UPDATE 9/8/09: PLAYSTATION VISA Promo - Back to $100 credit instead of $300

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As of 9/8 - ONLY $100 CREDIT... NO MORE $200 EXTRA CREDIT..

A NEW PLAYSTATION VISA PROMO - UPDATED 8/28/09

YOU DO HAVE TO MAKE THE 1ST PURCHASE OF $ 299 OR MORE FROM SONYSTLE.COM "ONLY" THIS TIME.

3 x $ 100 Statement Credit within 6 months.

1st - $ 100 instantly
2nd - $ 100 after charging $ 1500 to the card within 3 months of card opening
3rd - $ 100 after charging another $ 1500 to the card within 6 months of card opening
Total = $ 300 off after charging $ 3299 = 9% cash back + Reward Points. The best offer from a credit card at the moment or ever.

THIS IS A REGULAR VISA CREDIT CARD with Playstation brand on it. So if you already use your current CC for everyday purchases; such as Gas, Groceries, Phone, Cable etc. Just use this Playstation card until it hits $3000 + $400 for the PS3 within 6 months, collect the $300 off. Don't forget to pay it in full (at the very least by the end of 12 months since it's interest free for 12 months.) THEN YOU CAN KEEP USING THIS CARD TO COLLECT SONY POINTS OR GO BACK TO YOUR OLD CC.

THIS PROMO WORKS BEST FOR "RESPONSIBLE" PEOPLE WHO TAKE ADVANTAGE OF CREDIT CARD COMPANY (GETTING PAID FOR BORROWING INTEREST FREE MONEY FOR AT LEAST 30 DAYS EVERY MONTH) AND USE THE CC FOR EVERYDAY PURCHASES TO MAXIMIZE THE BENEFIT.


PS3 = $ 299.99 - $ 300 - Reward Point Statement Credit = FREE + $$$.


http://www.us.playstation.com/PSN/Events/PlaystationCreditCard/index.html

Get up to $300 back with the PlayStation® Card

SPECIAL OFFER: Apply now for the PlayStation® Card, get instantly approved and get $100 card credit when you purchase a PlayStation®3 system with your new PlayStation® Card.1

BONUS OFFER: Use your PlayStation® Card on your everyday purchases, spend an additional $3,000 or more and qualify for an extra $200 card credits.1
Every time you use the PlayStation® Card - whether it's on digital goods and subscriptions at PlayStation®3 Home, or on everyday purchases like groceries, gasoline or dining - you'll earn valuable Sony Rewards Points redeemable towards the latest Sony products such as: PlayStation® games, Blu-ray Disc™ movies, Sony electronics and much more!2

Terms and Conditions
1. Your first single sales receipt of any products or services purchase(s) made at SonyStyle.com only, equal or greater than $299 ("Qualifying Purchase") within the first 45 days your account is open will automatically qualify you for the first $100 Statement Credit. The first $100 card credit will be applied to your PlayStation® Card account 8-12 weeks after your Special or Qualifying Purchase (Qualifying Purchase does not include balance transfer or balance transfer checks) account must be open and not in default at the time of fulfillment. You will qualify for a second $100 card credit when you charge to your PlayStation® Card account an additional $1,500 within the first 3 months of account open date. You will qualify for a third $100 card credit when you charge to your PlayStation® Card account an additional $1,500 by your 6 month anniversary. Limit of three (3) $100 card credits to each new PlayStation® Card account, after each qualifying spend limit is met within the specified timeframes described above. This offer may not be combined with any other Sony Card or PlayStation® Card offer. In some instances an application may require additional processing, in which case Instant Credit will be unavailable. When you are approved for the PlayStation® Card, you will receive your account and CVV2 number and expiration date on-screen. Please make sure to make note of your account and CVV2 number and expiration date as this information will not be available until you receive your card in the mail. If you are approved, you will be able to make a one-time purchase at SonyRewards.com only, with up to a maximum line of credit of $5,000. Additional purchases with this account cannot be made until your card is received in the mail. This promotional offer is available for new PlayStation® Card account holders only; existing PlayStation® Card account holders or accounts are not eligible. Accounts subject to credit approval. Restrictions and limitations apply. PlayStation® Card credit cards are issued by Chase Bank USA, N.A. See Pricing and rewards for details.
2. You will earn 5 points for each $1 of net purchases made with your Sony Card at Sony Style stores and www.sonystyle.com. You will earn 1 point for each $1 of all other net purchases made with your Sony Card. Purchases of Sony products made at any authorized Sony retailer that earn 1 point for each $1 spent (excluding www.sony.com/playstationcard) are eligible for an additional 2 points from Sony Electronics, Inc. Please visit www.sony.com/playstationcard for more details. Sony Electronics, Inc. is wholly responsible for fulfillment of 2 bonus points. You do not earn points on balance transfers, cash advances, any checks that are used to access your account, overdraft advances, travelers checks, interest, unauthorized or fraudulent charges, or fees of any kind, including fees for products that protect or insure the balances of your account. See Rewards Program Rules and Regulations which will be mailed after your account is established.
 
