Do you like PlayStation products? How about free stuff? Love buying things and not paying for them right away? If you've said yes to all of the above questions, then Sony has got quite the deal for you! All right, enough making fun of radio announcers and salesmen. What we're talking about today is the PlayStation credit card. If you're in shock, don't worry, I was too. Grab yourself a chocolate bar or whatever your favorite blood sugar recovery treat is, and come back. The PlayStation credit card is in fact a thing, and frankly, it's terrifying. Let me explain why.
Credit cards are designed to give people the option to pay for things they might not be able to currently, then pay it off later. This is fantastic for emergencies like that $150 car tow you needed to haul your '91 Honda out of the boiling desert heat. Never mind the mental price you paid by sleeping within it overnight with your significant other, monster of a cat, and a giant fluffy American Eskimo dog. (Oh, that's never happened to you? Forgive me, I'm clearly projecting. Bad April!) Credit cards are for the things you need when you can't necessarily pay right this moment. Should that include video games? Well, you need to be the judge.
Frankly, if you're sitting pretty with a reasonably well-paying job and perfectly manageable bills, then this sort of thing isn't that farfetched. Those with a decent amount of disposable income could definitely buy new PlayStation 4 games when they release. They might also find themselves buying PlayStation Plus memberships 12-months at a time. Past that, it might not be that obscene to buy yourself all kinds of PlayStation and Sony goodies. If you find yourself in this category, the PlayStation credit card would definitely be a good option for you.
After your first purchase, you'll automatically get a $50 PlayStation Store credit. That's great already, right? Well past that you'll also get 10% off PlayStation Vue, Music, and Now purchases. If you don't do that often, but plan to buy a lot of games from the PlayStation Store or a bunch of new peripherals for your system, even better. The PlayStation credit card will give 50% back on the cost of a 12-month PlayStation Plus membership if you spend $3,000 within the first year. As I said before, if you have this much disposable income on your hands, this card will be great. The biggest reason for that is the reward points.
Every single thing you buy on the card will reward you one point for every dollar you spend. Even more awesome, have your mobile phone bill charge to your PlayStation credit card, and you'll earn three points per dollar. The highest rewards given through the PlayStation credit card is on Sony/PlayStation purchases, which also includes anything from the PlayStation Store. You'll get five points per dollar on those buys. All said and done, the point system is dependent on 100 point increments. Every 100 points you earn from your PlayStation credit card counts as $1. Spend enough, and I imagine that would add up quickly. You can use these Sony Reward dollars towards purchases like games, DLC, subscriptions, Sony electronics, music, and movies.
This all sounds well and good for those that can afford it, but what about those that can't? Parents already have problems with their children making purchases on their cards without their knowledge. And plenty of other adults struggle with crippling credit card debt. If you don't have even a modicum of self-control or don't understand how credit cards work, you could find yourself in a lot of trouble. This card seems like a great option for those who can afford to buy new games and PlayStation/Sony products on the regular. But for the rest of us, it's an enticing death trap.
The interest rate on the PlayStation credit card is 0% until March 2018, but past that it'll skyrocket to anywhere from 14.99% to 24.99%. This is a veritable death sentence to those who can't pay it off immediately. One game and DLC purchase later, and you might find yourself in hot water. Those Sony Reward dollars won't be able to save you from the interest payments on the credit card.
The main point I'm trying to make here is that the PlayStation card is marketed in a very appealing way. That's what makes it even more crucial that you do your homework. Don't get pulled in by sign-up rewards and point systems if you aren't sure what you're getting into. Be aware of the interest rate structures and your ability to pay for things quickly. If you are even the least bit uncertain, then give it a hard pass. Your sanity, and your credit score will thank you later.
What do you think about the PlayStation credit card though? Will you be getting one or know someone who will? I'd love to hear your thoughts on it below.