new credit card recently, and to be honest, this one was pretty mediocre. You do get the upfront 5000 points, but the actual value of points is pretty mediocre in the Sony Reward program. Further, your points are only good for Sony.

 

I would recommend getting a more standard rewards card personally. Cash is universal, after all. 

 

Nah.

 

I charge about $2000 a month on a card with a relatively high interest rate, but relatively high rewards program. Even with the occasional miss (because there is no way in the world I'm going to give my credit card auto withdrawals from the bank), I'm still way in the black. ($2000 a month with a 1.5% cash back means $210 a year. Even assuming I miss one month every year, with a $50 late fee and a convertible interest rate of 18% (i.e. 1.5% interest per month), that costs me less than $100, so I still profit by $110 (and I doubt that anyone is missing a payment every year).

 

If people aren't profiting from rewards cards, it's almost always because they run a continuous balance, and not because of one late payment.

It's not about paying it late. If you pay your bill on time, you're paying interest. Which is what's costing you. It's literally more money than you spent that you have to pay. To avoid the interest, you have to pay your bill before your bill gets generated. That's what I mean by people forgetting to pay, because even people who are really on top of it forget to pay before getting the bill sometimes. If you're paying your bill on time, I can all but guarantee you're paying more than you're getting in rewards. Especially if you're using it that much. Also, at 1.5%, using $2000 a month, that should be 360 a year, not 210. Either way, if your monthly interest is the same as your cash back (which you're saying it is), and you're paying after your bill gets generated, you're not getting anything back.

[starcrunch061]

9 minutes ago, ExHaseo said:

It's not about paying it late. If you pay your bill on time, you're paying interest. Which is what's costing you. It's literally more money than you spent that you have to pay. To avoid the interest, you have to pay your bill before your bill gets generated. That's what I mean by people forgetting to pay, because even people who are really on top of it forget to pay before getting the bill sometimes. If you're paying your bill on time, I can all but guarantee you're paying more than you're getting in rewards. Especially if you're using it that much. Also, at 1.5%, using $2000 a month, that should be 360 a year, not 210. Either way, if your monthly interest is the same as your cash back (which you're saying it is), and you're paying after your bill gets generated, you're not getting anything back.

 

That's not my point, though. My point here is that you said that people were losing out because...

 

On 1/30/2018 at 4:40 PM, ExHaseo said:

Every single one of them forgot at one point or another to pay it off before interest rolled in, and ended up paying a lot extra.

 

My point is that forgetting to pay off the card once, or even TWICE, in a year doesn't result in paying a lot extra. Such a mistake will likely only cost you $200 (and that is including a FAT late fee on top of the accrued interest). 

 

"If you're paying your bill on time, I can all but guarantee you're paying more than you're getting in rewards."

 

I don't know who you get your credit cards from, but in 25 years of holding a credit card, every single one of them (with issuers ranging from MBNA to Chase to Capital One to US Bank) has a grace period on new charges. In fact, every card offer that I have ever seen, from cards that tried to lure me in when I was 18 to cards that try to make money off of my much-larger purchases at 43, has this policy.

 

It is literally in the contract, and I think it's required by law to do this in the United States. But even if it isn't, all major credit cards do this. This is, after all, their rationale for charging businesses a percentage to accept their cards.

 

If your card does what you say, you need to shop for a better card right now.

Edited February 2, 2018 by starcrunch061

[Rick_Sanchez]

I have one and I do like it. Got Rainbow Six Siege and Destiny complete collection using the points. You build them up pretty fast. Don't use it for everything, I just use it for huge CE purchases and pay it off asap a month or two (or longer when multiple ones come back to back I want). Alternatively make between $50-$100 purchases on it then pay it off when prompted a payment is due and you should be fine.

[EternalChaos72]

On 1/31/2018 at 2:12 AM, Leenewbe said:

i normally get my psn cards here discounted, they've always had offers on since i started using them.
https://www.offgamers.com/

Amazon £50 gift card at £51.50? Doesn't sound like a discount to me. 

[Leenewbe]

1 hour ago, EternalChaos72 said:

Amazon £50 gift card at £51.50? Doesn't sound like a discount to me. 

good job i dont buy amazon cards from them then. I use them exclusively for psn cards so i have no knowledge of any of the pricing of other cards.

Edited February 2, 2018 by Leenewbe

[ExHaseo]

2 hours ago, starcrunch061 said:

 

That's not my point, though. My point here is that you said that people were losing out because...

 

 

My point is that forgetting to pay off the card once, or even TWICE, in a year doesn't result in paying a lot extra. Such a mistake will likely only cost you $200 (and that is including a FAT late fee on top of the accrued interest). 

 

"If you're paying your bill on time, I can all but guarantee you're paying more than you're getting in rewards."

 

I don't know who you get your credit cards from, but in 25 years of holding a credit card, every single one of them (with issuers ranging from MBNA to Chase to Capital One to US Bank) has a grace period on new charges. In fact, every card offer that I have ever seen, from cards that tried to lure me in when I was 18 to cards that try to make money off of my much-larger purchases at 43, has this policy.

 

It is literally in the contract, and I think it's required by law to do this in the United States. But even if it isn't, all major credit cards do this. This is, after all, their rationale for charging businesses a percentage to accept their cards.

 

If your card does what you say, you need to shop for a better card right now.

Sorry, I was trying to simplify it in a way people could understand. I didn't want to confuse people with specifics. Being on the internet, there's no way of knowing how old anyone is, and a lot of people on here are fairly young. I've noticed a lot of people in their early twenties or younger. I wouldn't want them getting confused when going for their first card, and ending up in debt because of it. 

I know that there's a grace period on every purchase. I was trying to illustrate the point that if you just pay your bill when it's issued every month, you will be getting that interest. Unless you just happen to only buy things within the due date of your bill every month. The only way to avoid getting charged interest, is to pay things off immediately. If you're not actively paying during that grace period, you're paying interest on it, and are paying more than what you're earning in rewards. That's one of the ways they make money off of people with these cards.

[melodicmizery]

does anyone know the interest rate on it? or does it vary per person?

i read a while back a guy used one for work supplies, he had to buy certain things per day on a credit card anyways and got reimbursed by the boss.  so he was basically racking up major points lol. so for someone like that its def worth it

[Lava_Yuki]

TO be honest I never heard of it or knew Playstation even did credit cards! I never had a credit card until a few months ago when I graduated and started my first job (as I guess you need a source of income for one), and I used to have a bad impression of them. I just have my banks one but am considering getting another credit card, but when it comes to reward cards I think they make you spend more than you otherwise would, and tend to only be worth it if you spend a significant amount every month.

 

I know for most rewards cards like Amazon and Airline ones, spending about £350+ per month is recommended to benefit from rewards.  I know some people do it by putting direct debits and bills to go from their reward credit card accounts like rent, insurance etc. However, interest rates are much higher than regular cards if you don't pay bills on time from what I read.