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So spend 3k, so you get a PS3 for 99.99 six months from now, seems kind of crappy, good find though....
 
That's the most retarded idea I've ever seen.

If you have $1500 to spend in 3 months.. why not just buy a PS3 from the start? LoL
 
Might be worth it if the deal works with Balance Transfers. Just transfer a high balance to it, BAM, $99 PS3.
 
[quote name='dizzle24']That's the most retarded idea I've ever seen.

If you have $1500 to spend in 3 months.. why not just buy a PS3 from the start? LoL[/quote]

Because this way you save $300...
 
At first it seemed like a great promo, until I opened the thread to see that you have to spend $1500 for each addt'l $100 off. Terrible promotion.
 
[quote name='dizzle24']That's the most retarded idea I've ever seen.

If you have $1500 to spend in 3 months.. why not just buy a PS3 from the start? LoL[/quote]

You don't really have $1500. you put $1500 on the credit card. So it's massive debt, not directly outta your pocket at once. Still a crappy idea.
 
[quote name='Jello4250']Might be worth it if the deal works with Balance Transfers. Just transfer a high balance to it, BAM, $99 PS3.[/quote]

Might not work like that -- seems like they want you to spend on the staggered timeframe, so they keep the money flowing.

Some have said "$3000 of debt" for a PS3, but it's more like $3399 of debt for the PS3, which is probably still less than Sony is losing for each PS3 they're manufacturing, har har.
 
I dont know why everyone is saying this is a bad deal. I easily spent more than $500 a month and would jump in if I dont already have a PS3
 
*Scratches head*, how is this a bad deal?

For those that are not 12 years old, there are bills to pay every month, no matter what. Apartment rent, phone/cell bills, internet/cable bills, heat, electricity, water, food (you probably spend $200-400 on food a month easily).

This is a credit card, you can charge anything to it. $1500 in 3 months? Lol, I spend this much in one month just on living costs/food/whatever stuff I buy. If you spend less than $1500 in a 3-month period to survive, on your own, I would like to know where you are living. Wake up people, this is basically like getting 30,000 points on a normal credit card (for which you have to spend $30,000 to get) ... this is far from a "bad deal".
 
[quote name='keiblerfan69']That is a lot of debt for a PS3. But I know you could just put bills on it and then pay them the next month.[/quote]

That's the only way to do it w/ credit cards.
I make everyday purchase and pay all my bills with my 2% cash reward card and pay them off every billing cycle(I hate paying interest more than anything.)
I spend about 15k a year with my current CC and usually end up getting about $300 back, which is not too bad.

With this sony card,
Spending 3K and get $200 back = 6.66% cash rebate (and you get it back in 6 mo)

Well, it's three times plus better than the cash reward card I normally use.

I'd better bite this one.
 
[quote name='jooanyenna']
Spending 3K and get $200 back = 6.66% cash rebate (and you get it back in 6 mo)
[/quote]

WOAH WOAH WOAH EVIL!!!!!! 6.66% in 6 months... Sony's deal = satan.
 
Pretty good deal. I have a wedding coming up and if I didn't already have 2 PS3s and a Sony Card, I'd jump in and throw some wedding expenses on it for 0%/12 months.
 
[quote name='flakko']WOAH WOAH WOAH EVIL!!!!!! 6.66% in 6 months... Sony's deal = satan.[/quote]
Sadly, this is like 3 times the return you will get with from any savings account in this market, haha. This is a GREAT deal :)
 
I put at least $2000 on my card each month (always pay it off each month), so I'm tempted. But I don't want another credit card, so I'll probably pass.
 
