Sony Card™ from Comenity: Steep decline in overall value

The U.S. Bank Cash+® Visa Signature® Card* is an under-the-radar card with excellent cash back earning flexibility. Each quarter, you can choose two eligible categories that will earn 5 percent cash back (up to $2,000 in combined spend). Categories include electronic stores and movie theaters, among many others, which match the earnings on the Sony Card. You’ll also get to choose a 2 percent cash-back category each quarter.

You’ll also get a solid welcome offer and intro APR for purchases and balance transfers with the Cash+. The flexibility of choosing categories and earning cash back instead of difficult-to-use Sony Rewards will likely be a much better choice if you don’t have specific redemptions from Sony in mind

If you’re interested in a standalone card, the Capital One Savor Cash Rewards Credit Card may be an ideal choice. While the Sony Card earns a higher rate on entertainment purchases, the Savor covers more entertainment purchases while also offering several elevated everyday categories. If you can book your entertainment through Capital One’s entertainment portal, you’ll get an even better rate.

You can also get standard perks, a decent welcome offer and an intro APR on purchases and balance transfers to add initial value. The Savor Cash is a much better long-term value option than the Sony Card unless you spend primarily on PlayStation games.

Avid gamers, especially PlayStation fans, can get solid value from the Sony Card on their gaming purchases and through redeeming earned points on Sony Rewards.

People who enjoy movies, concerts and other entertainment-related activities can earn great rates on their purchases in an uncommon bonus category.

The primary criteria for a rewards or cash back card’s rating is its rewards value. This includes the card’s average rewards rate, estimated annual rewards earnings, sign-up bonus value and reward redemption value.

To estimate a card’s average annual rewards earnings, we first calculate its average rewards rate based on how much it earns in different bonus categories and how closely its categories align with the average person’s spending habits, according to the Bureau of Labor Statistics (BLS).

The most recent BLS data estimates average total spending in 2022 was $72,967 per consumer. We then narrow our focus to which purchases are likely to be put on a credit card and earn rewards, subtracting expenditures like housing, vehicle purchases and education. This gives us a total “chargeable” annual spend of around $22,500.  

Some of the major spending categories that contribute towards the annual spend include:

• Groceries: $5,700
• Dining out: $3,600
• Entertainment: $2,400
• Gas: $3,100
• Apparel and services: $1,900

Using this data, we assign a weighting to each of a card’s bonus categories. For example, a card’s grocery rewards rate receives a 22 percent weighting based on how much of the average person’s budget is spent on groceries. We also estimate the redemption value of points or miles from various issuer, airline and hotel rewards programs.

This weighting and rewards valuation allows us to estimate a card’s average annual rewards earnings — how many points or miles you’d earn with a given card if your spending was about average and you used the card for all of your purchases, as well as what those points are worth. We also use point valuations to determine a card’s sign-up bonus value.

With these calculations complete, we assign each card a score based on how its average rewards earnings, sign-up bonus value, rewards rate and redemption value stack up against other rewards cards.

We also rate cards based on how much it costs to keep them in your wallet or carry a balance. 

To start, each rewards or cash back card is scored based on whether it offers an intro APR and how its ongoing APR compares to the rates available on other rewards or cash back cards. 

We also score each card based on how its annual fee influences its overall value. 

We consider a card’s annual fee in two ways — how it ranks relative to the fees you’ll find on other cards in the category and how it impacts a card’s overall rewards value. Cards with an annual fee will always be at a slight disadvantage in our scoring system since annual fees inherently cut into your rewards value, but if a card offers terrific value via its ongoing rewards and perks, it can earn a high score even if it carries a high annual fee. 

With this in mind, we rate a card based primarily on how its ongoing rewards value and ongoing perk value (such as annual credits or bonuses) stack up against other cards in the category when you subtract its annual fee.

We rate each card’s flexibility based on the restrictions it imposes on earning and redeeming rewards and factor this rating into a card’s overall score. 

Flexibility factors include whether a card only allows you to earn a high rewards rate on a small amount of spending or requires you to meet a certain earning threshold before you can redeem rewards. We also examine whether your points are worth less when you redeem for some options versus others and whether a card gives you the flexibility to transfer rewards to airline and hotel partners. 

We also score each card’s set of features – its perks and benefits — against five tiers of features to provide a rating. 

We break down these tiers as follows:

• Tier 1 has less than standard card features (an ultra-streamlined card that offers basic utility and next to nothing in the way of ancillary benefits. 
• Tier 2 includes the benefits you’d expect on standard Visa or Mastercard credit cards, such as free access to your credit score, car rental insurance and $0 liability for fraudulent charges. 
• Tier 3 includes “prime card” or better-than-average card features like cellphone insurance, lost luggage insurance, concierge services and purchase protection. 
• Tier 4 includes luxury features such as airport lounge access, elite status with an airline or hotel and credits for expedited security screening membership programs. 
• Tier 5 includes the sort of exemplary benefits you’ll find on top-tier luxury cards, such as high-value travel credits, cardholder memberships and other unique and valuable perks.

To have the best chance of approval, you’ll need a good to excellent credit score, which is a FICO score of 670 or higher.

Comenity Bank took over issuing the Sony Visa Credit Card in 2019. The card was previously issued by Capital One.

Yes, the Sony Rewards program will end on December 31, 2024. After that, Comenity Bank will provide a new rewards program and any unredeemed points will transfer to the new program. Details have yet to be announced.