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25 December 2008 @ 09:23 pm
signing up for credit cards because of bribes  
Sony right now is having a deal that if you apply for a "playstation visa" you can get a $150 card credit when buying a ps3. The deal information is here. Anyone think of any gotcha's we should investigate before considering this? There is no annual fee. There seems to be no restrictions on using the credit either. We don't care about APR since we plan on paying it off promptly, using the credit and then cancelling.
Nathannathanw on December 26th, 2008 02:40 am (UTC)
Make sure that canceling the card within some time period doesn't require you to pay back the credit or anything; I've heard of that being a condition of some card signup rewards.
chenoamegchenoameg on December 26th, 2008 03:48 am (UTC)
Yeah, $150 is about what it takes to get me to sign up for a new credit card.

You have to buy it from Sony Style; so this means you're not eligible for other discounts. How much of a discount does the $150 off result compared to buying it from another source?

The first thing I notice about the application is that it includes an agreement to accept disclosures, account contract and the like in electronic form. This would not be my preference, so I would probably call them to opt out of that. (Which the application says you can.)

The minimum grace period is 20 days, which is a bit short, but not crazy to get the payment to them in time.

It's even a better deal than you claim, because the fine print says it's 0% for a year with a qualifying purchase, which the playstation would be. If I wanted a playstation I would buy it now and pay for it on the 12th billing cycle and pocket the $7.50 in interest on the money, but I tend to overoptimize that way. I can understand why <$10 might not be worth the hassle.

I only skimmed the cardmember agreement, but it seemed reasonable. No complicated clauses about closing the card that I could see.

It seems to be a 10-20 point hit to my credit score to open a new account. Which I think is fine, but it's just something to keep in mind.

Someone I am is waiting for my courageforgotten_aria on December 26th, 2008 05:17 am (UTC)
The nice (or not so nice thing) about game consoles is you can't really shop around. The price is pretty much fixed unless you find one of these deals that gets around the price fixing. I've been checking for an easier deal and not seeing one.

It says "authorized Sony Dealer" if I ready it right, so I could get it from amazon if I wanted to risk it. It seems safer to get it from sony style, however, even if they do charge me tax. I'll see what the instructional email says.

The credit also doesn't show up for 8-12 weeks, so I'll have to hold the card for at least that long. But I'm not too worried about that.

Nice to know about the credit score. Are there rules online about that? I'm curious what things affect it.
Nathannathanw on December 26th, 2008 05:33 am (UTC)
There are lots of people online who will tell you what they think the credit score rules are, but the only people who really know aren't telling. It's a ^&&*^)(*^& annoying game, and I pretty much refuse to fine-tune my credit behavior to conform to these badly reverse-engineered rules. If they want to tell me what the rules are, fine, but since they don't, I want to look for opportunities to spit in their face.
chenoamegchenoameg on December 26th, 2008 05:13 pm (UTC)
What he said.
just a guy made of dots and lines: kronkcrs on December 26th, 2008 06:30 pm (UTC)
The email I got from Sony also mentioned offers specific to Amazon in the same breath - buy one of this list of games with a PS3 and get $50 Amazon credit, and if you also buy two of these Blu-Ray discs, get $100 Amazon credit instead.

Aha, there's even a link to Amazon.com's page about all the PS3 deals that i can copy out of that message.

It's tempting.
Someone I am is waiting for my courageforgotten_aria on December 26th, 2008 06:33 pm (UTC)
I think that link is bound to your account. It's almost blank for me.