[quote name='jooanyenna']That's the only way to do it w/ credit cards.
I make everyday purchase and pay all my bills with my 2% cash reward card and pay them off every billing cycle(I hate paying interest more than anything.)
I spend about 15k a year with my current CC and usually end up getting about $300 back, which is not too bad.

With this sony card,
Spending 3K and get $200 back = 6.66% cash rebate (and you get it back in 6 mo)

Well, it's three times plus better than the cash reward card I normally use.

I'd better bite this one.[/QUOTE]

Exactly! This is making this deal something I am seriously considering. Think about Groceries, gas, eating out, games you buy and every other expensie. Something like gas alone can equal $50-$60 a month, groceries another $200 and then you eat out a few times, buy a few games and pay a few bills and you have more then hit that $500 a month mark.
 
[quote name='MattVid']*Scratches head*, how is this a bad deal?

For those that are not 12 years old, there are bills to pay every month, no matter what. Apartment rent, phone/cell bills, internet/cable bills, heat, electricity, water, food (you probably spend $200-400 on food a month easily).

This is a credit card, you can charge anything to it. $1500 in 3 months? Lol, I spend this much in one month just on living costs/food/whatever stuff I buy. If you spend less than $1500 in a 3-month period to survive, on your own, I would like to know where you are living. Wake up people, this is basically like getting 30,000 points on a normal credit card (for which you have to spend $30,000 to get) ... this is far from a "bad deal".[/quote]

Unfortunately, I can't pay rent by credit card, but it should still be pretty easy to do. For me, I pay ~$100/mo on utilities, ~$200/mo on food, so that leaves about $1200 to spend in 6 months. $400 of that will be the PS3 itself. $800 in all other purchases including gas over 6 months? Easy. That said, I don't really want a PS3 =P
 
I am one of those who don't understand why people say it's a crappy deal. This deal got thumbed down a lot @ slickdeals.
All you gotta do is spend 500 bucks a month on the credit card. Just my phone/internet/TV bill are more than 200 bucks. But if you count everything, there's 1200 for rent + 1000 for food every month. Nothing bad for you credit if you use your CC and pay it every bill.

If you already spend money anyways, you might as well get 300 bucks back.
 
Shit I also didnt think about school books. This is the time of the year where many of us are going back to school, my fiancee just dropped $800 last week alone. Someone could easily pay for their school books and their almost 1/3rd of the way done! My only concern on this deal is Sony giving people the run around getting their cash back and how much this might ding my credit history since this will be my third card(even though I keep the other 2 paid off monthly).
 
I'd rather have the money taken away from me immediately, so I use a debit card. But it's not a bad deal if you regularly pay your bills on time AND spent enough money each month to make it worthwhile. Seriously, though, these threads always seem to prove that a large number of people don't understand how credit cards work.
 
[quote name='OatmealMu']Seriously, though, these threads always seem to prove that a large number of people don't understand how credit cards work.[/QUOTE]

The current state of the economy sort of makes that point pretty dramatically. :)
 
[quote name='MSI Magus']My only concern on this deal is Sony giving people the run around getting their cash back[/quote]

I think it will automatically show up on the mothly statement.
Suppose you charge $500 a month w/ your Sony card.
For the first three months, you pay off the bill so you don't carry any outstanding balance.
On the fourth month, you charge $500 as well but on your next statement, the balance should be only $400 because of the $100 statement credit.

[quote name='MSI Magus']how much this might ding my credit history since this will be my third card(even though I keep the other 2 paid off monthly).[/quote]

I am not 100% certain but I heard that every time someone(including credit card company) check your credit for the purpose of lending(like a loan or credit card application) your FICO credit score gets reduced by 2 points.
 
Another promo SonyCard has right now is gas/restaurant/department store/grocery store 5 points for every $1 spent once you are over $250 spent per month. From 1/1/09 till 3/31/09. What sucks is the classification is dependent on the store. If a store doesn't list themselves correctly, then you don't get credit.

10,000 point limit. I was thinking...spending $2000 at Sears to get the full 10,000 limit.
 
You don't even have to buy a PS3 to get the cashback. I found this in the terms:

"Your first single sales receipt purchase equal or greater than $299 ("Qualifying Purchase") must be made by 3/31/09 and will automatically qualify you for a first $100 Statement Credit."

