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The PlayStation 5 Pro was released on Nov. 7, knocking over the first domino in a line that might end with me taking a trip to GameStop or Best Buy. However, dropping $700 during the holidays isn’t an easy decision, and I’m not even sure the console warrants a purchase just yet.
If you’re in a similar boat, I’ll walk through my thought process for buying the new console, and how I’d even go about paying for it.
Why I’m considering the new Pro model
The PlayStation 5 is the undisputed king of the current console generation. The PS5 Pro model improves on its previous iteration with 2 terabytes of storage, an upgraded GPU for better graphics, advanced ray tracing and AI upscaling (called PlayStation Spectral Super Resolution). The console also runs games at 4K resolution and 60 fps, whereas with its predecessor you’d usually have to choose between fidelity or performance.
However, there are currently only about 50 titles that have a PS5 Pro update. While there will be more in the future, that doesn’t present a good case for rushing out to buy it right now.
How I could afford the console
There are a number of viable options that could help me save money or spread the payments across several months, all with pros and cons.
Trade in my current console
No matter which payment option you choose, think about trading in your current console if you have one. This is the first thing I’d do, either by selling it to a friend, posting on Facebook Marketplace or trading it in toward the Pro model at GameStop.
GameStop estimates it will offer up to $240 for nonmembers trading in a PS5. I purchased the digital-only PS5 for $500 four years ago, so (if you believe the estimate) getting nearly half back isn’t a bad deal.
Anyway, knocking $240 off the cost of a Pro model would be great. While $460 is still a sizable chunk of change, it’s more manageable.
Put it on one of my current credit cards
I don’t currently have any credit cards with an introductory 0% purchase APR, which means I’d need to pay off the entire purchase by my statement’s due date. An intro purchase APR would’ve allowed me to spread payments out over a set number of months without accruing interest.
If I used my Wells Fargo Active Cash® Card*, I’d earn $14 cash back (700 x .02) — which isn’t much of an incentive. If I purchased it on Amazon, I would earn $35 back (700 x .05) by using my Prime Visa — still not very much, but enough to cover the $30 stand which is sold separately, of course.
However, if I bought the Pro from Amazon, I’d have to first sell my current PS5 via Facebook Marketplace or to a friend, either of which would take a bit more legwork. An extra few dollars seems less important to me than the convenience of one-stop shopping.
The Prime Visa offers new cardholders an instant $200 Amazon gift card upon approval.
Apply for a new credit card
Another option would be to apply for a new credit card, one that has an introductory 0% purchase APR. I’m personally not going to apply for a new credit card because I don’t need one.
I don’t recommend applying for a credit card simply to get a new PlayStation, but if there’s a card you’ll continue to use once you’ve paid off the cost of the Pro, it’s not a bad idea. Just make sure you can afford to pay off the PlayStation before the introductory period ends, or you’ll start accruing interest on the remaining balance at the credit card’s regular rate, which is typically over 20% APR.
Credit cards can help earn some money back for essential purchases, like the Chase Freedom Unlimited®. It offers 1.5% cash back for every purchase, plus 3% for dining and drug stores. It also features an intro 0% purchase and balance transfer APR for 15 months (then 19.99% to 28.74% variable).
That means you could charge the cost of the Pro and pay about $47 monthly (700/15) to wipe out the balance before the promotional period ends, avoiding any interest charges.
Trying to maximize your credit card rewards by purchasing gift cards to fund your console? Be aware that some credit cards, including American Express and Wells Fargo, categorize gift cards as ineligible purchases for earning rewards.
Use Buy Now, Pay Later
Many places, including Best Buy and Amazon, offer Buy Now, Pay Later plans that let you extend a payment across multiple months, sometimes without charging interest.
For example, Amazon partners with Affirm to let you spread out the purchase across four equal payments every two weeks. For the PS5 Pro, that would mean $700 split into four payments of $175 charged every two weeks. However, this doesn’t account for tax, so it’ll likely be a bit more expensive. You will need to fill out an application with Affirm, which will likely result in a soft credit check — one that doesn’t impact your credit score.
However, there are a few things to consider here when comparing using a BNPL plan and a credit card for this purchase:
- You won’t earn rewards like you would have had you used a credit card.
- You won’t build credit for your on-time payments like you would with a credit card, yet you could still damage your credit score if you miss a payment.
- Credit cards (like the Prime Visa) sometimes include purchase protection, which insures your new purchases for 90 to 120 days against damage or theft. You won’t get purchase protection with the BNPL plan.
- The pay-in-four plan is available only on Amazon purchases of $50 or more until Dec. 20, 2024.
If you wanted to combine strategies, you could start by applying for the Prime Visa. If you’re approved, you could use the $200 Amazon gift card to bring down the price of the PS5 Pro to $500. Then use Affirm’s plan to make four payments of $125 every two weeks.
So am I going to buy it?
I’m perfectly happy with my current PS5. It’s had no hiccups or issues in the four years I’ve had it, and it still plays new releases perfectly. I also don’t have a 4K TV, so I’m not sure I’d get much value out of the Pro model. I’m in no rush to get the console now, but I might change my mind when Black Friday deals inevitably start popping up next year.
For people who are interested, I recommend using an introductory purchase APR credit card to help spread the payment out. Or consider the base PS5 model if you don’t have one. There are already Black Friday deals for the PS5 Slim model popping up. Then next year, you could trade in or sell that console and put the money toward the Pro when it eventually goes on sale.
