The good people who brought you that amazingly fun and addictive PlayStation have come up with a new way to market to their customers. Gamers familiar with PlayStation are being marketed credit cards with a few great incentives to encourage long-term use of the Visa logo bank product.
The recently introduced PlayStation credit card is undoubtedly geared towards a younger demographic. This credit card provides PSN gamers with reward points towards PlayStation games with every purchase they make. Ginger Kraus who works as the Senior Director of Promotions at Sony America stated in her blog “The PlayStation Card lets you earn points on all of your purchases including 10X points on each of your game-related PSN purchases and rentals.” This credit card has been launched in partnership with Capital One Bank and is anticipated by consumer research groups to be very popular with the 18-24 year old market of gamers.
Creating incentives geared around products and services is not an entirely new concept for the banking industry. Other credit card and debit card products from firms like JP Morgan Chase and US Bank offer a point system of rewards on making certain types of purchases. These point-based purchases can range from discounts on coffee from your favorite Starbucks, to discounted book deals online from Amazon. This PSN credit card is unique in that it targets a very much niche market demographic of the population. It`s a very smart decision to focus on this niche market though as it speaks to a demographic with aggressive spending habits.
This type of marketing of financial products to a youth market may become more and more trendy as time moves on. The 18-24 year old market is notorious for being the highest level of video game players. But they are also typically naive to things like credit cards and taking out financial loans from banks. This will be a great way to cater to both their buying habits, as well as their niche interest levels. In a challenging economy where it`s often hard to tell what consumers want or need, products like the PlayStation credit card are a wonderful solution to increasing American spending habits. It not only creates incentives to buy items like video games and rentals, hence feeding the economy, but also helps increase credit card use, which has been historically low in recent years.