Comenity has taken over numerous credit account types over the last few years & Capital One's Playstation card holders were blindsided by an announcement on September 25th, 2019 that Comenity would be managing the card starting November 10th, 2019. The card itself had already undergone two revamps one in 2015 & another in 2017. Originally the card had benefits such as 3x points on restaurants, but that was stripped away in exchange for 3x points on streaming services & music. Seeing as I am a food critic that benefit is sorely missed.
Immediately Comenity increased the late payment fee structure from Capital One's $27 to $29 for first late payment & $40 for subsequent late payments within six billing periods compared to Capital One's $39. Consumers had 30 days to send a written notice after receiving the new credit card agreement to reject the mandatory arbitration agreement. The rest of the credit terms remain the same albeit consumers don't get any of Capital One's exclusive benefits anymore.
Consumers are able to active the cards starting November 10th, 2019.
After speaking with Comenity reps they acknowledged the terms of the Playstation card will change in 2020, but so far only the late fee is on the books for January 1st, 2020. This means the Playstation Card's abysmal 1% cash advance limit will still be in place. For comparison Comenity's standard cash advance limit on their cards is 20%. This means a card with a $15k credit limit has an $150 cash advance limit which is beyond absurd.
For inquiries about the Playstation Card consumers can contact Comenity bank's Playstation support at 1-866-281-2504