About PlayStation Card from Capital One
The Capital One PlayStation Card got an overhaul in 2017, bringing a new way for gamers to earn Sony Rewards they can use toward PlayStation purchases, membership discounts and more.
PlayStation said in a press release about the new card that it is “a great opportunity for any gamer looking to earn rewards just by purchasing items you already enjoy.”
But which items get rewards? How many rewards do they give you? What other benefits do you get from owning the PlayStation Visa?
These are all legit questions that you’ll need to answer before you begin your journey with this new credit card.
We’re going to help you with those answers by doing some in-depth analysis of the rewards the card offers, the benefits you get that aren’t related to rewards, as well as the card’s rates, fees and its overall pros and cons.
At the end of this review, we’ll offer up a profile of the kind of person we think can most benefit from using this card.
The Capital One PlayStation Card’s Rewards
Most credit cards have one or two major rewards and one or two minor rewards. What we’ve found with the PlayStation card is that you get multiple rewards that can bring you some pretty serious cash value if you spend enough money on Sony products.
Cash Back Rates
“Cash back” refers to a credit cards ability to give you cash back whenever you make purchases. Some cards will give you points that have cash value and others will give you cash.
Whichever the case, your cash back is added to a balance you can see when you log into your account. Your points are usually added to your account at the end of the month or 6-8 weeks after you make your purchase.
5x on PlayStation Store Purchases
Anytime you make a purchase in the PlayStation Store, you’ll earn 5x Sony Rewards. That means that, for every dollar you spend, you’ll get five rewards points. A $100 purchase gets you 500 Sony Rewards points.
These points will be added to your account within two billing cycles. Each point is worth $0.01, so 500 points have a cash value of $5.
Any points you earn from purchases are good for five years.
5x on PlayStation & Sony Products
You’ll also get a 5x bonus on PlayStation and Sony purchases at authorized retailers. Getting these points isn’t automatic like it is with your PlayStation Store purchase.
To earn these points, you’ll have to submit what’s known as a Purchase Credit form. According to Sony’s fine print, you’ll have to submit the form and your receipt to Sony via traditional mail.
Sony will send you a confirmation email when they receive your form, then credit your account according to the purchases you made.
The points should be added to your account within two billing cycles.
3x on Mobile Phone Bills
When you pay your mobile phone bill with your PlayStation Card, you’ll earn three Sony Rewards points for every dollar spent.
If your cell phone bill is around $75, you could earn $27 worth of rewards every year with this 3x bonus.
1x Points on Everything Else
You’ll earn 1 Sony Rewards point for all purchases that aren’t included in the bonus categories we’ve mentioned. Assuming you’ll spend about $20,000 a year on your card, you’ll get $200 worth of rewards points in this category.
$50 PlayStation Store Credit
The first purchase you make with your PlayStation Card will earn you a $50 bonus to the PlayStation Store.
According to the fine print, this bonus comes in the form of a discount code that Sony will send you around 14 days after your first purchase, although it also says it could take up to 12 weeks to get the code.
You have six months from the day you made the qualifying purchase to use the code.
50% off PlayStation Plus Subscription
If you can spend $3,000 per year on your card in the first year of owning it, then Sony will give you a 50% discount on your PlayStation Plus subscription.
A couple of things to keep in mind:
- You can’t apply the discount to your current membership
- Discount is added to your statement w/in 1-2 billing cycles
- You only get the discount once.
At the time of publishing, PS Plus memberships were $59.99, which equates to a $29.99 discount. This discount will show up on your account within 1-2 billing cycles of hitting the $3,000 mark.
10% Off PlayStation Vue, Music and Now Subscriptions
If you use your PlayStation Card to pay for your Vue, Music and Now subscriptions, Sony will add a 10% credit to your statement whenever you’re billed for those subscriptions.
According to the fine print, those bonuses will appear on your account within one to two billing cycles.
Using Your Points
The points you rack up on your card can be redeemed for items in the Sony Rewards catalog, Sony Deals & Steals sales and Sony ShowStoppers auctions.
We did a quick check of pricing in the rewards catalog and found the points pricing to be similar to cash prices. For example, a Sony 10-18mm E-Mount lens cost 84,999 ($849.99) Sony Rewards points. The same lens was $848 on B&H Photo.
At the time of publishing, ShowStoppers auctions included a variety of entertainment experiences including tickets to the “Spider-Man: Homecoming” premier, tickets to a Bard Paisley concert that included meeting the country star and going on stage during his set.
How Much Cash Value Can You Get With the PlayStation Card?
Based on the estimates we’ve laid out in this review so far, we think that your PlayStation Card can bring you more than $300 in the first year of owning your card:
- $200 from 1x bonus
- $27 from 3x bonus
- $50 PlayStation Store credit
- $29.99 PS Plus discount
This isn’t including the bonuses you get for making PlayStation purchases, as well as purchases made in the PlayStation store.
So, take a few minutes to figure out how much you spent in the PlayStation Store and at authorized dealers and multiply that by 5. This will help you know how many Rewards points you can plan on getting.
The Capital One PlayStation Card’s Benefits
We spoke with a Sony phone rep about the card’s benefits and were told that, aside from what we’ve already listed above, the card has no additional benefits.
We found this a bit abnormal, as most cards provide complimentary car insurance and purchase protection.
So, we talked with a Capital One rep to get the story and found that the card’s only benefit is zero fraud liability. If someone uses your card or card number to make a purchase, you aren’t liable for those purchases.
The Capital One PlayStation Card’s Rates and Fees
All credit cards have rates and fees they’ll charge you if you don’t pay your balance in full every month or you pay late. Here’s what you can expect with the PlayStation card:
- Purchase and balance transfer APR: 14.99%-24.99%
- Cash advance APR: 23.99%
- Late payment fee: Up to $35
- Balance transfer fee: Fee depends on offer
- Cash advance fee: $10 or 3%
- Foreign transaction fee: None
- Annual fee: No annual fee
The balance transfer and foreign transaction fees weren’t listed in the PlayStation Card’s fine print, so we asked Capital One about it. Their phone rep said the card’s balance transfer fee varies depending on the cardmember.
There is no foreign transaction fee.
Pro tip: At the time of publishing, the card was offering 0% APR on purchases until March 2018.
Pros of the Capital One PlayStation Card
The main advantages of the PlayStation Card are the bonuses you get on PlayStation Store and PlayStation/Sony purchases as well as the 3% bonus on mobile service payments.
Cons of the Capital One PlayStation Card
The PlayStation Card is noticeably devoid of the benefits you’d get with a Visa Signature or World Elite MasterCard.
Who Is the Capital One PlayStation Card Good For?
Based on our research of this card, we believe the person who would benefit most from it is someone who spends more than the average person on PlayStation and Sony products. These categories of purchases are where the best bonuses lie.
However, our analysis of this card as compared to the Citi Double Cash reveals that you can, in most cases, earn more cash back with the Citi Double Cash.
For example, if you spent $5,000 on 5x bonuses, you’d get 25,000 Sony Rewards points, which have a cash value of $250. Add that to the cash value of 1x rewards on $20,000 of purchases and you’re looking at $450 a year.
The same purchases would earn you $500 on the Citi Double Cash because it has a 2x rewards rate on all purchases and has a better set of benefits than the PlayStation card.