Check the terms, as stated. See if there are membership fees and a minimum requirement on how long you must keep the card.

Check INTEREST rate on the card. A lot of cards will also allow you to transfer prior purchases with no or lowered interest do they offer this and do you have any other credit cards?

Keep it, pay off the 360 and make a small balance maybe 10-50$ don't pay of that 10-50$ on the first month, let it go to the second month THEN pay it off with minimal interest, this will actually raise your credit score, paying right away won't really affect it as much.

If you open it and close it in the minimum time, you're credit score will lower and banks might charge you higher interest for loans or future credit cards, BE CAREFUL

dO IT!

Here's my rule of thumb - if you can't pay cash for an item, unless it's a car/house/education, you don't need it. I remember buying my PS1, 3 games (Mortal Kombat 3, Cybersled and Ridge Racer), an extra controller and an RF modulator the weekend it dropped. How did I do it? With my lil Discover card. Now, 10 years later, I can't tell you what happened to all of that stuff. I ended up falling into some serious debt - and blowing like $550 on all that stuff wouldn't have happened had I not had a credit card. And in the end, I ended up paying a lot more than $550 for the PS1.

It's only $279 for a console, and you said you could pay it off. Credit is good, but you will only save a few bucks anyhow on the purchase ... and most folks say they'll pay it off and won't.

Bottom line is - if you have the cash, buy it. Don't get duped into the credit pitch.