Some of the staff here at ValuePenguin, myself included, happen to be big gamers. And when it comes to the next gen consoles we've all chosen to get behind the PS4.(Sorry Xbox Fans!) It was a pleasant shock to us when we came across the PlayStation Credit Card from Capital One a card that combined our love of games and personal finance. We're generally not a big fan of narrow use rewards credit cards. More often than not they make it hard to earn rewards. Even when you do earn rewards the rewards rate isn't much to talk about. The PlayStation Credit Card is one of the few examples we actually think is worth discussing.
A Ridiculous 10% Rewards Rate on PlayStation Store Purchases
What really makes this credit card stand out is the ridiculously high rewards rate PlayStation owners stand to earn when making purchases on the PlayStation Store. The card rewards gamers with 10 points through Sony's reward program for every dollar spent. With points converted at a penny each towards games, accessories and gift cards, cardholders effectively receive a 10% return on all money spent through the PlayStation Store. There are very few cards that offer anywhere near this value in all the spending categories we've examined. Even the most generous travel rewards credit cards top off at 3-4%.
Growing Digital Options
In the past even the high reward rate may not have been attractive simply because there weren't many products you could buy through the PlayStation Network or Store. Nowadays however with nearly every major title releasing purchasable DLCs and Season Passes the digital options have opened up tremendously. If you're like me then you've even purchased digital copies of games directly from the store itself. The digital offerings are only going to get bigger as it is clear Sony had made it a big focus in their strategy. Each month the library of digital only indie titles continues to grow. Now all these purchases would be eligible for the 10% rewards rate helping you pay for your next game, or digital download. Multiplayer fans paying for PlayStation Plus can add that on as another expense to earn rewards with.
Best of all the card has no annual fees, making it the perfect card to keep around for the singular purpose of squeezing out a little more value in your gaming purchases. If you're gamer that buys any digital content you really should consider making this your primary billing card when it comes to your PlayStation. The best strategy is to have this card and use it solely for your digital purchases or those you might make at Sony.com (Cardholders earn 3% when buying at Sony)
An Added 5,000 Point Bonus
If the 10% rewards rate isn't reason enough, new cardholders are also being offered a 5,000 point bonus after their first purchase within the first 90 days of getting the card. If you're thinking about buying any DLC content why not take advantage of nearly a free game worth of value. If you don't have any immediate purchase plans buying credits to extend your PlayStation Plus membership is a viable way to earn the credit.
Obviously the one drawback with digital content is that you generally can't return or resell it. So if you like to sell your used games to stores like gamestop this card may be of a little less value. As with all rewards credit cards, the PlayStation® Card from Capital One® will only be worth it if you pay off your balance every month. With interest rates starting at 14.99%, if you maintain a balance on the card at the end of each month it will quickly undo any value you receive from your rewards.
|Purchase APR||14.99% - 24.99% (Variable)|
Note: The information in this box was provided by Capital One® and is not part of our independent analysis.
A break down of how the card works including how rewards are earned and your redemption options.
When it comes to spending on PlayStation's digital content, this card provides a world class rewards rate. If you're a big fan of sony electronics, the 3% rate for purchases through Sony.com or the Sony Store is not too shabby either.
|PlayStation Store||10 points per $1 spent|
|Sony Store and Sony.com||3 points per $1 spent|
|Quick Services Restaurants, Movie Theatres||3 points per $1 spent|
|Mobile Phone Bill||3 points per $1 spent|
|All Other||1 point per $1 spent|
In order to redeem rewards, cardholders must be a member of Sony's loyalty program at SonyRewards.com. Points earned through the card are associated with the account at Sony Rewards and can be used their for different redemption options. Effectively each reward point is worth a penny towards items available through the reward store, which includes games, movies, gift cards and just about every type of sony product.
Comments and Questions
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How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.