The secret to getting a $200 “discount” on a shiny new Playstation 5 is a little something known as a credit card sign-up bonus.
Credit Card Sign-Up Bonus?
Many credit cards have welcome offers that reward new cardmembers with a cash bonus after they spend a certain amount of money within a certain amount of time.
Although the cash bonus and requirements vary depending on the card, there are four cash back credit cards at the time of this writing that offer a $200 bonus after you spend $500 on purchases in the first 3 months from account opening. These cards are listed below.
- Chase Freedom Unlimited
- Chase Freedom Flex
- U.S. Bank Cash+
- Capital One Quicksilver
Since the Playstation 5 retails for $499.99, you would immediately meet the spending requirement when buying it with any of the these cards. So yes, you will need to pay the full retail price of the PS5 (plus sales tax) up front, but you’ll later get that sweet $200 sign-up bonus as a reward.
When Do I Get My $200 Bonus?
You’ll receive your $200 bonus approximately 6-8 weeks after you meet the requirements.
How Do I Redeem My $200 Bonus?
Personally, I think the most convenient way to redeem your bonus is as a statement credit. You may have other redemption options (e.g. as a deposit into a checking or savings account) depending on the card you choose. Check with the bank that offers the credit card for additional details.
4-Step Summary
Below is a short list of the steps you’ll need to follow to take advantage of this awesome opportunity.
- Apply for one of the four credit cards listed above.
- Use the credit card to buy your Playstation 5.
- Pay off your credit card balance in full.
- Receive and redeem your sign-up bonus.
Pay close attention to step #3. The key to using credit cards responsibly is to pay off the balance in full each month in order to avoid having to pay interest.
Also, keep in mind that your credit limit, and whether or not your credit card application even gets approved, depends on various factors completely beyond my control. The information in this article is provided under the assumption that your application will be approved and that your credit limit will be at least $500.