Looks like as long as you buy something that costs $300 or more you will get $100 back. Then you can get the other rebates if you spend enough. Pretty good deal I guess, no annual fee, 0% APR for 12 months.
 
[quote name='jooanyenna']I am not 100% certain but I heard that every time someone(including credit card company) check your credit for the purpose of lending(like a loan or credit card application) your FICO credit score gets reduced by 2 points.[/quote]

Yeah, I'm not sure if it's 2 points - they make the actual formula very convoluted and not at all transparent - but every time you apply for a credit card, they do a "hard pull", which will hurt your credit score slightly. You certainly don't want to be applying for a bunch of new credit cards in a short period of time.
 
It's a great deal if you compare to other credit card rewards. Some CCs give 1-2% on your purchases and if spending only 1500 minimum that's about 7-8% rough math. If you spend the money monthly, it's worth it.
 
For $3K worth of debt, I'd expect at least a 46" 1080p Bravia, a PS3, and a bunch of games for free.

Oh wait, you could buy all that for $3K plus and still have money left over for other things. >_
 
[quote name='MattVid']*Scratches head*, how is this a bad deal?

For those that are not 12 years old, there are bills to pay every month, no matter what. Apartment rent, phone/cell bills, internet/cable bills, heat, electricity, water, food (you probably spend $200-400 on food a month easily).

This is a credit card, you can charge anything to it. $1500 in 3 months? Lol, I spend this much in one month just on living costs/food/whatever stuff I buy. If you spend less than $1500 in a 3-month period to survive, on your own, I would like to know where you are living. Wake up people, this is basically like getting 30,000 points on a normal credit card (for which you have to spend $30,000 to get) ... this is far from a "bad deal".[/quote]

Right on.
 
Careful... the terms are very vague on this, but several of us have called Sony and Chase, and they say the qualifying purchase must be a PS3 and must be bought on sonystyle.com or at a Sony store.
 
[quote name='gunm']For $3K worth of debt, I'd expect at least a 46" 1080p Bravia, a PS3, and a bunch of games for free.

Oh wait, you could buy all that for $3K plus and still have money left over for other things. >_
 
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[quote name='MattVid']*Scratches head*, how is this a bad deal?

For those that are not 12 years old, there are bills to pay every month, no matter what. Apartment rent, phone/cell bills, internet/cable bills, heat, electricity, water, food (you probably spend $200-400 on food a month easily).

This is a credit card, you can charge anything to it. $1500 in 3 months? Lol, I spend this much in one month just on living costs/food/whatever stuff I buy. If you spend less than $1500 in a 3-month period to survive, on your own, I would like to know where you are living. Wake up people, this is basically like getting 30,000 points on a normal credit card (for which you have to spend $30,000 to get) ... this is far from a "bad deal".[/quote]

I was thinking the exact some thing; most critics of this deal are apparently children who don't have have monthly expenses to pay. Personally, I would jump on this but I already have a PS3.
 
Why are so many people bashing this deal. My monthly bills can get me a $99 PS3 right off the bat. Buncha free-loaders here or what?
 
I could do this pretty easily as I charge almost everything on my CC. I pay it off completely every month.

Too bad I have little interest in a PS3 at this point in time.

Still not a very good promotion though.
 
[quote name='jooanyenna']I think it will automatically show up on the mothly statement.
Suppose you charge $500 a month w/ your Sony card.
For the first three months, you pay off the bill so you don't carry any outstanding balance.
On the fourth month, you charge $500 as well but on your next statement, the balance should be only $400 because of the $100 statement credit.



I am not 100% certain but I heard that every time someone(including credit card company) check your credit for the purpose of lending(like a loan or credit card application) your FICO credit score gets reduced by 2 points.[/QUOTE]


If it works that way its awsome, its just like the MS cashback deal which was easy and painless. Problem is if it doesnt work that way and they try dicking you around with some stupid excuse like you paid off the $500 a month vs racking up a $1,500 debt.

Too bad I don't want the hard inquiry (or a new line of credit) on my credit report. It MAY raise a red flag with your other creditors if you're applying for credit during a recession like this.
Click to expand...

Ya this really is my main concern with this. We only have 2 credit cards and like you we make all of our purchases on them but pay them off at the end of the month. We are never late paying bills and actually pay ahead. We even own our own vehicle vs having debt for one. I think this probably wouldn't be a bad ding...but it still makes me nervous.
 
