PlayStation Credit Card

[hotdog_president]

7 hours ago, Lava_Yuki said:

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. 

 

Credit cards get a bad rep because people can use them so poorly and then get in trouble debt-wise with them. Credit cards are great if you know how to use them!

 

I just signed up for the PSN Credit Card as we're cutting the cord and you get 10% off by using this card for Playstation Vue. Using it for that, along with Store purchases will suffice for this credit card.

 

Pay it off every month and the card works for you!

[Tekyumeeee]

I find it tempting to just get it, make a purchase, wait for the $50 code, then cancel the card. At any rate, I don't think it's a terrible idea to have it as your main card. That might depend on what other cards out there you're qualified for. Not exactly an expert on this since I didn't bother getting a credit card until somewhat recently since I guess it's important to build credit or something.

[NutellaOrgies]

20 minutes ago, Jay_Cash said:

I find it tempting to just get it, make a purchase, wait for the $50 code, then cancel the card. At any rate, I don't think it's a terrible idea to have it as your main card. That might depend on what other cards out there you're qualified for. Not exactly an expert on this since I didn't bother getting a credit card until somewhat recently since I guess it's important to build credit or something.

 

I might just leave it on my PSN and just use it for that for the extra discounts and 6x+ points during sales.

[Lava_Yuki]

12 hours ago, hotdog_president said:

 

Credit cards get a bad rep because people can use them so poorly and then get in trouble debt-wise with them. Credit cards are great if you know how to use them!

 

I just signed up for the PSN Credit Card as we're cutting the cord and you get 10% off by using this card for Playstation Vue. Using it for that, along with Store purchases will suffice for this credit card.

 

Pay it off every month and the card works for you!

Indeed, I read in one of my books on finance that they can help increase your credit rating provided you use them well and pay back the bills on time. I wish the PSN credit card was available outside the US as I live in the UK and my account is JP... I am thinking of getting the Amazon credit card although there seems to be a good few negative reviews for some reason. Still looking into what to get as my second card, would love a rewards or avios one one though. 

[RNumbers]

21 hours ago, ExHaseo said:

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.

 

Starcrunch is right, if this is the case with your card you're getting an exceptionally raw deal. I haven't gone through my first billing cycle with my new card, but I set my old card up to autopay in full every cycle and I've never once paid a cent in interest. Maybe I'm misunderstanding what you mean by "due date," but this is NOT how my card works, and I believe it's not how most cards work (in the US).

 

Edit: I'll keep an eye on my psn credit card for the first cycle and report back.

Edited February 3, 2018 by RNumbers