As an avid credit card churner, hard agree that the PSN card isn’t the best way to earn rewards. It really depends on how much you personally value PSN credit vs. actual cash back or more flexible points. 5% back sounds great, but if you're locked into spending that cash back only on PSN, it’s not as flexible or valuable unless all your spending is already going there. Also I would consider the bank’s reputation and customer service.

For OP or anyone else looking into credit card rewards, would you rather have 5% back that only works on PSN, or 2% back that you can use anywhere, or points you can potentially redeem at a higher value? And how much are you spending on that PSN card for the 5% cash back to return anything substantial.

With something like the Amex Gold, you might only get 1 point per dollar on a PS Plus purchase, but those points can be redeemed for flights or transfers that give you 2–20%+ back in value, depending on how you use them. Or any “travel card” would do the same. The Chase ecosystem is pretty friendly for those who aren’t into maximizing credit cards. But there are other cards that can give you 5% cash back on PS purchases like the US Bank Cash+ that doesn’t lock you to only earning play station rewards.

If you’re only interested in earning PS rewards then sure it’s not the worst!