[quote name='Law_Professor']Too bad I don't want the hard inquiry (or a new line of credit) on my credit report. It MAY raise a red flag with your other creditors if you're applying for credit during a recession like this.[/quote]

As long as
1) you don't have a lot of revolving debts,
2) you don't have many 'maxed-out credit cards,'
3) you have plenty of 'cushion' in other credit cards you have,
4) you have not applied for multiple credit card lately,
5) you have not had tons of late payments recently
you should not really worry about it.
 
[quote name='gunm']For $3K worth of debt, I'd expect at least a 46" 1080p Bravia, a PS3, and a bunch of games for free.

Oh wait, you could buy all that for $3K plus and still have money left over for other things. >_
 
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[quote name='colt4by5']Careful... the terms are very vague on this, but several of us have called Sony and Chase, and they say the qualifying purchase must be a PS3 and must be bought on sonystyle.com or at a Sony store.[/QUOTE]

I'm not sure if they can legally restrict your purchase to a PS3. It doesn't mention the PS3 anywhere in the actual terms but they want you to think it's required. I would probably buy one anyway just to be safe.
 
This is a good deal as long as you were going to spend that much a month anyways and you are responsible enough to pay it off in full and not use the money for something else.
 
[quote name='Trenchalicious']This is a good deal as long as you were going to spend that much a month anyways and you are responsible enough to pay it off in full and not use the money for something else.[/quote]

You're right on there... and $ 500/month is not much nowadays, especially if you're a family.

Phone, Cable, Internet, Insurance, Gas and food can easily be around $1000/month.
 
[quote name='MattVid']*Scratches head*, how is this a bad deal?

For those that are not 12 years old, there are bills to pay every month, no matter what. Apartment rent, phone/cell bills, internet/cable bills, heat, electricity, water, food (you probably spend $200-400 on food a month easily).

I live in Oregon. My house bills including cell phone is right around $200. Groceries, not much more than $150-200. Other bills (wife and kid's health insurance, other expenses, not payable by credit card) I've never lived in an apartment that let me use a credit card for rent since the landlord would have to eat the credit card processing fee, thus giving them less in rent.

It's a bad deal because it encourages people to get hooked on credit cards, and as we know, very few people are as diligent and organized as you or I to pay the bills off right when they come in. Then impulse shoppers will buy things they can't afford, or insist on placing a few extra bucks on the card each month, so that in a lunar year they can get a PS3 for $99. With the time value of money, and inflation, this technically becomes an even worse deal then.

I would think that after 6 months, you can probably find several ways to save a couple hundred bucks, just from being frugal, and not having the temptation of credit card debt loom overhead (something I've never experienced thankfully).

Thanks for the thread, it's a nice thought and interesting find, but I don't think it's fair to call this a "good deal."
 
[quote name='berzirk'][quote name='MattVid']*Scratches head*, how is this a bad deal?

For those that are not 12 years old, there are bills to pay every month, no matter what. Apartment rent, phone/cell bills, internet/cable bills, heat, electricity, water, food (you probably spend $200-400 on food a month easily).

I live in Oregon. My house bills including cell phone is right around $200. Groceries, not much more than $150-200. Other bills (wife and kid's health insurance, other expenses, not payable by credit card) I've never lived in an apartment that let me use a credit card for rent since the landlord would have to eat the credit card processing fee, thus giving them less in rent.

It's a bad deal because it encourages people to get hooked on credit cards, and as we know, very few people are as diligent and organized as you or I to pay the bills off right when they come in. Then impulse shoppers will buy things they can't afford, or insist on placing a few extra bucks on the card each month, so that in a lunar year they can get a PS3 for $99. With the time value of money, and inflation, this technically becomes an even worse deal then.

I would think that after 6 months, you can probably find several ways to save a couple hundred bucks, just from being frugal, and not having the temptation of credit card debt loom overhead (something I've never experienced thankfully).

Thanks for the thread, it's a nice thought and interesting find, but I don't think it's fair to call this a "good deal."[/QUOTE]

So in other words its a bad deal if your an idiot that spends money you dont have.
 
[quote name='JrHu92']good deal if you want to buy a TV for the PS3..

and another TV for something else..[/quote]

Why?
 
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